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Anchor 3(16) Fiduciary Solutions
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Compass
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ESOP Administration Consultant Blue Ridge Associates
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Regional Vice President, Sales MAP Retirement USA LLC
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DC Retirement Plan Administrator Michigan Pension & Actuarial Services, LLC
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Cash Balance/ Defined Benefit Plan Administrator Steidle Pension Solutions, LLC
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July Business Services
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Relationship Manager for Defined Benefit/Cash Balance Plans Daybright Financial
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Combo Retirement Plan Administrator Strongpoint Partners
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Retirement Plan Administration Consultant Blue Ridge Associates
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Managing Director - Operations, Benefits Daybright Financial
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-- An attorney subscriber
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Search the News Archive
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55 Matching News Items |
| 1. |
Schneider Downs
Aug. 10, 2015
"The proposal also focuses on creating a 28% maximum tax benefit for contributions and accruals of benefits inside of an individual's 401(k)s, defined benefit plans, and IRAs. A taxpayer in the 28% ordinary income tax bracket or lower would be unaffected by this provision. However, a taxpayer in a higher tax bracket (i.e., the 33%, 35%, or 39.6%) would not receive a full tax deduction for amounts contributed or deferred into a retirement plan."
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| 2. |
Schneider Downs
Sept. 30, 2025
"Use of the liquidation basis is required once liquidation is imminent. In the case of plan termination, liquidation is imminent once an authorized party has approved the termination.... Any administrative costs incurred to close out the plan will need to be accrued in the financial statements even if the costs are not paid until the subsequent year.... [E]ntities should proactively prepare for the transition to liquidation accounting as soon as liquidation becomes imminent."
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| 3. |
Schneider Downs
Apr. 2, 2025
"Companies should organize all plan documentation, ensuring participant data (contributions, distributions, loans) is accurate and aligns with payroll and third-party administrator (TPA) statements.... Effective internal controls are crucial ... Companies should employ detailed narratives around key cycles to define roles and responsibilities.... Effective communication with TPAs and auditors is crucial."
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| 4. |
Schneider Downs
Mar. 9, 2025
"Plan Sponsors [m]ust update plan documents, systems and processes to accommodate super catch-up limits and Roth mandates, particularly as it relates to identifying high earners under the Roth requirement. The Roth catch-up mandate introduces challenges in tracking FICA wages and ensuring compliance, with correction methods providing some relief but requiring diligent oversight."
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| 5. |
Schneider Downs
June 18, 2024
"Ozempic- and Wegovy-themed phishing scams are up 183% in 2024 compared to last year. These scams spanned nearly 450 high-risk websites and more than 176,000 phishing attempts over a four-month period, in addition to postings on social media and online marketplaces.... [T]he scams are nothing new in structure or design and are built to install malware and steal personally identifiable information (PII) or funds."
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| 6. |
Schneider Downs
Sept. 10, 2023
"[T]he IRS indicated that CP 283-C penalty notices distributed by the agency may have been issued in error. The bulletin further advises plan sponsors that if Form 8955-SSA was timely filed, there is no need to respond to penalty notices dated prior to September 1, 2023."
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| 7. |
Schneider Downs
Jan. 27, 2023
"Prior to SECURE 2.0, the startup tax credit only applied for the first 3 years that a MEP was in existence ... Section 111 of SECURE 2.0 aims to fix this issue ... Section 111 is effective retroactively for taxable years beginning after December 31, 2019. This enables taxpayers who formed or joined new MEPs/PEPs in 2019, 2020, and 2021 to file amended returns and retroactively claim a credit for those earlier years applying the rules of Section 45E."
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| 8. |
Schneider Downs
Jan. 27, 2023
"SECURE 2.0 makes several changes to these credits. First, the employer plan start-up credit is increased from 50 percent to 100 percent for employers with up to 50 employees.... [An] additional credit is also provided based upon employer contributions made."
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| 9. |
Schneider Downs
Jan. 25, 2023
"[SECURE 2.0] introduces a new provision allowing IRA holders aged 70-½ or older to make a one-time qualified charitable distribution to a split-interest entity. This change provides an opportunity for IRA holders to make charitable contributions while retaining lifetime income interests in the underlying funds.... The SECURE Act 2.0 provides that this annual contribution limit is indexed for inflation starting in 2023."
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| 10. |
Schneider Downs
Jan. 18, 2023
"One change addresses the unequal treatment of spouses with separate businesses residing in a community property state compared to spouses with separate businesses residing in a separate property state.... The second update modifies the rules regarding the attribution of stock between parents with separate and unrelated business and their minor children."
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