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...
Before 1/1/2021, a 401(k) plan could not require employees to complete a period of service that extended beyond the later of the attainment of age 21 or the completion of a 12-month period during which the employee has completed at least 1,000 hours. Beginning 1/1/2021, a...
For Release: January 7th, 2021: The deadline to adopt a plan is the due date of the employer’s tax return, including extensions. The plan is treated as adopted on the last day of the prior tax year The plan is limited to employer contributions (i.e., the...
The IRS has announced new limits for 2021. Our website has a free pdf of them that you can download. You can find it here: https://atlanticpensionservices.com/wp-content/uploads/2020/10/2021-Retirement-Plan-Limits.pdf Please let us know if you have any questions! We're always glad to help....
CEFEX CERTIFICATION Atlantic Pension Services, Inc. is excited to announce our CEFEX (Center for Fiduciary Excellence) certification – upholding our commitment to adhere to a standard of excellence and a dedication to Administration best practices. After a rigorous and months long process we have been re-certified by...
Cycle 3 Restatement FAQs What is a Plan Restatement? A plan restatement is a complete re-writing of a plan document which is required by the Internal Revenue Service (IRS) to keep your plan compliant with current law. The plan restatement includes changes and amendments that have been...
Cybersecurity is everyone’s responsibility! Cybersecurity breaches of retirement plan participant accounts are increasing, specifically with fraudulent distribution requests. As a plan sponsor you should have established cybersecurity policies in place that are reviewed and tested periodically. It is also recommended that you have cybersecurity insurance, ensure...
PII or personal identifiable information, is data that directly identifies an individual such as name, social security number, telephone number, address, or email address. It also includes indirect identification which may identify an individual in conjunction with other information. For example, gender, race, birth date...
401(k) Plans and COVID-19: Frequently Asked Questions About Plan Distributions As businesses have employee furloughs or terminations or as employees incur medical expenses from contracting COVID-19 there are likely to be requests by participant for access to their account balances. Here are the common requests we...
401(k) Plans and COVID-19: Frequently Asked Questions About Employer Contributions Many businesses are facing economic uncertainty because of COVID-19. These uncertain times may be causing furloughs of employees or even terminations. If your business is facing a loss of cash flow you may feel the need...