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Wende Wadsworth, CPA

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The Pandemic and Your Retirement Plan: Re-examine Plan Design in Light of COVID-19

Posted by Wende Wadsworth, CPA on Dec 22, 2020 12:03:25 AM

The coronavirus pandemic has resulted in financial upheaval for a number of businesses that sponsor an employee retirement plan. As a result, some of them have taken a fresh look at their plan design to see if there are any changes that could help them better weather the financial storm.

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Topics: Audit & Assurance

2021 ERISA Compliance and Reporting Deadlines

Posted by Wende Wadsworth, CPA on Dec 21, 2020 11:21:01 PM

As an employee benefit plan sponsor, you are required to complete a variety of ERISA compliance tasks throughout the year. Your third-party administrator may be engaged to handle some of the tasks for the plan. Here are the 2021 plan year deadlines for some of the most common ERISA compliance tasks:

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Topics: Audit & Assurance

COVID-19 and Partial Plan Terminations: What You Should Know Now

Posted by Wende Wadsworth, CPA on Nov 23, 2020 5:34:42 PM

Since the coronavirus pandemic began, many businesses have been forced to lay off and furlough employees in an effort to bring their workforce in line with reduced demand for products and services. Such downsizing can result in an unintended consequence that affects a business’ qualified retirement plan known as a partial plan termination.

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Internal Controls: What are Your Responsibilities as a Plan Sponsor?

Posted by Wende Wadsworth, CPA on Aug 19, 2020 2:31:34 PM

As the sponsor of a qualified retirement plan, you’re subject to certain fiduciary responsibilities. These include administration functions like maintaining the plan’s financial records and filing an annual report for the plan.

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Topics: Audit & Assurance

Corporate Mergers and Spinoffs: How Your Retirement May Be Affected

Posted by Wende Wadsworth, CPA on Jul 14, 2020 2:11:53 PM
If your company is involved in a merger or spinoff, you’ll need to plan carefully for how your qualified retirement plan will be affected. Failure to plan ahead for the impact of a merger or spinoff on your plan could lead to unintended consequences.
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Topics: Audit & Assurance, Retirement Reporter, Employee Benefit Plans

Correcting Plan Errors: SCP vs. VCP

Posted by Wende Wadsworth, CPA on Jul 14, 2020 1:58:41 PM

Despite your best efforts to remain compliant, operational errors are sometimes made in the administration of employee retirement plans. When errors occur, you generally have two main options for correcting them:

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Topics: Audit & Assurance, Employee Benefit Plans

4 Key Changes to Creating and Maintaining Employer-Sponsored Retirement Plans Brought About by the SECURE Act

Posted by Wende Wadsworth, CPA on Mar 4, 2020 5:58:47 PM

Last spring, the U.S. House of Representatives passed legislation that would have made sweeping changes to the nation’s retirement system - but this legislation, known as the SECURE Act, failed to make it through the Senate.

At the end of last year, however, supporters of the SECURE Act added its provisions to a spending bill. This will result in a number of key changes to the rules for creating and maintaining employer-sponsored retirement plans, including the following:

1. Lower barriers to offering multiple employer plans (MEPs). MEPs are retirement plans created by two or more businesses that are unrelated to each other. Starting in 2021, the rules allowing unrelated businesses to form an MEP will be relaxed, making it easier for small businesses to offer these plans to employees.

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Topics: Employee Benefit Plans

How to Avoid Operational Errors Associated with Eligible Compensation

Posted by Wende Wadsworth, CPA on Jan 8, 2020 12:27:59 PM

When they hear the term “employee compensation,” most business owners think about base salary. But there are also other types of compensation that businesses may use as employee payment, such as bonuses, commissions, tips, overtime, car allowances, and even non-cash wages like gift cards and company stock.

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Topics: Retirement Reporter

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