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Tag: RetirementPlans

How IRS Revenue Protocol 2016-37 Will Impact Retirement Plans

By Cindy Sandomenico Approved in June 2016, IRS Revenue Protocol 2016-37 alters the way individually designed retirement plans must file amendments and submit determination letters to the IRS. This will be effective Jan. 1, 2017. Previously, retirement plans were subject to a five-year cycle involving remedial and formal adoption of amendments, and submission of determination letters every five years, regardless of whether the plan was amended. This process was time-consuming for...

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How Proposed Changes to Form 5500 Could Impact Your Filing Requirements

By Wiss Associate If your company has an employee benefit plan, you should be familiar with IRS Form 5500, the form you use to report activity regarding your retirement and welfare plans. On July 11, 2016, the U.S. Department of Labor (DOL) proposed revisions to Form 5500 and the related schedules in an effort to promote more thorough monitoring of plans by employers, fiduciairies, participants and, of course, the DOL. Here are some of the changes and how they could significantly...

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Top Earners Should Consider this Retirement Strategy

By Russ Faye If you are a high-income sole proprietor or the owner of a small business searching for a tax-advantaged retirement strategy, defined benefit pension plans could be the ideal tool for your needs. Here’s how to determine whether you should discuss this option with your trusted financial adviser.  How it works A defined benefit pension plan is a qualified retirement plan to which you make an annual contribution, which fund a chosen level of retirement income you will receive...

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How to Reduce Risk Using Fidelity Bonds and Fiduciary Liability Coverage

By Craig Erickson Managing an organization’s employee benefit and retirement plan comes with risks, and potential missteps can affect both the plan administrator and participants. To protect you from those risks, insurance companies offer fiduciary bond — often called fidelity bond — and fiduciary liability coverage. And while the two terms sound similar, there are distinct differences. Assets and administrators at risk The plan administrator can act, or fail to act, in ways that...

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