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.
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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.
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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.
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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.
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