Articles

Plan Sponsors Can Self-Audit Before an IRS Examination

Voluntary compliance tools are an important part of the IRS’s retirement plan enforcement strategy. If a plan is out of compliance, the primary IRS goal is for the plan sponsor to make the necessary changes to bring the plan into compliance, although it also has the authority to assess penalties, taxes, interest, and even disqualify a plan. Recently, the IRS announced a new enforcement initiative that involves plan sponsors auditing their own plans.

A Sneak Peek at the 2022-2023 CRB Trends Survey Report

In today’s highly competitive labor market, employers across the country are finding it increasingly difficult to attract and retain employees. Understanding what employees value most is key, especially as employers plan and budget for the year ahead.

Plan Design Solutions to Satisfy ADP/ACP Tests

Your 401(k) plan clients’ mid-year test results will help you gauge which plans might be heading toward a failing grade on their year-end nondiscrimination testing.

Is Your BOLI Provider Committed for the Long-Term?

Bank Owned Life Insurance (BOLI) purchases through the first half of 2022 continue to be elevated relative to historical standards, which has been a consistent trend since the second quarter of 2020. As of June 30, 2022, total BOLI owned by all US banks totaled $222.5 billion (1), which is a year-over-year increase of $10.8 billion.

IRS Launches Pre-Examination Compliance Pilot Program

The IRS recently announced a new 90-day pre-examination compliance pilot program for retirement plans. It is intended to ensure compliance with plan document and operational requirements under current tax law, giving plan sponsors an opportunity to self-correct issues in advance of a potential IRS plan review.

Plan Design to Drive Your Distribution Objectives

Plan features that define when and how participants can access their retirement savings are important features that can help a company achieve the objectives it sets for its retirement plan. 

The Latest on SECURE Act 2.0

A look at the retirement plan provisions featured in the proposed legislation known as the SECURE Act 2.0. 

New Product News - Q2 2022

An outline of new products, services and features from Newport in the second quarter of 2022.

Mid-Year Reviews to Prevent Year-End Headaches

Advisors can help their clients ensure their retirement plan meets IRS compliance requirements and is prepared for a potential IRS audit. This support can also help satisfy their fiduciary responsibility under ERISA..
 

Compensation Trend Insights

The latest analysis of compensation and benefits trends that advisors can use to assist their clients.

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