Mandatory Electronic Filing Applies to Form 5500 Soon! December 2009 Newsletter When Congress passed the Pension Protection Act of 2006 (PPA), it enacted several provisions that affect your Form 5500 filing. The first provision requires that you file Form 5500 electronically, thereby eliminating the expensive paper processing system currently in use by the government. The…
Coping With the Impact of the Pension Protection Act November 2009 Newsletter The Pension Protection Act of 2006 (PPA), which fundamentally changed the funding of defined benefit plans, was signed into law about three years ago. Guidance needed to interpret this new law has trickled in over these three years. This newsletter summarizes the recent…
Voluntary Corrections for Qualified Plans October 2009 Newsletter Given the complex nature of administering qualified retirement plans in accordance with ever-changing pension law, mistakes are inevitable. When the IRS discovers plan mistakes through audit, the plan risks being disqualified which results in severe consequences to the plan sponsor and participants. Fortunately, the IRS recognizes that…
Plan Distributions Are on the Rise August 2009 Newsletter The primary goal of a retirement plan is to accumulate savings to provide income after retirement. Most plans also allow distributions before retirement age for a number of circumstances, including termination of employment and financial hardship. Non-taxable participant loans may also be an option. Not surprisingly,…
ERISA Fiduciary Responsibilities June 2009 Newsletter Are you a fiduciary of your company’s retirement plan? If you’re not sure, it’s time to find out because if you are a fiduciary, it is important to know exactly what your responsibilities are. The Employee Retirement Income Security Act of 1974 (ERISA) imposes rigorous standards on plan fiduciaries,…
Layoffs Can Result in a Partial Plan Termination Requiring 100% Vesting April 2009 Newsletter With the current economic conditions, many companies have been forced to downsize either by laying off a portion of the workforce or closing a plant or line of business. These layoffs can have an impact on a qualified plan. If enough…
Payment Options for Plan Expenses February 2009 Newsletter Qualified retirement plans provide tax deductible benefits for employers and employees, as well as an opportunity for significant savings for the post-retirement years. But these plans require adherence to numerous governmental regulations, and there are costs involved in the establishment and ongoing maintenance of the plan. The…