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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

One Potential Solution to the Retirement Crisis

Posted by Wende Wadsworth, Audit Shareholder on Oct 5, 2021 3:34:17 PM

Recent statistics indicate that the retirement crisis in the United States is very real. According to the Federal Reserve’s Report on the Economic Well-Being of U.S. Households, one-quarter of non-retired citizens have no retirement savings or pension whatsoever.

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Topics: Retirement Reporter, Employee Benefit Plans

How to Handle the SECURE Act's Part-Time Employee Mandate

Posted by Wende Wadsworth, Audit Shareholder on Jun 8, 2021 6:53:18 PM

The Setting Every Community Up for Retirement Enhancement (SECURE) Act that was signed into law in late 2019 included a number of provisions designed to expand retirement plan coverage to more employees. One of these provisions requires employers to let certain part-time employees participate in the company’s 401(k) plan starting in 2024.

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Topics: Audit & Assurance, Retirement Reporter

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

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

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

Three Options for Hiring Professional Investment Help

Posted by Emily Taibl on Oct 12, 2017 6:54:25 PM

Bellevue Financial Advisors

Companies that sponsor qualified retirement plans have a fiduciary duty to prudently select and monitor the investment options offered in their plan. Failure to meet this fiduciary standard can expose plan sponsors to costly litigation in which they could face personal liability.

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Topics: Advisory, Audit & Assurance, Retirement Reporter, Tax

Operational Compliance Who’s In Control of the Controls?

Posted by Emily Taibl on Oct 12, 2017 6:50:58 PM

Operational Compliance - Bellevue CPA Firm

In recent years, regulators have intensified their focus on and scrutiny over retirement plan controls. Given this, it’s critical to ensure that the proper procedures and controls are in place for your qualified plan.

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Topics: Advisory, Audit & Assurance, Retirement Reporter

Understanding the 80-120 Participant Rule

Posted by Emily Taibl on May 2, 2017 3:46:51 PM

80 120 Rule - Bellevue 401k AuditorWhen it comes to determining whether an employee benefit plan is a “large” or a “small” plan, nothing seems to cause more confusion among plan sponsors than the so-called 80-120 Participant Rule.

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Topics: Retirement Reporter, Tax

Full Scope vs. Limited Scope Audits

Posted by Emily Taibl on May 2, 2017 3:35:32 PM

Hand put the last piece of jigsaw puzzle to complete the mission

Employee benefit plans with 100 or more participants are required to have an independent audit each year. Yet, ERISA is unique in that it allows plan administrators to opt for a limited scope audit of their financial statements.

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Topics: Retirement Reporter

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