08.08.24

Do I Need to File a Form 5500?
Heather Sinclair-Smelley

WHAT IS A FORM 5500: When an employer maintains a qualified retirement plan covered by ERISA, the employer maintaining the pension or welfare benefit plan must file a Form 5500 to report information on the qualification of the plan, its financial condition, investments and the operations of the plan. TYPES OF FORM 5500’S AND THEIR […]

06.13.24

Business Owners: Do You Know who is Servicing Your Retirement Plan and What You are Paying Them for?
Heather Sinclair-Smelley

Often, a retirement plan has a recordkeeper and a Third-Party Administrator (TPA). This is referred to unbundled plan services. Alternatively, one party could function as both, which is known as bundled services. A recordkeeper would be a company that holds the assets and processes transactions per your request, such as Fidelity, Voya, Transamerica or any […]

05.14.24

Are You or Your Employees Going to Be Eligible for Overtime Pay Soon? Biden-Harris Administration Finalizes Increase in Compensation Threshold for Overtime Eligibility
Heather Sinclair-Smelley

On April 23, 2024, the U.S. Department of Labor (Department) announced a final rule, Defining and Delimiting the Exemptions for Executive, Administrative, Professional, Outside Sales and Computer Employees, which will take effect on July 1, 2024. The final rule updates and revises the regulations issued under section 13(a)(1) of the Fair Labor Standards Act implementing […]

04.09.24

Are Your Employee Benefit Plans in Compliance?
Heather Sinclair-Smelley

This blog is a general overview of the requirements of employee benefit plans.  What are employee benefits? An employee benefit is any perk or additional benefit provided to employees in addition to their base salaries. This could include retirement benefits, health benefits, life insurance, paid time off and more. The benefit may be mandatory or […]

10.12.23

SECURE 2.0 Brings Changes to Retirement Plans and Planning
Heather Sinclair-Smelley

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in late 2022. Although some provisions are being phased in over time, the law includes many significant changes that take effect in 2023 and 2024. Below are some that may influence your or your employees’ retirement planning. Changes Now in […]

07.13.23

Health Savings Accounts Can Pay Off for Employers and Employees Alike
Georgia Smeu

With the contribution limits for health savings accounts (HSAs) poised to take a significant leap in 2024, this is a good time for all types of employers to consider adding the arrangements to their benefits packages. These often-misunderstood health care vehicles come with valuable benefits for both employers and employees. Health Savings Accounts in a […]

03.28.23

How will SECURE 2.0 Affect Your Retirement Plan Administration?

Late last year, the House and Senate approved the revision to the SECURE Act of 2019, and the President signed it into law on December 23, 2022. This revision had been in process for some time, and Secure 2.0 sought to bring changes and updates to the original SECURE Act, affecting qualified retirement plans and […]

02.01.23

Despite the Potential Benefits, the Roth 401(K) Remains Underutilized
Stephanie Zaleski-Braatz

For more than a decade, plan sponsors have been able to amend their 401(k) plans to include a post-tax deferral contribution called Roth, but only about 86 percent of plan sponsors have made it available to participants, according to the Plan Sponsor Council of America. Despite the potential benefits of a Roth, only a quarter […]

12.02.22

Avoid Employee Deferral Limit Excesses
James Pellino

The Internal Revenue Service (IRS) determines how much 401(k) plan participants can defer into their plan accounts, but many plan participants sometimes fail to fully understand or keep these deferral limits top of mind. Participants exceed 401(k) deferral limits for a variety of reasons. While the filing deadline for on-time tax filers has passed for […]

11.17.22

The Great Regret Urges Plan Sponsors To Review Their Benefits Lineup
James Quaid

We have all heard of the “Great Resignation,” a term coined to describe the millions of employees that left their jobs since the onset of the COVID-19 pandemic in 2020. Many employees who moved on to another job are having second thoughts about their decision — a new phenomenon that is being referred to as […]