If you have equity as part of your retirement or executive compensation plans, you likely need a 409A valuation. The need for a valuation also applies if you are preparing to issue equity (equity grants or stock options) or synthetic equity (stock appreciation rights or phantom equity). In all of those cases, an independent 409A valuation of the ...
There is a telltale sign that you are a true benefit nerd . . . you have printouts of the annual benefit plan limits tacked to the wall by your desk. I frequently reference my charts, but It has been a few years since I found a comprehensive chart online that encompassed both the retirement and health plan limits that I need at my fingertips regularly. After ...
Just before the holidays, two bills impacting reporting under the Affordable Care Act (“ACA”), H.R. 3801 (EMPLOYER REPORTING IMPROVEMENT ACT) and H.R. 3797 (PAPERWORK BURDEN REDUCTION ACT), passed both houses and were sent to the President for signature. President Biden signed the bills into law, making the changes effective for the ...
The U.S. Department of Labor (DOL) issued a revised Voluntary Fiduciary Compliance Program (VFCP), a long-awaited update by many in the industry. The most significant change is the introduction of a self-correction component, including self-correction for certain delinquent participant contributions. Based on our experience, late ...
The IRS this past Friday issued proposed regulations regarding mandatory Roth catch-up contributions. SECURE 2.0 amended the catch-up contribution provisions of the Code. The Act provided that, beginning in 2024, individuals eligible to make catch-up contributions who made over $145,000 (indexed in future years) in wages in the previous ...
We have noticed an increasing number of employers reaching out with questions about whether they should have their defined contribution plan join the auto-portability network. This new option, introduced by SECURE 2.0, has gained traction as many major recordkeepers have committed to joining the auto-portability network and have begun ...
Earlier this year, the Internal Revenue Service (IRS) issued a number of new notices updating and clarifying the preventive services expenses that high deductible health plans (HDHP) can cover without affecting a participant’s health savings account (HSA) eligibility. As background, there are multiple requirements that must be met in ...
If you are 73 or older, remember to take your Required Minimum Distributions from any retirement plan or IRA you may have. As discussed in prior blog posts, Required Minimum Distributions (“RMDs”) are taxable amounts that account owners must withdraw annually if they meet the age requirement of 73. Failure to take an RMD on time may result in ...
Santa is not the only person who should be making a list and checking it twice this December. All sponsors of self-insured medical plans should also make sure that they double-check their year end to do lists. Since the passage of the Affordable Care Act (ACA), keeping your health plan in compliance seems more and more difficult each year. We know you ...
The IRS released its annual update for the cost-of-living adjustments for 2025. Similar to the adjustments made last year, there are widespread increases for 2025. As you can see from our chart below, almost all IRS limits were affected by this year’s cost-of-living adjustments. Although the catch-up contribution limit for individuals age ...