Our special guest speaker, Ben Gibbons of Holland & Hart, discusses the latest retirement plan-related COVID-19 guidance and how it impacts plan sponsors and their retirement plans.
Based on IRS rules, a partial plan termination can occur if approximately 20 percent or more of plan participants are terminated by the plan sponsor as a result of an action, such as a plant closure, a decision to downsize, or the termination of a product line. The reduction can accumulate over one or more plan years and still be classified as a partial termination.
Thanks to the CARES Act, you may now skip your Required Minimum Distribution for 2020, and pull out emergency cash, without withdrawal penalties if qualified.
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, extends several key deadlines for 403(b) and defined benefit plan sponsors.
In this blog, we address three of the most immediate questions that companies should be considering related to their retirement plans.
The CARES Act includes several relief provisions for tax-qualified retirement plans, expands health care flexible spending accounts so funds can be used for over-the-counter items, clarifies some health insurance plan questions, and, through year-end, allows employers to reimburse employees for student loan payments tax-free.
Some plan sponsors believe that their annual plan audit should catch any fraud that occurs in their benefit plans. While audits can sometimes be helpful in identifying irregularities, they aren’t specifically designed to detect fraud. It all boils down to implementing better internal controls to prevent fraud from occurring in the first place. In this latest article, learn about recent examples of benefit plan fraud and how you can take the steps needed to protect your benefit plan from fraudulent activity.
Harris CPAs has announced a merger with AnchorPoint Accounting of Boise, Idaho and Clark Anderson McNelis & Co. of Coeur d’Alene, effective January 1, 2020. The mergers adds a total of 11 professionals to Harris CPAs Meridian and Coeur d’Alene offices.
What is the current status of the ACA? The short answer is: The ACA remained in full force for 2019 and all Applicable Large Employers are required to File Form 1095 for each employee.
Attracting and retaining millennials, the largest segment of today’s workforce, is a priority for companies in one of the tightest labor markets in history. One way to do this is to re-evaluate the company’s benefits—particularly the retirement plan—so that they better align with millennials’ needs and priorities.
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