Understanding revenue sharing
(authored by RSM US LLP) Learn the importance of discussing with a plan advisor how best to customize plan fees based on circumstance and available options.
Partial plan terminations, 2020 and COVID-19
(authored by RSM US LLP) A consequence of COVID-19 reductions is potential partial plan termination. Learn the requirements of a partial plan termination.
What plan sponsors need to do now for the SECURE and CARES Acts
(authored by RSM US LLP) Plan sponsor actions to incorporate the provisions of the SECURE and CARES Acts into their plan documents and plan administration.
IRS issues guidance on 401(k) and 403(b) Plans
(authored by RSM US LLP) IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements, and plan loan offset rollovers.
IRS Introduces New Form 1099-NEC for 2020 Tax Year Reporting
Beginning in January of 2021, the IRS will require businesses to report non-employee compensation using a new Form 1099-NEC. Amounts formerly reported on Form 1099-MISC
Timely Deposits of Participant 401(k) Plan Contributions More Important Than Ever
What Employee Benefit Plan Sponsors Need to Know About Cybersecurity
Most organizations have some sort of formal plan in place to protect their electronic data, but many of those security measures neglect to address these
The Importance of Choosing a Quality Auditor for Employee Benefit Plans
In recent years, employee benefit plans have been under a regulatory microscope. Investigations and audits have been increasingly successful at identifying and penalizing plan administrators
Company Layoffs May Lead to EBP “Partial Plan Terminations”
Business owners need to be aware that significant employee layoffs may lead to unintended partial plan terminations. In our region, oil and gas companies could
Does Your Employee Benefit Plan Need an Audit?
Employee benefit plans must file an annual independent auditor’s report with the U.S. Department of Labor through a Form 5500, as well as any other applicable schedules and financial statements.
How To Avoid Late Remittances
Employers who withhold employee salaries as contributions to benefits plans must act as timely and efficient stewards of these funds or risk fines from the U.S. Department of Labor.