Larry A. Ruff, CPA, MBAEmployee Benefits and Retirement Specialist
P 312.670.7444 | F 312.670.8301
Services
Overview
Larry Ruff has been with Ostrow Reisin Berk & Abrams, Ltd. since 2010 and brings more than 30 years of professional experience with employee benefits and retirement plans to ORBA’s clients. Larry gained his experience by working on the plan sponsor side of the industry for 22 years and over 10 years assisting and advising ORBA clients. He leads the firm’s employee benefit and retirement plan services.
Larry focuses on providing clients with consulting, tax and financial analysis, and compliance services for retirement plans, employee welfare benefits and deferred compensation programs. His range of client services includes plan design, plan documentation, plan administration, tax planning, annual employee benefit returns assessment and education on fiduciary responsibilities. Larry has published articles and led seminars on various employee benefit and retirement issues.
Services
Overview
Larry Ruff has been with Ostrow Reisin Berk & Abrams, Ltd. since 2010 and brings more than 30 years of professional experience with employee benefits and retirement plans to ORBA’s clients. Larry gained his experience by working on the plan sponsor side of the industry for 22 years and over 10 years assisting and advising ORBA clients. He leads the firm’s employee benefit and retirement plan services.
Larry focuses on providing clients with consulting, tax and financial analysis, and compliance services for retirement plans, employee welfare benefits and deferred compensation programs. His range of client services includes plan design, plan documentation, plan administration, tax planning, annual employee benefit returns assessment and education on fiduciary responsibilities. Larry has published articles and led seminars on various employee benefit and retirement issues.
Proactive
Larry looks beyond the project in front of him to help clients make their employee benefit plans effective and compliant with laws and regulations. He evaluates all aspects of a retirement plan to deliver optimal recommendations and cost savings to clients. Larry assists clients by appraising plan designs, providing plan illustrations, evaluating plan compliance and proposing improvements to plan administration processes.
He facilitates agreeable resolution of Internal Revenue Service and Department of Labor inquiries and audits. He actively improves benefit programs and compliance concerns through assessment of benefit plan annual returns and plan documentation.
Larry provides services for defined benefit, defined contribution, and health and welfare benefit plans sponsored by sole proprietors and privately-held companies, as well as not-for-profit organizations. He assists in managing employee benefit plan administration and counsels clients on day-to-day benefit plan issues.
Outside of the Office
Larry enjoys getting together with his family. For true relaxation, you might find him out on the golf course or riding a bicycle. He also spends his free time helping with charitable causes and researching investment ideas.
Seminars & Events
- Self-Employed & Small Business Owners, ORBA, Chicago, IL, January 8, 2016
- Employee Benefit Plan Design and Trends, ORBA, Chicago, IL, December 16, 2014
Certifications & Licenses
- Certified Public Accountant
Memberships & Affiliations
- American Institute of Certified Public Accountants
Education
- B.B., Accountancy, Western Illinois University
- M.B.A., Roosevelt University
Blogs
Be Like Mike: Enhancing 403(b) Plans to Be More Like 401(k) Plans
Yes, be like Mike. This goes way back to a Gatorade commercial featuring Michael Jordan. It was released in August 1991 and portrayed Michael Jordan in the 1991 NBA Finals. The upbeat pop song in it starts out with the lyrics, “sometimes I dream that he is me” and ends with the phrase “if I […]
What is Your Required Minimum Distribution Age?
