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.
The IRS, Department of Labor and Pension Benefit Guaranty Corporation proposed changes to IRS Form 5500 intended to improve reporting on multiemployer defined benefit pension plan funding. These proposed changes would fundamentally change Form 5500 regulations and be beneficial to all plan sponsors.

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 >>

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
Read More >>

 

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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Sheri Terens, CPA asks the tough questions when it comes to your employee benefit plans:

 

 

The hot topic over the last few years has been 401k fees. There are so many service providers associated with 401k plans that it’s hard to keep them straight: investment advisor, third party administrator, custodian, record-keeper and more. Do you know how they are getting compensated, and are you paying too much for remaining loyal to the same provider? Maybe, you’ Read More >>