We’ve just started our request of year end census information from each of our clients. We do this each year to enable us to run necessary non-discrimination testing. If the plan doesn’t pass these tests we need to take corrective action quickly. In testing we...
Feb 10The SECURE Act (Setting Every Community Up for Retirement Act of 2019) has made it less expensive for a small business to establish and administer a new plan. Effective January 1, 2020 (so for any plan that is established in 2020 and beyond) the tax...
Jan 07Did you know? According to the IRS: You may be able to claim a tax credit for some of the ordinary and necessary costs of starting a SEP, SIMPLE IRA or qualified plan. A tax credit reduces the amount of taxes you may owe on a...
Dec 09The IRS has identified 11 common retirement plan "failures" through audits, voluntary compliance submissions (such as VCP or VFC), determination letter applications and annual Form 5500 filings. These avoidable "failures" can be extremely costly to the plan sponsor if caught by the IRS before a...
Nov 23After eight years of offering automatic enrollment to its clients, Bank of America Merrill Lynch notes that: Of employees who were placed into their employer’s plan via automatic enrollment, only 3.4% opted out in 2014. Fewer employees opt out of participating in their 401(k) plan...
Oct 16Are you a financial advisor in the Southeastern Pennsylvania or Philadelphia area? Then we know you can be very busy. But more importantly, we know your clients are busy! They do not have time to submit their payroll to their 401k company. Let Atlantic Pension...
Sep 09Here is a friendly reminder that the Safe Harbor deadline for fiscal year plans always approaches faster than anyone wants it to. October 1st is the magic date for having a plan with a safe harbor provision. This allows for the required time for employee...
Aug 02We understand that keeping track of your retirement plan provisions can be a big responsibility. Atlantic Pension is here to help. Did you know that we can prepare a highlight sheet for you that outlines the specifications of your plan? Just ask us. A highlight sheet...
Jul 25