Things to Know for Your Retirement Plan in 2025

Required Testing and 5500: If your Plan Year ends on 12/31 and is subject to required testing, you should expect to receive a data request from your service provider. The accuracy and timeliness of this information determines the accuracy and timeliness of your Testing. This information then flows through to your Plan’s Tax Form 5500 […]

Do I Need to File a Form 5500?

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 […]

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

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 […]

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

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 […]

Are Your Employee Benefit Plans in Compliance?

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 […]

SECURE 2.0 Brings Changes to Retirement Plans and Planning

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 […]

It is Not Too Late to Trim Your 2024 Taxes

As the end of the year draws near, savvy taxpayers look for ways to reduce their tax bills. This year, the sense of urgency is higher for many because of some critical factors. This Client Alert contains several tax-related strategies to consider before year end.

2025 Employee Benefit Plan and Transportation Limits

The below presents the Internal Revenue Service’s (“IRS”) recently announced 2025 cost-of-living adjustments for Retirement, Health and Welfare Plans and transportation programs.

Expiring TCJA Provisions Could Hike Your Federal Estate & Gift Tax Bills

While the Tax Cuts and Jobs Act (TCJA) brought sweeping changes to the U.S. tax system, many of the changes were only made on a temporary basis. Several critical provisions are scheduled to expire after 2025, absent congressional action. With strategic planning, you can reduce the impact on your finances.

IRS Issues Final Guidance on Required Minimum Distributions and Inherited Retirement Accounts

IRS Ruling Final Regulations 2024-14542 includes final guidance on Required Minimum Distributions (RMDs), inherited retirement accounts and other items. This Client Alert is a high-level overview of certain provisions and changes. This does not cover all provisions included in the 260 page final regulations.

SECURE 2.0: Which Provisions Went into Effect in 2024?

The Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act was signed into law in December 2022, bringing more than 90 changes to retirement plan and tax laws. Many of its provisions are little known and were written to roll out over several years rather than immediately taking effect. This Client Alert covers the most important changes coming into effect this year.

IRS Extends Relief for Inherited IRAs

For the third consecutive year, the IRS has published guidance that offers some relief to taxpayers subject to the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. However, the IRS also indicated in Notice 2024-35 that forthcoming final regulations for the rule will apply for the purposes of determining RMDs from such accounts in 2025.

State Law May Require Paid Leave, Retirement Benefits

Surveys have long indicated that paid leave and retirement plans are among the most coveted of employee benefits, and their value has only increased as employers continue to face a tight labor market. Increasingly, though, some employers have a reason beyond recruitment and retention to offer such benefits—they now are legally required to do so under state law.

ORBA Welcomes New Benefits Consultant, Heather Sinclair-Smelley, to the Firm

ORBA, one of Chicago’s largest public accounting firms, is pleased to announce that Heather Sinclair-Smelley has joined the firm as its new Employee Benefits Consultant and a member of the firm’s Employee Benefits Group.