Employee Benefit Plans
Have you put the Department of Labor’s (DOL) cybersecurity guidance into practice yet? If not consistent with the DOL’s guidance, plans, service providers, and fiduciaries should begin taking prudent steps to implement the necessary safeguards to protect a plan’s assets and data. In April 2021, the DOL issued guidance providing tips and best practices to…
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With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). An HSA offers a tax-advantaged way for eligible individuals to set aside funds (or have their employers do so) to meet future medical needs. Here are the important…
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COVID-19 has caused a labor shortage and forced many employers to find ways to fill open positions, such as rehiring retired employees or retaining employees past retirement age. Employers will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who are 59…
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Are you putting the Department of Labor’s (DOL) cybersecurity guidance into practice? In April, the DOL issued guidance providing tips and best practices to help retirement plan sponsors and fiduciaries better manage cybersecurity risks. Recently, the DOL has begun an audit initiative focused on cybersecurity practices of retirement plan sponsors and fiduciaries. In the past few months,…
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The IRS recently released guidance on the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). The basics of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the qualified medical expenses of an account beneficiary. An HSA can only be established for the benefit of an eligible individual who…
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Are you thinking about setting up a retirement plan for yourself and employees at your small business, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). Basics of…
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