SBOK Is a Great Retirement Savings Solution for Some Small Business Owners

"[Small Business Owner 401(k) (SBOK) plans are] designed for small businesses for which the only employees eligible to participate in the plan are the business owners.... This target market is over 27.1 million ... For those eligible to set up an SBOK plan, [here are] 10 reasons it could be the ideal solution to helping them fund their retirement nest egg."  MORE >>

Appleby Retirement Dictionary

401(k) Participants Are Keeping Assets in Plans After Retirement

"A growing number of retirees are leaving their savings in defined contribution plans -- mainly 401(k)s -- after they have stopped working instead of rolling them over into an outside account. The trend is meaningful for advisors who are fiduciaries and have a potential new pool of client assets to guide. For advisors who charge fees based on assets under management, it raises questions on compensation and conflict of interest[.]"  MORE >>

BenefitsPro; free registration required

DC Specialist Advisers and Their Value to Plan Sponsors

"[A recent survey] found sponsors and DC specialists continue to share views on many aspects of retirement plan support and service ... [W]here differences exist, they indicate that DC specialists feel their services add greater value than plan sponsors recognize."  MORE >>

PLANSPONSOR; free registration may be required

The Truth About After-Tax Contributions

"Many employees are familiar with the elective deferral contribution limit but there is a lesser-known non-Roth after-tax feature that can allow participants to save additional money for retirement.... Although the after-tax contribution is a powerful feature that can help get participants on track for retirement, be aware of the additional testing requirements involved."  MORE >>

TRI-AD

[Guidance Overview]

New Auditing Standard: SAS 136 Will Impact Employee Benefit Plan Audits

"The auditing standard requires new performance requirement for auditors and changes the audit opinion for employee benefit plan audits. The standard was issued to improve audit quality and also enhance the communicative value and transparency of the auditor's report. The auditors will see new requirements as it relates to engagement acceptance, risk assessment, specific procedures related to ERISA plan audits, communicating reportable findings and a new opinion. Plan management can also expect to see expanded responsibilities as well."  MORE >>

Meaden & Moore

[Guidance Overview]

Nonqualified Deferred Compensation and the Special Timing Rule for FICA Tax Purposes

"The special timing rule often has the effect of causing deferred compensation to be subject to FICA taxes much earlier (often years earlier) than when the deferred compensation is subject to income tax.... [T]his typically benefits the employee because the cap on Social Security wages can limit the amount of FICA tax. Conversely, failure to follow the special timing rule can result in adverse FICA tax consequences."  MORE >>

Verrill Dana LLP

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Need Help Calculating EBAR Formula That Uses Permitted Disparity

"I have the formula to calculate a 'regular' EBAR. That is, not including permitted disparity. Where can I find the formula for the permitted disparity? Does anyone have Excel formulae to calculate either the EBAR given a contribution, or the contribution given the EBAR?"

BenefitsLink Message Boards

Profit Sharing Allocation Conditions -- Use Elapsed Time Instead of Hours of Service?

"We have a client implementing a 6-month accrual rule for their Cash Balance plan and would like to have the same 6 month requirement for their Profit Sharing Plan. Is it even possible to have a 6-month elapsed time rule in place of the normal 1000 hours? Haven't seen anything yet on this issue."

BenefitsLink Message Boards

Start a Jan. 1 Safe Harbor Match Without Notice Going Out by Dec. 1, 2021?

"I know I am reaching on this, but could you start a safe harbor match effective 1/1/2022 with the notice going out as late as 12/15/2021?"

BenefitsLink Message Boards

Cure an Excess 402(g) Deferral After Separation of Service and Distribution?

"Does anyone have some insight on how we could remedy excess 402(g) deferral after the employee has separated service and transferred their account to an IRA? I'm wondering if the IRA can be used to return the assets or if it would have to come from the original 401(k)?"

BenefitsLink Message Boards

RMD for Deceased Participant -- Can Check Be Made Payable to 'Estate'?

"Participant, former employee, died this year. She was taking RMDs. Can the 2021 RMD check be made payable to the estate?"

BenefitsLink Message Boards

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HBL Makes Splash with Orange County, California Hire

Hall Benefits Law

Upping the Game on Fitness and Wellbeing, Wellbeats Launches New Member Experience to Deliver a Fully Personalized Wellbeing Journey

Wellbeats

Christopher H. Suh Listed Among Boston's Top Lawyers of 2021

Wagner Law Group P.C.

OneDigital Acquires Ventris

OneDigital

Cincinnati Businessman Ordered to Prison for Defrauding Workers of Retirement Benefits, Earning Contract with Falsified Documents

Employee Benefits Security Administration [EBSA], U.S. Department of Labor

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Transamerica Hit with Lawsuit Over Data Breach

PLANSPONSOR; free registration may be required

Summary of 2022 Benefits-Related Cost-of-Living Adjustments (PDF)

Mercer

DB Plan Terminations: Some Basics

October Three Consulting