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Abandoned 401(K) Accounts and the Great Resignation

By Cindy Sandomenico, CPA and Laura K. Zindel, CPA  The trend of U.S. workers leaving their jobs and employers struggling with high levels of employee turnover continues to gain momentum. Another 4.5 million U.S. workers quit their jobs in November alone, according to data from the U.S. Bureau of Labor Statistics. Meanwhile, the number of job openings in the United States remains elevated at 10.6 million, as companies across sectors and industries continue to have a hard time recruiting...

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SAS 136: What Plan Sponsors Need to Know About Upcoming Changes to ERISA Plan Audits

By Laura K. Zindel, CPA and Cindy Sandomenico, CPA Employee benefit plan sponsors and their auditing firms need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), and was originally effective...

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ERISA Update and Outlook for 2022

By Cindy Sandomenico, CPA and Laura K. Zindel, CPA  Employers have spent the last two years dealing with many challenges and disruptions, and they are now looking to move forward in 2022 against a backdrop of economic and pandemic-related uncertainty and market volatility. Here are four themes that plan sponsors should be keeping a close eye on in 2022.   The #1 Financial Story of the Year: Inflation You can’t go anywhere without hearing about inflation—and for a good reason. The...

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Retirement Plan Limits Announced for 2022

The Internal Revenue Service (“IRS”) announced the retirement plan contribution limits, adjusted for cost-of-living adjustments, for 2022.  These adjustments can be found in greater detail in IRS Notice 2021-61 at https://www.irs.gov/pub/irs-drop/n-21-61.pdf.  Following is a chart summarizing some of these adjustments: 401k Plan Limits20222021 401k Elective Deferrals2050019500 Annual Defined Contribution Limit6100058000 Annual Compensation Limit305000290000 Catch-Up...

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What You Should Know About ERISA Plan Audit Changes

By Craig Erickson, Partner-in-Charge, Employee Benefit Plan Group In July 2019, the American Institute of Certified Public Accountants (AICPA) issued a new Statement on Auditing Standards (SAS 136) designed to regulate and improve the audit quality for plans governed by the Employee Retirement Income Security Act of 1974 (ERISA). The new standards were originally intended to apply to audits of financial statements for periods ending on or after December 15, 2020, but the...

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Retirement Plan Limits Announced for 2021

The Internal Revenue Service (“IRS”) announced on October 26, 2020, the retirement plan contribution limits, adjusted for cost-of-living adjustments, for 2021.  These adjustments can be found in greater detail in IRS Notice 2020-79. The COVID-19 pandemic’s continuing impact on the U.S. economy contributed to relatively flat changes in the 2021 COLA amounts as U.S. economic deflation during the first half of 2020 impacted the COLA metrics. The IRS increased the IRS annual compensation...

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401(k) Plans and the Coronavirus

By Craig Erickson With the global pandemic caused by COVID-19 causing vast uncertainties in the economy, employers that sponsor employee benefit plans and the plan fiduciaries must continue to manage and administer their benefit plans, as well as address inquiries from their participants.  The following are some topics that may be helpful during these times. Hardship Withdrawals Plan sponsors may receive calls from plan participants in the near future asking for ways they can financially...

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Coronavirus Retirement Plan Review

By Craig Erickson With the continual uncertainty we are facing each day, it is important to keep in mind that changes in legislation may impact your current design of your employee benefit plan.  Following are some topics Plan sponsors and fiduciaries of employee benefit plans may overlook. 401(k) and Profit-Sharing Plans: Employer Contributions – Plan sponsors and fiduciaries may want to consider reducing or halting employer contributions.  For non-safe harbor plans (match or non-elective...

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2019 Maximum Limitations for Retirement Plans

The IRS has announced that the amounts employees can contribute to retirement plans will increase in 2019.  Following is a table detailing some of those increases:     – Source – Notice 2018-83 (https://www.irs.gov/pub/irs-drop/n-18-83.pdf)   Provided by Wiss’ Employee Benefit Plan Group Craig R. Erickson – Partner Cindy Sandomenico – Director Laura Zindel – Manager   Craig Erickson is the Partner-in-Charge of our Employee Benefit Plan Group where...

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Update to Fiduciary Rule Improves Retirement Advice

By Wiss Associate You may assume that when a broker, advisor, insurance agent, or consultant makes recommendations about your retirement account, the advice is in your best interest. But that hasn’t always been the case. While the majority of advisers act in the best interest of their clients, not all have been legally required to do so, and some have been swayed by hidden fees or commissions to recommend investments that weren’t necessarily the best choice for their clients’ individual...

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