Which Canadian jurisdictions are examining Target Benefit Plans? An update from Ian McSweeney
Status of Target Benefit Plans in Quebec
BB&K's Isabel Safie Discusses the Implications of IRS’ Definition of Governmental Plan Status
When it comes to your role as a retirement plan sponsor, outside of hiring a TPA (third party administrator), the most important plan provider that you need to hire is a financial advisor. Unfortunately, like my favorite...more
I have been in the retirement plan business for over 15 years and I have met too many plan sponsors who don’t care that their plan isn’t being run correctly. What makes them eventually care is when they are audited by the...more
401(k) Plan documents can read like Russian novels. They are often long and difficult to understand, so it’s no surprise that administrative errors in operating such plans happen frequently. Common errors include omitting or...more
The IRS’ proposed rules to determine governmental plan status are impacting public agencies looking to join a CalPERS benefit plan....more
Future Threats That a 401(k) Plan Sponsor Should Be Aware Of.
What might be good today, may not be good tomorrow.
What was good yesterday might not be a good today. Asbestos was a great fireproof building...more
The IRS’s Employee Plans Compliance Resolution System (or “EPCRS”) permits corrections, both voluntary and on audit, of a broad range of “qualification failures” — i.e., violations of sometimes arcane and complex tax rules —...more
Prior to the U.S. Supreme Court’s Windsor decision that repealed Section 3 of the federal Defense of Marriage Act (DOMA), same-sex spouses were not recognized as spouses for federal tax and benefits purposes. In the immediate...more
On December 13, 2013, the IRS issued Notice 2014-5 which provides temporary relief for satisfying the nondiscrimination requirements under Section 401(a)(4) of the Internal Revenue Code (the “Code”) for plan sponsors that...more
The IRS has announced new, long-requested relief from the “use it or lose it” rule that will allow health flexible spending account (FSA) participants to carry over up to $500 of unused contributions to the next plan year if...more
The IRS announced the Year 2014 cost-of-living adjustments for various provisions affecting employee benefit plans. The following table shows certain Year 2014 limits and those from prior years. ...more
The United States Supreme Court's landmark Windsor decision in June of this year invalidated certain key provisions of the Defense of Marriage Act by holding that the disparate tax treatment of validly married same sex...more
In what seems like a lifetime ago, the IRS provided eligible plan sponsors until December 31, 2009 to adopt a written plan under which they would maintain their existing Section 403(b) arrangements. A 403(b) plan is a...more
On August 29, 2013, the Internal Revenue Service (IRS) ruled that for federal tax purposes, spouse includes an individual who is legally married to a same-sex individual under state law. This Revenue Ruling 2013-17 has a...more
Those of you who participated in our July 16 webinar on plan fix-it programs heard us emphasize the importance of self-audits and internal controls to increase your chances of coming out clean in an employee plan audit....more
I am a fan of the original Highlander movie with Christopher Lambert and Sean Connery. The subsequent sequels and television series make the cannon of the series nonsensical, but I do love the original. Maybe it’s because of...more
Does your 401(k) plan pay higher than average fees? Do you have more than one qualified plan?
A number of recent reports indicate why you may receive special scrutiny if your plan is selected for audit or...more
Final Internal Revenue Code Section 403(b) regulations issued December 31, 2009 require that plan sponsors adopt written 403(b) Plan documents. A 403(b) Plan is a form of defined contribution retirement plan that may only be...more
Plan sponsors know that errors and failures in administering a retirement plan happen. All too often, changes in administrators, service providers and other staff uncover errors and compliance problems that should be...more
New provisions for correcting operational and plan document errors take effect on April 1.
On December 31, 2012, the Internal Revenue Service (IRS) updated its Employee Plans Compliance Resolution System (EPCRS) through...more
Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more
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