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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

How to Build and Run an Effective Governance Committee

Posted by Wende Wadsworth, Audit Shareholder on Jun 17, 2020 6:58:20 PM

As an employee benefit plan sponsor, you could face harsh consequences for failing to satisfy ERISA requirements as they relate plan fiduciaries. One of the best ways to defend against these liabilities is to form an effective employee benefit plan governance committee.

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Topics: Audit & Assurance, Employee Benefit Plans

Employee Benefit Plan Audits- Do You Need One... and How Can You Prepare?

Posted by Wende Wadsworth, Audit Shareholder on Jun 17, 2020 6:31:53 PM

They are two of the most common questions that many businesses sponsoring an employee retirement plan ask: Do we need to have an annual audit performed on our plan? And if so, how can we best prepare for the audit?

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Topics: Audit & Assurance, News, 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

Final Hardship Distributions Issued

Posted by Wende Wadsworth, Audit Shareholder on Feb 4, 2020 7:33:57 PM

In September, the IRS and the Treasury Department issued final regulations that make a number of significant changes to the rules that apply to hardship distributions from 401(k) and 403(b) retirement plans. These regulations respond to public comments that were made regarding earlier proposed regulations.

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Topics: Audit & Assurance, Employee Benefit Plans

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