When I think of October, I think of pumpkin spice everything, sitting on the sidelines of my kids’ soccer games, football season and retirement plan corrections. I relate plan corrections to October, not because I enjoy them as much as my pumpkin spice latte, but because it is the time of year that we receive many calls about plan corrections ...
The IRS recently issued final guidance on a significant SECURE 2.0 provision that changes how older, high-income employees contribute to their retirement plans. Starting in 2026, employees aged 50 and over who earned more than $145,000 (adjusted annually for inflation) in FICA wages from their current employer in the prior year will be required ...
The Form 5500 is the information return that must be filed by most employee benefit plans subject to ERISA (unless an exception applies), and failure to file this annual return for a plan can result in assessment of penalties by both the IRS and DOL. Employers who maintain benefit plans for their employees are typically very familiar with the ...