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“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
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Search the News Archive
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94 Matching News Items |
| 1. |
Best Best & Krieger LLP
Feb. 27, 2018
"An LDI approach forces us to examine our investment and funding assumptions on an ongoing basis -- and to make adjustments. Because an LDI approach starts with an identified liability or funding target, compares it with the current value of available assets and challenges us to figure the best way to achieve that goal, it makes us carefully evaluate the assumptions we have made as part of our plan."
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| 2. |
Best Best & Krieger LLP in Bloomberg Tax
Mar. 26, 2025
"Accommodating a late enrollment request could pose a problem if the plan intends to reimburse employees for medical expenses on a nontaxable basis under Section 105 of the federal tax code. It also could raise issues if it allows employees to pay for certain medical, disability, or accidental insurance coverage (among other benefits) on a pre-tax basis under Section 125."
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| 3. |
Best Best & Krieger LLP
May 15, 2023
"In order for an Indian tribal plan to be exempt as a governmental plan, substantially all of the participants in the plan must be employees who perform services that are [1] essential government functions and [2] not in the performance of commercial activities. Because the tax and fiduciary/labor law rules are significantly different for retirement plans of ITGs and their commercial activities, it makes sense to segregate, design, and administer a tribe's 'governmental plans' apart from the retirement plans covering employees in its commercial activities."
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| 4. |
Best Best & Krieger LLP
Jan. 23, 2023
"[A table] highlights 'what' is changed, 'when' the change takes effect, and 'whether' the change is automatic or optional. Although a number of the changes are 'automatic,' we will not know how to implement them until we receive further guidance from the IRS."
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| 5. |
Best Best & Krieger LLP
Nov. 21, 2022
"An MOU provision that provides for pre-tax employee mandatory contributions to a pension plan (such as CalPERS) will most likely not satisfy the documentation requirements for a pick-up.... A properly adopted pick-up resolution that is adopted now, cannot have retroactive effect -- that is, previous employee contributions that were not properly picked-up should have been treated as after-tax."
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| 6. |
Best Best & Krieger LLP in Bloomberg Tax
Nov. 17, 2022
"Plan sponsors also should consider performing periodic internal compliance reviews to confirm that all applicable requirements are being satisfied. ... Corrective actions will be significantly less expensive for a plan sponsor that self-identifies errors.... [P]lan sponsors may begin to see an increase in IRS auditing, thanks to the Inflation Reduction Act[.]"
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| 7. |
Best Best & Krieger LLP
Sept. 13, 2022
"[T]he fact that a particular entity is exempt from federal and state income taxes ... can be based on the fact that the district is a 'local government' agency that is also exempt from taxes.... [M]any retirement plan advisers and consultants often 'assume' that 'tax-exempt' status means section 501(c)(3) status; they proceed to recommend and set-up a 403(b) when the client-entity involved does not have the right type of tax-exempt status."
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| 8. |
Best Best & Krieger LLP
Aug. 9, 2022
"[If] you are trying to determine whether a particular plan is exempt from ERISA, you need to ask if the 'plan' is a 'governmental plan,' not if the sponsor is a 'public' employer.... [It] might be possible for certain entities to be both public charities and governmental organizations. We discussed this in an earlier post where we referred to such entities as 'bitaxual.' And, while there are some distinct retirement plan advantages to being bitaxual, there are also some potential retirement plan pitfalls."
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| 9. |
Best Best & Krieger LLP
June 9, 2022
"[B]ecause in many 'multiple plan -- multiple vendor' situations there is no one monitoring or policing these limits across all of the plans, the per participant loan limits often are violated."
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| 10. |
Best Best & Krieger LLP
Apr. 4, 2022
"[T]he deferral rules for governmental 457(b) plans generally require an election to defer (or a change in an existing election) to be made during the calendar month prior to the calendar month in which the subject income would be paid. Although there is an exception for a newly hired employee who is becoming eligible for the plan for the first time -- which allows an election to be made in the first month of employment when the employee is being paid -- that initial election must be made on or before the employee's first day of work."
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