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Wende Wadsworth, CPA

Recent Posts

The Importance of Timely Deferral Remittances

Posted by Wende Wadsworth, CPA on Feb 23, 2022 10:18:14 PM

Timely remittance of employee deferrals to their retirement accounts remains one of the biggest areas of focus during plan audits. Therefore, it’s critical to ensure you are making these remittances in accordance with DOL regulations.

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Topics: Retirement Reporter

What are Plan Sponsors' Responsibilities Under SAS 136?

Posted by Wende Wadsworth, CPA on Feb 23, 2022 10:10:19 PM

After a one-year delay, the Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Report on Financial Statements of Employee Benefit Plans Subject to ERISA, has finally taken effect. The statement is effective for audits of ERISA plan financial statements for periods ending after December 15, 2021.

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Topics: Employee Benefit Plans

Plan Documents and Your Fiduciary Responsibility

Posted by Wende Wadsworth, CPA on Feb 23, 2022 9:54:50 PM

As a plan fiduciary, it’s your responsibility to make sure you’re following the terms of the written plan document. Failure to do so could expose you to potential legal and regulatory action, including penalties, taxes, and fines.

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Topics: Employee Benefit Plans

What to Know About Hardship Distributions

Posted by Wende Wadsworth, CPA on Jan 12, 2022 5:12:53 PM

IRS regulations allow, but don’t require, retirement plan sponsors to permit participants to make hardship distributions from their elective deferral accounts under certain circumstances.

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Understanding the Three Types of Plan Advisors

Posted by Wende Wadsworth, CPA on Dec 6, 2021 10:15:01 PM

The Employee Retirement Income Security Act of 1974, better known as ERISA, specifies different types of fiduciaries for employee benefit plans. These fiduciaries are responsible for managing the plan in the best interests of participants.

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Topics: Retirement Reporter

Missed Deferral Opportunities (MDOs): How to Correct This Operational Plan Error

Posted by Wende Wadsworth, CPA on Nov 2, 2021 1:23:43 PM

One of the most common retirement plan errors is a missed deferral opportunity, or MDO. This occurs when an employer fails to execute an employee’s election to defer amounts to a qualified retirement plan.

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Topics: Audit & Assurance, Retirement Reporter

How to Protect Your Plan from Cyberattack

Posted by Wende Wadsworth, CPA on Sep 8, 2021 2:43:21 PM

A series of damaging cyberattacks have put cybersecurity back in the headlines. Earlier this year, a cyberattack shut down a major oil pipeline that transports gasoline to much of the country, disrupting gas supplies for days and raising prices.

Soon after, another cyberattack temporarily halted meat production at a large beef processor and disrupted these supply channels. Incidents like these are a reminder of the tremendous damage cyberattacks can unleash on our nation’s infrastructure and the importance of building up cyber defenses.

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DOL Final Rule - What to Know About Choosing ESG Funds as QDIAs

Posted by Wende Wadsworth, CPA on Jul 6, 2021 1:54:46 PM

On January 12, a final Department of Labor (DOL) rule went into effect that amends the regulations governing the selection of retirement plan investments by fiduciaries under ERISA. Some important changes were made to the Final Rule from the proposed rule that was first issued a year ago.

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Topics: Audit & Assurance, Employee Benefit Plans

SECURE Act 2.0 Seeks to Boost Retirement Savings

Posted by Wende Wadsworth, CPA on May 12, 2021 12:05:59 PM

Last October, new legislation titled Securing a Strong Retirement Act of 2020 was introduced in the House of Representatives. Commonly referred to as the SECURE Act 2.0, this legislation contains a number of provisions designed to increase retirement saving opportunities for Americans as well as ease plan administrative burdens for employers.

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Topics: Audit & Assurance, News

Corporate Mergers and Spinoffs: How Will Your Retirement Plan Be Effected?

Posted by Wende Wadsworth, CPA on Apr 21, 2021 5:13:25 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: Retirement Reporter, Employee Benefit Plans

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