June 09 2015

IRS 5500-EZ Program: A Brilliant Idea Becomes Permanent

When someone comes up with a good idea that works, it should be kept around. Last year around this time, we told you about a wonderful pilot program the IRS rolled out providing relief to late filers of Form 5500-EZ. We are pleased to report that the...

June 08 2015

401(k) plan fees - Supreme Court weighs in

As an update to our recent coverage of 401(k) plan lawsuits, the Supreme Court has ruled that plan sponsors have a duty to monitor investment options on a continuous basis. As we previously discussed in the Tibble v. Edison case, the central argument...

May 19 2015

Do You Have to Prove Hardship to Get a Hardship?

Note: This article was published in 2015. The SECURE 2.0 Act of 2022 made changes to the rules relating to an employer's ability to rely on an employee's self-certification of the need for a hardship distribution. As such, some information in this ar...

May 07 2015

401(k) plan lawsuits

401(k) plans don’t get much media attention, and many employers view 401(k) plans as a necessary benefit they must provide for employees. However, they often don’t understand the vast fiduciary duty that accompanies sponsoring a 401(k) plan. As parti...

April 23 2015

How Long Should You Maintain Plan Records? It Might Be Longer Than You Think

Late in 2014, the IRS posted an article on its website about how long retirement plan records should be kept. With eager anticipation, I clicked on the article and found that it said…not much.

April 13 2015

How to decrease taxable income

As the April 15 income tax return deadline approaches, many individuals and business owners are wondering how to decrease taxable income and are looking for ways to reduce taxes. While it is best practice to consult a knowledgeable CPA or Enrolled Ag...

March 30 2015

Affordable Care Act tax bill

As the 2014 tax season is coming to a conclusion, we’re getting a first glimpse of how much revenue the Affordable Care Act (ACA), or ObamaCare, is generating for the government. The IRS has released data for the first year that the Medicare surcharg...

March 16 2015

PBGC Premiums: Prepare to Be Soaked

Note: This article was published in 2015. The SECURE 2.0 Act of 2022 eliminated cost-of-living adjustments to PBGC variable-rate premium percentages. As such, some information in this article may be outdated. In the next few months, plans covered by ...

February 19 2015

Currency Volatility: Behind the Swings in the Foreign Exchange Market

There has been a lot of attention focused on the strengthening of the U.S. dollar over the past year as the currency inches towards parity, or a one-to-one exchange rate, with the euro for the first time since 2002. In fact, currencies across the wor...

February 05 2015

Becoming a 401(k) Millionaire Is Not As Hard As You Think

Fidelity Investments reported that about 72,000 workers had amassed $1 million or more in their 401(k) retirement plans with Fidelity at the end of 2014. While higher-paid workers should have little problem accumulating a million dollars over a 30- o...