Mary Beth’s Corner

Come take a deeper dive into the retirement plan sector subject matter and explore niche topics with our experts. 

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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Cybersecurity Within The Retirement Industry

When asked why he robbed banks, a well renowned bank robber by the name of Willie Sutton answered, “because that’s where the money is.” Today, instead of robbing physical banks, thieves have sharpened their skills and honed in to “where the money is” – your retirement plan.

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Saver’s Tax Credit

Most know that making eligible contributions to your IRA or employer-sponsored retirement plan may be tax deductible, but did you know that you may also be eligible for a tax credit?

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New Year, New Limits

The IRS has published the 2023 contribution limits reflecting cost-of-living adjustments from the past year.

Read below for a brief overview highlighting some of the key increases in limitations.

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