In February 2023, the Department of Labor, IRS and Pension Benefit Guaranty Corporation jointly released Federal Register notices that announced changes to the 2023 Form 5500. Among these changes for defined contribution plans is a change in the participant counting methodology used to determine...
Read MoreIs your third party administrator (TPA) for your 401(k) plan a trustee or custodian? Do you know the difference? Often these words are used interchangeably but they mean something very different, and you should know the difference to ensure they are being represented properly in your plan...
Read MoreAre you the fiduciary of your organization’s employee benefit plan? If so, do you fully understand what that means? More often than not, many don’t. But it’s important to know what is required of you as a fiduciary and of the company to avoid any potential pitfalls, and...
Read MoreOn September 23, 2019, the U.S. Treasury Department and the IRS published final regulations amending the rules governing hardship distributions for both 401(k) and 403(b) retirement savings plans. These regulations reflect the changes made by both the Tax Cuts and Jobs Act of 2017 and the...
Read MoreThe U.S. Department of Labor (DOL) has released a final rule that should make it easier for smaller businesses to provide retirement plans to their employees. According to the DOL, the rule will enable more small and midsize unrelated businesses to join forces in multiple employer plans (MEPs...
Read MoreWhen a debtor is in financial stress, creditors often forgive or cancel all or a portion of the debt. When that happens, U.S. tax law generally requires the debtor to include the cancelled debt in gross income so it can be taxed. Including the cancelled debt in taxable income presents an obvious...
Read MoreRead More