The “Large Plan” Audit Requirement

By : Scott M. Cloud, MBA, CPC Retirement plan laws require that a company-sponsored retirement plan be subject to an annual audit if it satisfies the definition of a “large plan”.  The audit must be performed by an Independent Qualified Public Accountant (IQPA) and the audit report must be attached to the Form 5500 filing for that plan year. ...

How a Safe Harbor Contribution Provision Enhances a 401(k) Plan

By : Scott M. Cloud, MBA, CPC A well-designed 401(k) plan can help to recruit and retain employees, and – for most workers who have access to a company 401(k) plan – it serves as the primary (or only) investment vehicle to accumulate savings for retirement.  For many employers, the 401(k) plan’s effectiveness in helping owners and key personnel...

The SECURE Act- it is impacting you now!

Rick Pummill, CLU, QPA, QKA The Retirement Plan Company Rick has worked over 30 years in the development, management & administration of qualified retirement plans. Rick earned a Bachelor of Arts degree in Economics from Dartmouth College & received his Chartered Life Underwriter (CLU) designation from the American College and his...

How the SECURE Act is Changing Retirement | Upcoming Compliance Deadlines

How the Secure Act is Changing Retirement Upcoming Compliance Deadlines How the SECURE Act is Changing Retirement   On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law. The SECURE Act represents some of the most significant changes to retirement plan law since the passage of the...

The Tax Advantages of a Solo(k) vs other Retirement Plans

Business owners whose only source of retirement savings is their business face significant challenges when transitioning to retirement. Can you sell the business when you’re ready to do so? Will the market value your company as much as you do? How will the taxes from the sale impact your personal bottom line? If you are a business owner looking...

The Final Rule on Hardship Distributions

On Sept. 23, the IRS published a final rule that relaxes several existing restrictions on participant hardship distributions from defined contribution plans. Some of these changes are mandatory, requiring employers to make the changes by Jan. 1, 2020, while others are optional. Though the IRS had issued the proposed regulations in 2018, the final...