SECURE 2.0 COVERAGE FOR LONG-TERM, PART-TIME EMPLOYEES Historically, a retirement plan could be designed to require employees to work at least 1000 hours during a year before they were eligible to join the plan. This meant that a part-time employee (someone with less than an...
AUDIT PLAN? MAYBE NOT ANYMORE (The New 5500 Audit Rules and More) Effective for plan years beginning 2023, the DOL has amended the Form 5500 forms and instructions. One of the big changes is how the number of participants is counted in determining if a retirement plan...
In the retirement plan world 3/16 doesn’t just mean March 16. In our world the term is written 3(16) and describes the person who is the named plan administrator of a retirement plan. The term comes from ERISA Section 3(16). The plan administrator may take...
SECURE 2.0 requires new 401(k) and deferral 403(b) plans to have an automatic enrollment provision (Act Section 101). The default deferral percentage is 3% to 10% with an automatic increase of 1% per year thereafter, to a maximum of at least 10%, but no more than...
Do you have a client whose business has income from 2022, who could use a tax deduction, but they have no retirement plan? If they haven’t filed their business tax return yet, no problem. Beginning with the first SECURE Act, an employer could adopt a plan...
Employer Administrative Costs Tax Credit Current law allows a credit against plan start-up costs for three years for small employers- those with fewer than 100 employees. The current credit is for up to 50% of administrative costs up to a maximum yearly cost of $5,000. SECURE 2.0...
The IRS has released the new limits applicable to retirement plans and we have them for you. Click this link to download a PDF of the limits for you: 2023 Retirement Plan Limits...
The IRS has released new limits, and we have them! Please check out this link and you can download your own PDF to look at when you need it: https://atlanticpensionservices.com/wp-content/uploads/2021/11/2022-Retirement-Plan-Limits.pdf...
Good news! If you have clients who have extended their tax return for plan year ending 12/31/2020 they can still do a cash balance plan. There is a September 15th DB funding deadline that can still be beaten if you move fast. A DB plan is...
Morningstar’s head of policy research Aron Szapiro predicted in a blog post recently that new taxes are coming in the form of congressional packages, saying "“We think there's about an 80% probability that it passes, and we'll keep refining that number as Congress considers the...