Mary Beth’s Corner

Category: Administration

Overwhelmed By Payroll Processing?

Mary Beth’s Corner Did you know Plan Sponsors spend on average 40-60 hours, or over one week annually, submitting and updating payroll files? Manual data entry using spreadsheets or other rudimentary tools has been known to be one of the most strenuous problems for business owners. This method of payroll

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Simplified Form 5500 Reporting: New Regulations

Thanks to new regulations, for reporting purposes, the inclusion of eligible but non-participating employees will no longer be the methodology used when determining the number of participants– only participants and beneficiaries with account balances will be considered.

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QACA Safe Harbor: The New Norm?

By 2025, most startup retirement plans will be required to automatically enroll new employees into their plan, unless they opt out, at an initial 3% employee deferral rate with auto escalation. – Sound familiar?

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Tax Deduction Deadlines For Company Contributions

Since employers contribute for slightly different reasons, those contribution due dates may vary depending on plan design. In other words, one set of rules may specify a deadline for compliance purposes, while another set of rules requires a different deadline for tax deduction purposes.

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What You Need to Know About SECURE 2.0

The House and Senate have passed the Consolidated Appropriations Act of 2023, which includes a grouping of retirement plan provisions better known as, “SECURE 2.0”.

On December 23, 2022, the bill was presented and signed into law by President Biden.

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The Year End Glee of RMDs

With 2023 rapidly approaching, it’s important to keep up with year-end IRS requirements and make the necessary communications around RMD rules for employees.

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SIMPLE-ly Time To Upgrade?

SIMPLE plans are just that – simple! Let’s explore the SIMPLE plan design to see if your business owner clients need a retirement plan that can better meet their needs to align with company growth.

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