Is it, or will it be age 70½, 72, 73 or 75? Let’s explore these possibilities. Required minimum distributions (RMDs) from qualified retirement accounts started with the passage of The Tax Reform Act of 1986. That law established the date when RMDs were required to begin as the year in which an individual reached age […]
Understanding Your 401(K) Plan Compliance Testing
The Employee Retirement Income Security Act of 1974 (ERISA) requires plan sponsors of qualified retirement plans, such as a defined contribution plan or 401(k) plan, to act solely in the interests of participants and their beneficiaries. This means that the plan sponsor, as a fiduciary, must ensure that the plan itself does not discriminate in […]
A Look at the Roth IRA Five-Year Rule
The Roth IRA can be an attractive retirement savings vehicle due to the benefits they offer. Contributions are nondeductible on your income tax return, but qualified withdrawals of both contributions and earnings are tax-free and there are no required minimum distributions during the owner’s life. To ensure that withdrawals are tax- and penalty-free, it is […]
Small Business (and All Other Plan Sponsors) Oversight of Retirement Plan Investments
Prudence dictates that qualified plan sponsors periodically re-examine compliance with the fiduciary obligations of their retirement plans. A major area to consider is your fiduciary responsibilities over plan investments. This is essential for all plan sponsors, and in particular, plan sponsors of small businesses that do not have the resources or the time to oversee […]
Value of an Estate Plan Review with a Second Marriage
Getting married for a second time can be an exciting time and a new chance at happiness. If you are planning to take another walk down the aisle, it is critical to take the time to review and revise your estate plan, especially if meaningful assets and debts are being brought into the marriage. Whether […]
Trending in the Right Direction With the New Electronic Disclosure Rules
The Department of Labor (DOL) issued final electronic disclosure rules on May 27, 2020. These rules provide relief from printing and mailing certain Employee Retirement Income Security Act (ERISA) notices to plan participants and beneficiaries. This relief is great news for plan sponsors of retirement plans. It is, however, not all-encompassing because it does not […]
SECURE Act 101: New Law Changes Plan Policies, Creates Design Options
Defined contribution plan sponsors have some important decisions to make and opportunities to consider in the wake of the enactment of the Setting Every Community Up for Retirement Enhancement (SECURE) Act at the end of 2019. The Act is intended to boost retirement financial security on several fronts. Offering safe harbor for annuities The SECURE […]
You Better Watch Out, You Better Not Cry, You Better Not Pout, I’m Telling You Why…
Your excessive fees suit is coming to you. The 401(k) and 403(b) lawsuit world is hotter than the U.S. economy and equity markets. The growth in lawsuits is enormous and climbing every day with the announcement of another suit and subsequent settlement being reported in the news.
New Exempt Status Salary Threshold Could Impact 401(k) Plan Costs
If your 401(k) plan employer contribution formula for hourly employees includes overtime pay, your plan costs may increase next year — along with your overtime pay outlays. That is because the U.S. Department of Labor (DOL) issued a final ruling that increases the salary threshold for overtime pay eligibility.
Tackling Workers’ Student Loan Debt in your Organization
When you look at the news, whether on the Internet, newspaper or television, there seems to be a piece about student loan debt. The American Institute of Certified Public Accountants reported that student loan debt today averages $33,332. In addition, NerdWallet reported that this amount will be $37,400 on average for a 2019 high school […]
Finding the Retirement Plan Sweet Spot for Your Small Business
Small businesses have a lot of competing needs for their business resources. One of these resources is the use of their cash. No matter how much free cash flow you have, small businesses should consider using some or all of their free cash flow to contribute to a retirement plan.
Ready, Set and Coming Soon to Illinois: A Savings Program
Starting soon, perhaps, Illinois will launch their Secure Choice savings program for employers who currently do not offer a qualified retirement plan, such as a 401(k) plan, to their employees. This compulsory program applies to employers with 25 or more employees and businesses operating in Illinois for two years or more.
Trivial Retirement Plan Changes from the Tax Cuts and Jobs Act, Right?
At first glance, the Tax Cut and Jobs Act (TCJA) did not change much regarding retirement plans. None of the rumored changes were included in the TCJA, such as the so-called “Rothification.” Moreover, there were no changes to retirement plan limits or rules regarding contributions. Well admittedly, the TCJA did change a few things.
What Is Buried Inside Your 401(k) or 403(b) Plan Fees?
Do you know and understand what are your 401(k) or 403(b) plan’s fees, and especially, what are inside those buried fees? Broadly speaking, retirement plan fees consist of fees and expenses associated with plan administration services, such as record keeping fees, and plan investment activities, such as investment management fees. But what are the fees buried inside your plan’s investment funds?
Understand Your Target-Date Fund Series
Target-date or lifecycle funds first came to market in 1994. Since then, they have experienced much growth with nearly every large financial institution today offering their own version of these funds. Along with target-date funds becoming a fundamental option of 401(k) plans, comes a fiduciary responsibility to monitor and evaluate them, much like other plan investments. This article examines key characteristics plan sponsors and investment committees should know about target-date funds.
