As a business owner, once you decide to offer a retirement plan for your employees, you become a plan sponsor with fiduciary duties. It is vital to understand the responsibilities that come along with the establishment of a retirement plan and who you may share this responsibility with. Individuals that assume fiduciary duties carry the weight of the interests of all employees participating in the retirement plan.
As a business owner, implementing a retirement plan for your employees can be a crucial part of retaining your talent. Before jumping into a retirement plan or deciding it’s too expensive to undertake, take time to learn about your options and find the right fit for your team. There are more options out there, especially for small businesses, than you might think.

Sheri  Terens is a director in the assurance services department at Corrigan Krause. 

Employee benefits have become increasingly important with the shortage of talent and increased competition for top employees. The addition of benefits increases loyalty, productivity, and attendance among current employees and provides incentives for recruiting. According to a recent survey 79% of employees would rather have new or additional benefits rather than an increase in Read More >>

Lindsey Homan, CPA shares how you can prepare for an employee benefit plan audit.

Who is required to have an audit of their employee benefit plan?

The Employee Retirement Income Security Act of 1974 (ERISA) requires annual audits for companies that have 100 or more eligible participants in their 401(k) plan. If this sounds like your company, let’s make sure you are prepared for your upcoming audit.

How to prepare for an audit

It is important to be ready for an audit before your a Read More >>

Shirley Wu shares important updates for the Ohio Unemployment Insurance program.

Two important updates employers must note:

Quarterly Reports Must be Filed Online

  • Beginning with the first quarter 2018 reports, which are due April 30, 2018, all quarterly state unemployment tax reports must be filed online. The reports can be filed either through the Employer Resource Information Center (ERIC) at eric.ohio.gov or the Ohio Business Gateway at business.ohio.gov.

Ta Read More >>

Sheri Terens explains what to consider during a merger or acquisition to make sure your employee benefit plan remains compliant. 

Employee benefits plans are necessary but can be complex, especially when mergers and acquisitions are in the picture.

When is an audit required?

The Employee Retirement Income Security Act of 1974 (ERISA) ensures that plan assets are protected by requiring fiduciary responsibilities.

Simply put, if your business offers 401(k), 403(b) or o Read More >>

Employees are the greatest asset that a company can have. Therefore, it’s important to provide valuable benefits that attract and retain talent. Retirement benefits are one of the most important benefits an employer can offer. Where do you start when choosing a retirement solution?

There are many types of benefit plans, including:

  • Payroll Deductions IRAs
  • Simplified Employee Pensions
  • SIMPLE IRA Plans
  • Profit Sharing Plans
  • 401(k) Plan
  • Safe Harbor 401(k) Plans
  • Automatic
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Sheri Terens, CPA shows how to handle common mistakes in retirement plans:

 

 

So, you’re a great employer that started an employee retirement plan to offer the added benefit to your employees. Of course you want to do the right thing to run your plan, but are you?

 

First, you need to start off with a retirement plan checklist:

  • Has your plan document been updated within the past few years to reflect recent law changes?
  • Are the plan’s operations based on the
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