New Cost of Living Adjustments announced for 2016

Wednesday, December 7, 2016

The IRS has announced Cost of Living Adjustments for 2017 to certain plan limits. This is the first adjustment to limits in two years. The limits that have been adjusted are as follows: Social Security Wages rose from $118,500 to $127,200; the limit on defined benefit plan annual income is raised from $210,000 to $215,000; […]

State-Sponsored Retirement Plans

Wednesday, December 7, 2016

With the goal of increasing the financial security for a growing population of workers approaching retirement, a majority of states have proposed establishing their own retirement programs as an alternative to the plans currently available to employers. Governor Brown recently signed the California Secure Choice Retirement plan into law, which may serve as a model […]

Fiduciary Training Seminar

Wednesday, December 7, 2016

In August, we sponsored a fiduciary training seminar for our clients. The seminar was led by Steve Cohen, a senior retirement consultant with Federated Investors. The meeting was well-received by the participants and offered valuable information regarding fiduciary responsibilities and duties for qualified retirement plan sponsors. Beyond the educational material, the seminar offered practical checklists […]

Compliance spotlight: Counting participants for an audit requirement

Wednesday, December 7, 2016

A common compliance mistake made by plan sponsors is to incorrectly count the number of plan participants for purposes of reporting and in determining whether the plan must attach an independent audit to their annual filing. Retirement plan sponsors must maintain accurate records of plan participants and beneficiaries for purposes of determining plan eligibility, allocating […]

403(b) Plans: Fiduciary lawsuits target Nonprofits

Wednesday, December 7, 2016

The retirement plans of three large universities were recently hit with lawsuits charging the plan fiduciaries with a breach of their duties and for maintaining plans with excessively expensive investment options. The class action lawsuits are primarily the work of one New York law firm (Schlichter, Bogard & Denton), that has filed 20 such complaints […]