Understanding Welfare Plan Form 5500 Filing Requirements
Welfare plans commonly provide employee benefits, such as medical, dental, life insurance and disability benefits. All welfare plans covered by ERISA are subject to the annual Form 5500 reporting and filing requirements. However, not all ERISA welfare plans must file Form 5500 if they meet one of the exceptions under the law. As a plan sponsor, this article will help you determine whether you need to file Form 5500.
How Automatic Are Your 401(k) Plan Investments?
Automatic enrollment of participants in 401(k) plans was designed to overcome the drawbacks of voluntary enrollment by getting more employees to save in their workplace retirement plan. But what to do about plan investments? With automatic enrollment comes a fiduciary duty to direct plan investments for those automatically enrolled participants that do not choose a place to invest their contributions. This article will explore this topic in relation to a safe harbor established by the Department of labor to limit plan sponsor liability for investing contributions on behalf of employees into default investments when employees do not otherwise make an election.
Planes, Trains, Automobiles and… Retirement Plans?
Perhaps you recall the 1987 comedy starring Steve Martin and John Candy that involved these modes mode of transportation. But if you add in retirement plans, what could all of these possibly have in common? All of these require ongoing and regular maintenance to keep them in proper condition and running smoothly.
The Department of Labor (DOL) keeps a full plate on their retirement regulatory agenda and research projects each year. Now that the end of 2014 is closing, the DOL recently provided some insight of where they stand on some of these items. In early November, the ERISA Advisory Council presented their final recommendations of this year’s research projects. The DOL also provided a bit of an update, too, in regards to their retirement regulatory agenda at this meeting.
Small vs. Large Plan Annual Report Filing: Get Ready to File Form 5500
Generally, all qualified retirement plans subject to ERISA must file an annual report disclosing plan compliance, financial and tax information. The plan administrator satisfies this requirement by filing Form 5500. But which version of Form 5500 and its many schedules do you file? The answer may depend on the plan’s size.
An Opportunity Hiding in Plain Sight
Conventional wisdom holds that it’s dangerous to tie too much of your personal wealth to your employer’s fortunes. Why? Because if your company falls on hard times, any shares of company stock you own will take a hit and, to make matters worse, you could have your salary cut or lose your job.
Newsletters
Wealth Management Group Newsletter – Winter 2022
ORBA’s Wealth Management Group Newsletter examines the tax obligations when employing household workers and provides tax-planning ideas for retirees.
Client Alerts
2023 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (IRS) recently announced 2023 cost-of-living adjustments for retirement, health and welfare plans, and transportation programs.
Restate Your Plan Document Timely
Every six years the IRS requires plan sponsors to restate their plan document that governs how their plan operates, including eligibility, contributions, vesting, distributions and much more. The plan document dictates the operation of the plan through these selected plan features. Most importantly, it is written to comply with the many IRS regulations and rules.
2022 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (IRS) recently announced 2022 cost-of-living adjustments for retirement, health and welfare plans, and transportation programs. Many of the retirement plan limits changed for 2022 due to recent inflation. Notable increases include the defined contribution and defined benefit plan limitations. Other notable increases in 2022 are the compensation-related limits and elective deferral amounts.
IRS Announces 2021 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) recently announced 2021 cost-of-living adjustments for retirement and health and welfare plans and transportation programs.
IRS Expands Availability of Coronavirus-Related Distributions
The IRS issued Notice 2020-50 (Notice) on June 19, 2020, which mainly provides additional guidance on and expansion of Coronavirus-Related Distributions (CRDs) created under the Coronavirus, Aid, Relief, and Economic Security (CARES) Act.
Last Thursday, the IRS issued Notice 2020-23, which postponed due dates with respect to Federal tax returns and payments, and certain time-sensitive actions. This Client Alert addresses how this notice applies to required minimum distributions (RMDs) for retirement plans and IRA’s.
Key Benefit Plan Tax Reporting Deadlines for April and May
The IRS recently postponed some tax-related deadlines that impact employee benefit plans due to the COVID-19 crisis.
Retirement Relief Provisions Under the CARES Act
We continue to breakdown important provisions of the Coronavirus, Aid, Relief, and Economic Security (CARES) Act, passed on March 27, 2020. This Client Alert addresses the key provisions affecting retirement plans.
