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2016 and 2017 Employee Benefit Plan Limitations

Posted by Jennifer V. Gateb | Nov 04, 2016 | 0 Comments

The following is an outline of the Internal Revenue Service's maximum dollar limitations applicable to employee benefit plans in effect in 2016 and 2017. The 2017 limitations differ only slightly from the 2016 limitations and become effective January 1, 2017. Maximum Dollar Limitations ...

What Is a Qualified Joint and Survivor Annuity (“QJSA”) and What Effect Does a Qualified Domestic Relations Order Have On It?

Posted by Corey F. Schechter | Nov 03, 2016 | 0 Comments

Contributing Author: Dianne Schechter Federal law requires “qualified” plans under the Internal Revenue Code to pay retirement benefits in a special payment form unless the benefit plan participant chooses a different form and his or her spouse agrees to the choice in writing.  This special paym...

Getting Into Business with Friends and Family

Posted by Paul D. Woodard | Oct 19, 2016 | 0 Comments

Creating a successful business is not easy. It takes time, money, and a lot of hard work. Running a business can be stressful, and when problems arise, business partners can turn on each other. However, when business partners are friends or family, a business disagreement can have a long-term neg...

Retirement Savings Options for Young Workers

Posted by Corey F. Schechter | Oct 18, 2016 | 0 Comments

As business owners, retiring comfortably is certainly a goal in addition to working to build and protect company assets. Saving for retirement should also be a priority for employees, and employers can assist in providing them the means to do so. For young workers, thinking about retirement savin...

When Should I Begin Estate Planning?

Posted by Paul D. Woodard | Oct 12, 2016 | 0 Comments

When should you begin estate planning? It is really never too early to start planning for the future. Unfortunately, most people wait too long to start making those difficult decisions. Some people never get around to planning their estate until it is too late. As a result, loved ones may be grie...

Important Upcoming Form 5500 Filing Deadlines

Posted by Jennifer V. Gateb | Oct 11, 2016 | 0 Comments

The Form 5500 (Annual Return/Report of Employee Benefit Plan) series, including all required schedules and attachments, is used to report information regarding employee benefit plans and Direct Filing Entities (DFEs). Plan administrators or sponsors are required to file Form 5500 for retirement p...

Top 5 Rules to Know about Your 401(k) Plan

Posted by Jennifer V. Gateb | Oct 05, 2016 | 0 Comments

A 401(k) plan is an employer-sponsored retirement savings plan that allows employees to save or invest a part of their paycheck before taxes are taken out. Taxes on the money invested are not due and payable until the money is withdrawn from the employee's 401(k) plan account. The following are s...

New Voluntary Correction Program Fee Schedule

Posted by Paul D. Woodard | Oct 04, 2016 | 0 Comments

The Internal Revenue Service recently lowered the fees for employers to participate in the Voluntary Correction Program (VCP). The revised fee schedule for employee plan user fees are effective February 1, 2016. The new reduced VCP submission fees are as follows: Number of Participants ...

Plan Sponsors, Act Now – The Deadline to Submit the Updated Version of Your Pre-Approved Defined Contribution Plan Is Quickly Approaching

Posted by Corey F. Schechter | Apr 04, 2016 | 0 Comments

Plan sponsors of defined contribution plans utilizing either a volume submitter (VS) or Master & Prototype (M&P) plan (i.e., “pre-approved plans”) may be surprised to learn that a restated (or “updated”) version of their plan document must be adopted no later than April 30, 2016. See Inte...

New DOL Fiduciary Rules Make Advice By A Financial Advisor To A Participant To Take A Lump Sum From A Qualified Plan A Fiduciary Matter, Even If You Are Not The Plan’s Advisor

Posted by Robert K. Butterfield | May 26, 2015 | 0 Comments

To: Financial Advisors New DOL fiduciary rules make advice by a financial advisor to a participant to take a lump sum from a Qualified Plan a fiduciary matter, even if you are not the Plan's advisor. Thus—caveat emptor as: It is a fiduciary matter you can be sued over and disciplined by regu...

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