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IRS Announces Relief for Late Rollovers of Retirement Plan Funds

Posted by Jennifer C. Plail CPA

Sep 29, 2016 8:32:00 AM

The IRS has released new guidance to help taxpayers avoid taxes and penalties for late rollovers of distributions from employer-sponsored retirement plans and individual retirement accounts (IRAs). Ordinarily, such rollovers must be completed within 60 days to be considered valid. The new guidance establishes a process for taxpayers who miss the 60-day rollover window for any one of 11 different reasons to correct the error.

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Topics: ira rollover, ira, employee benefit plan, individual retirement accounts, retirement plan, irs rev proc 2016-47

What a Presidential Race Teaches Us About Records Retention

Posted by Kelsey M. Andriatch

Jan 5, 2016 4:09:00 PM

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Topics: employee benefit plan, records retention,, record keeping, records documentation

How Changes to U.S. Mortality Rates Affect Your Benefit Plan

Posted by James A. Krupinski, CPA

Nov 23, 2015 3:30:00 PM

In October 2015, the Society of Actuaries (the SOA) released an updated mortality improvement scale, MP-2015. This mortality improvement scale may be used by actuaries along with the RP-2104 base mortality tables to develop mortality assumptions used in actuarial calculations of benefit obligations for defined benefit plans. The RP-2014 base mortality tables have not been updated. MP-2015 was developed using  the same methodology used to develop the mortality improvement scale MP-2014, issued in October 2015, but integrates an additional two years of data into the model. 

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Topics: employee benefit plan

De-risking a Defined Benefit Pension Plan? The IRS Ixnayed One Option

Posted by Brendan P. Brady CPA

Oct 8, 2015 11:32:12 AM

As sponsors of defined-benefit pension plans look to reduce risks associated with volatile stock de-risking strategies for plan sponorsmarkets and an aging but increasingly long-lived workforce, one strategy that has attracted particular attention in recent years is de-risking of those plans. Simply put, de-risking is a process by which companies seek to reduce or eliminate potential volatility in future pension plan contributions in order to better predict and manage cash flows and improve profitability. There are a number of de-risking strategies available to plan sponsors, ranging from liability redesign (for example, closing plan to new participants), to investment strategies (for example, utilization of dynamic asset allocation strategies), to liability transfer (for example, annuity purchases).

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Topics: employee benefit plan, de-risk, irs, defined benefit plan, pension plan

Is Your Employee Benefit Plan Auditor Qualified? The EBSA Has Doubts

Posted by John F. Matte Jr.

Jul 14, 2015 11:02:00 AM

In May 2015, the Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL)
released the findings of its study on employee benefit plan audits. This study examined a statistical sample of 400 benefit plan audits from the 2011 reporting year to determine how many of these audits the EBSA considered to be deficient. The results were staggering.

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Topics: employee benefit plan, AICPA Employee Benefit Plan Audit Quality Center,, form 5500, employee benefit plan audit,

A Fraud Policy for Your Employee Benefit Plan? You Betcha!

Posted by Brendan P. Brady CPA

Jun 17, 2015 11:21:07 AM

When not reading about cyberattacks and information security breaches, occupational fraud/employee fraud are stealing headlines (pun intended)

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Topics: Information Security, internal controls, employee benefit plan, employee fraud, occupational fraud, Fraud Prevention, Fraud awareness, risk assessment, fiduciary responsibility, fraud policy

Longevity Annuities in IRAs & Employer Plans

Posted by James Cosgriff IV

Dec 15, 2014 9:00:00 AM

Recently issued tax regulations clear the way for longevity annuities to be purchased through 401(k) and similar employer-sponsored retirement plans as well as individual retirement annuities and accounts (IRAs)..

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Topics: ira, 401(K), employee benefit plan, qualified longevity annuity contract, qlac, qualified defined benefit contribution plan

IRS Posts New Retirement Account Limits for 2015

Posted by The Dopkins Tax Advisory Group

Nov 25, 2014 1:39:00 PM

The IRS has announced the 2015 contribution limits for both employer-sponsored plans and individual retirement accounts (IRAs). Increased limits may provide individuals and businesses with opportunities for additional tax savings in the coming year.

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Topics: retirement planning, ira, iras, 401(K), retirement account, employee benefit plan, individual retirement accounts

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