IRS Retirement Plan Adoption and Amendment Deadline Relief as a Result of the CARES Act
With the passage of the Coronavirus, Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, the IRS provided plan adoption and amendment relief to plan sponsors. Below are updated plan adoption and amendment relief timing affecting plan sponsors.
2020 Employee Benefit Plan and Transportation Limits
The Internal Revenue Service (“IRS”) recently announced 2020 cost-of-living adjustments for retirement and health and welfare plans and transportation programs. The majority of limits increased modestly for 2020, while a few dollar limits, such as the IRA contribution limit, will remain the same. Notable increases in 2020 are the defined benefit and contribution plan limits, elective deferral limits and age 50 catch-up contributions.
Time is Running Out on Restating or Fixing Your 403(b) Retirement Plan
Starting in 2017, the IRS began issuing approval letters to document providers who are working with plan sponsors to get their plan documents restated. Plan sponsors of 403(b) plans have until March 31, 2020 to restate their plan documents by adopting an IRS pre-approved 403(b) plan. Individually-designed plans should be amended to correct defects, too, but without receiving a determination letter.
2019 Employee Benefit Plan and Transportation Limits
The tables below present the Internal Revenue Service’s (“IRS”) 2019 cost-of-living adjustments for retirement, health and welfare plans, and transportation programs. The majority of limits increase modestly for 2019, while some of the dollar limits currently in effect for 2018 will remain the same. Notable limits increasing slightly in 2019 are the IRA contribution and elective deferral limits.
Revised 2018 Employee Benefit Plan and Transportation Limits
On May 4, 2017, the Internal Revenue Service (“IRS”) announced the 2018 inflation-adjusted amounts for Health Savings Account (“HSA”) contributions that included a family coverage limit of $6,900. On March 5, 2018, the IRS reduced the 2018 contribution limit for family coverage from $6,900 to $6,850. This reduction was due to a provision in the Tax Cuts and Jobs Act.
Amended 2018 Employee Benefits Plans and Transportation Limits
The Internal Revenue Service (IRS) has announced the amended 2018 cost-of-living adjustments for transportation programs and retirement and health and welfare plans.
2017 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2017 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Once again, the cost-of-living index did not change significantly this year. This means there were few changes to the IRS 2017 limitations as compared to 2016. The one significant change is to the FICA taxable wage base, which changes based on the average wage index.
Updated 2016 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (IRS) announced 2016 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. This table has been updated to reflect the recently revised Qualified Transportation Fringe Benefit limits for 2015 and 2016. The Protecting Americans from Tax Hikes (PATH) Act of 2015 was signed into law […]
Retirement Plan Document Restatement
All defined contribution plan documents (including 401(k), profit sharing, and money purchase plans) must be restated no later than April 30, 2016 to incorporate the language and provisions from the Pension Protection Act (PPA) of 2006, and various other required amendments that took effect between 2007 and 2011. This restatement impacts any plan sponsor that uses a pre-approved plan document. In other words, it does not apply to an individually designed plan document.
2015 Employee Benefit Plan and Transportation Limits
The below presents the Internal Revenue Service (“IRS”) announced 2015 cost-of-living adjustments for retirement and health & welfare plans, and transportation programs. Retirement Plan Limits Although several limitations are changing in 2015, one key limit will not change. The IRA contribution limitation remains the same. Notable 2015 annual limitations as compared to 2014 are as […]
2014 Employee Benefit Plan and Transportation Limits
The Internal Revenue Service (“IRS”) recently announced the 2014 cost-of-living adjustments for retirement, health and welfare plans and transportation programs.
Deadline to Provide Notice of Health Insurance Marketplace Coverage is Due October 1
The Patient Protection and Affordable Care Act (PPACA) requires many employers to notify their employees of the availability of health care coverage under the new health care exchanges that are required to be operational by January 1, 2014. All employers subject to the Fair Labor Standards Act (FLSA) must provide this notice. In general, employers […]
The Patient Protection and Affordable Care Act (“PPACA”) requires certain issuers of health insurance policies and employers sponsoring self-funded health plans to pay a fee to fund the Patient-Centered Outcomes Research Institute that was established under PPACA (“PCORI Fee”). For plans and policies with years that ended between October 1, 2012 and December 31, 2012, […]