On December 19, 2019, the President signed the SECURE Act. SECURE includes, among other things, provisions that are intended to make retirement plans more accessible, especially to smaller employers, address changing workforce demographics, address nondiscrimination issues facing defined benefit plans, encourage guaranteed income options under defined contribution plans, and increase penalties for noncompliance with certain
Understanding Employee Benefits and key developments in the employee benefits field and items of interest to our clients. MORE
Form 5500s
High Points of Trump’s Retirement Security Executive Order: MEPs, Benefit Plan Disclosures, Required Minimum Distribution Changes Anticipated
On August 31, 2018, President Trump signed an executive order outlining the administration’s priorities for American retirement plans. Emphasizing that as many as 34 percent of workers do not have access to a workplace retirement plan, the order outlines the administration’s plan for increasing workplace retirement plan availability.
The first section of the order outlines…
Proposed Form 5500 Changes & the new Schedule J: Big Changes for Small Group Health Plans
The US Department of Labor (DOL) has proposed changes to the Form 5500 and schedules that will affect ERISA Title I group health plans of all sizes, but small group health plans should be especially aware of the changes. Certain small group health plans (fewer than 100 participants) are currently exempt from filing the Form…
DEPARTMENT OF LABOR AND AICPA COMMENT ON DEFICIENT EMPLOYEE BENEFIT PLAN AUDITS
At a recent American Institute of Certified Public Accountants (”AICPA”) conference, the Deputy Assistant Secretary of the Department of Labor Employee Benefits Security Administration reportedly commented that the ERISA benefit plan audits are deficient in over 1/3 of the audits they receive according to their recent survey of filings. In addition, the Employee Benefit Plan…
Filed Your 2013 Health and Welfare Plan 5500s? Did you Include Your M-1 Attachments?
A provision of the Affordable Care Act of 2010 (ACA) included additional reporting requirements and greater U.S. Department of Labor (DOL) oversight of Multiple Employer Welfare Arrangements (MEWAs). The DOL’s Employee Benefits Security Administration (EBSA) issued final rules earlier in 2014 which clarified the requirements for initial and annual Form M-1 Reports for MEWAs and…
DOL Has Helpful ERISA Self-Compliance Tool
The Department of Labor recently issued the Form M-1, an annual report that must be filed by Multiple Employer Welfare Arrangements (MEWAs). In general, a MEWA is an arrangement that offers health or other welfare benefits to employees of more than one employer. Employers that are part of a controlled group of businesses are …
Are your 401(k) participant plan loans in compliance with the tax and ERISA rules?
According to the Tax Exempt and Government Entities Division of the Internal Revenue Service (IRS), one out of every four (25%) of 401(k) plans surveyed in a recent study had engaged in prohibited transactions as a result of non-compliant participant plan loans and/or real estate investments that were not valued properly. http://www.irs.gov/pub/irs-tege/epn_2012_1.pdf
The problems …