Cybersecurity is essential for any business, especially when choosing the retirement plan’s service providers. According to ERISA, plan administrators must act in a manner consistent with the “prudent fiduciary” standard, which requires that a person behave in a manner consistent with that of those who regularly undertake their obligations (peers). A company can take measures […]
If downsizing or significant layoffs occur at your business, your retirement plan could be subject to a partial plan termination. The following discusses partial plan termination rules. What Is A Partial Plan Termination? Generally, a partial plan termination occurs when the turnover rate for benefit plan participants is at least 20% in a given plan […]
Effective January 1, 2017, individually designed plans (those uniquely designed for a business) will no longer be able to request determination letters from the IRS in accordance with its five-year remedial schedule. If your business has a pre-approved plan such as a master, prototype or volume submitter plan, the previous six-year cycle will remain in […]
With the July 31st reporting deadline for employee benefit plans Form 5500 quickly approaching, it is a good time to review the compliance rules. Staying compliant with retirement plan rules is a must if you offer this sort of benefits package to your employees. Under the Employee Retirement Income Security Act of 1974 (ERISA), certain plans […]
In early November 2014, the Society of Actuaries (SOA) released and recommended new mortality tables, which for the first time measures mortality on a generational basis for defined benefit pension plans. These mortality tables incorporate the key assumption that the younger generation will have a longer life expectancy. We have not seen actual projected dollar […]
I recently participated as an expert panelist in The Plan Sponsor University (TPSU) classroom training and certification session at the Dixon University Center in Harrisburg, PA. TPSU’s mission is to help Plan fiduciaries, including Plan Sponsors and Company Retirement Committee members and administrators, improve their retirement plans for the benefit of both their Company and […]