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plan year


The presence of an investment certification can change the entire audit plan. Be sure to get your certification and make sure it is valid before your audit begins. The most important thing to consider when preparing for your benefits plan audit is determining which type of audit to choose. There are two types of checks …

[co-author: Mary Kennedy] The Internal Revenue Service (IRS) recently released 2022 cost of living adjustments applicable to dollar limits for health and welfare plans and employer-sponsored retirement plans. The evolution of the 2022 cost-of-living adjustments for employer-sponsored health insurance and provident schemes is summarized in the table below: Health and Wellness Plan Limits (Rev. proc. …

401(k) Plan limits Defined contribution plans 2022 2021 Change Employee Maximum Optional Deferral (49 years or younger) 1 $20,500 $19,500 +$1,000 Employee catch-up contribution (50 years or older at the end of the year) 2 $6,500 $6,500 no change Maximum employee optional carry-over plus catch-up contribution (age 50 …

Employers, insurers and benefit plan vendors are all impacted by new guidance issued by the Department of Labor (DOL) and the Internal Revenue Service (IRS) aimed at mitigating the disruptive effect of COVID-19. The guidance was issued on April 28, 2020. In a related step, the DOL also issued new Model COBRA notices on May …

The Internal Revenue Code (the Code) and the Employee Retirement Income Security Act (ERISA) set forth numerous disclosure, notice and election requirements for employee benefit plans. These communications can involve thousands of pages per year, per participant, and be very expensive if they must be printed on paper and mailed. Few participants really want all …

Overpayment Correction Options Previously, pension plan sponsors had no choice but to ask overpayment recipients to repay any excess annuity amounts received. As of July 16, 2021, sponsors of defined benefit plans have two additional correction methods available to correct operational deficiencies resulting from overpayments: 1. Method of correcting funding exceptions. Defined benefit plans subject …

The American Institute of Certified Public Accountants (AICPA) released a new auditing standard for employee benefit plans in July 2019. The new standard is commonly referred to as SAS 136, but its official name is Statement on Auditing Standards (SAS) No. 136, Forming an opinion and report on the financial statements of employee benefit plans …

Thursday, February 18, 2021 A series of recent laws and IRS guidelines promise to make 2021 an active year for any employer looking to offer their employees a competitive range of benefits. My list of the “Top 5” employee benefits that an employer should introduce or improve in 2021, to improve retention and / or …

A series of recent laws and IRS guidelines promise to make 2021 an active year for any employer looking to offer their employees a competitive range of benefits. My list of the “Top 5” benefits that an employer should introduce or improve in 2021, to improve retention and / or recruitment, is presented below: Repayment …

Monday, December 28, 2020 The 2021 Consolidated Finance Law (CAA), which was enacted on December 27, 2020, includes provisions to increase the transparency of employee health benefit plans in four key areas. Removal of gag clauses on price and quality information Section 201 of the CAA amends the Employees Retirement Income Security Act (ERISA), the …

The requirement to file audited financial statements with your benefit plan’s Form 5500 depends on whether your plan is considered a large or a small depositor, which is determined by the number of participants in your plan at the start of the plan. year of the plan. The participants in your plan are: All employees …

updated on January 4, 2021 Update: Appropriation Act extends FSA relief The Consolidated Appropriations Act that President Trump signed in late 2020 allows employers who sponsor flexible spending accounts (FSAs) for health or dependents to allow participants to carry over any unused amounts in those accounts from 2020 to 2021 and from 2021 to 2022. …

In response to the COVID-19 pandemic, the IRS extended certain deadlines affecting employee benefit plans, including the deadline for filing Form 5500 for plan years ending September to November 2019 The new deadline, announced in Notice 2020-23, is July 15, 2020. Separately, the US Department of Labor (DOL) is extending the Employee Retirement Income Security …

The Internal Revenue Service has published Notice 2020-23, which automatically postpones certain deadlines affecting employee benefit plans. More specifically, any deadline that would normally fall from April 1, 2020 until July 14, 2020, is now automatically extended until July 15, 2020. The highlights are as follows: Plan loan repayments. When plan members borrow from their …

The CARES Act (Coronavirus Aid, Relief, and Economic Security) has a dramatic impact on employee benefit plans, providing relief to eligible plan members and plan sponsors and expanded benefits to health plan members collectives. Relief for members of eligible pension plans With regard to qualified pension plans, the CARES law: Provides for a special ‘coronavirus-related …

Latest revision: May 1998 Employees working more than 20 hours per week may enroll in the Section 125 flexible benefit plan. Initial enrollment must occur within the first 30 days of employment or during the annual enrollment period. opened. The flexible section 125 benefit plan is based on participation for one calendar year only (January …

SUMMIT OF LEE, Mo., August 8, 2019 / PRNewswire / – GEHA (Government Employees Health Association) announced today its selection by the United States Office of Personnel Management (OPM) as the exclusive carrier of two new Federal Employee Health Benefit Plans (FEHB) under the Compensation Plan Contract (IBP). After a competitive process, GEHA was chosen …