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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

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

IRS Provides Plan Sponsors Relief for Elective Deferral Failures

Posted by Emily Taibl on May 2, 2017 3:19:08 PM

Elective Deferral Relief - 401k Audit BellevuePlan sponsors have long been held responsible for correcting elective deferral failures. These failures can occur when an employee is improperly excluded from the plan and is not provided the opportunity to make an affirmative election. But failures can also occur with deferrals based on a plan’s automatic contribution features (including automatic escalation).

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Topics: Retirement Reporter

Does Your Plan Support Financial Well-Being?

Posted by Emily Taibl on Jan 19, 2017 8:55:14 PM

Seattle Financial Planning

Plan sponsors certainly create their employee benefit plans with good intent: to protect their employees’ financial well-being. But those good intentions can be for naught if employees don’t participate.

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Topics: Retirement Reporter

Safe Harbor Distributions- What Constitutes an "Immediate and Heavy Need?"

Posted by Emily Taibl on Jan 19, 2017 8:15:59 PM

Safe Harbor Distributions - Seattle CPA

In most cases, participants’ immediate and heavy financial need must be established based on “all relevant facts and circumstances” before they are eligible to request a hardship distribution.

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Topics: Retirement Reporter

Participant Loans: When Is a Loan Not a Loan?

Posted by Emily Taibl on Jan 19, 2017 4:06:08 PM

Loan application form on a wooden table.

Just as with hardship distributions, it’s up to plan administrators to ensure that participant loans are in full compliance with IRS and DOL regulations, and that the loan process is thoroughly documented. Failure to do so can result in the loan being treated as a distribution, triggering tax consequences for the participant.

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Topics: Retirement Reporter

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