You don’t need to be a magician to know what records to keep and for how long. While most providers can supply reports and plan documents, the plan administrator remains ultimately responsible for retaining adequate records that support the plan document reports and...
IRS Issues Guidance on Withdrawals for Domestic Abuse Victims In late June, the IRS issued a notice providing critical guidance on early withdrawal penalty exemptions under the SECURE 2.0 Act. The law includes significant provisions for individuals experiencing...
According to the results of a 2024 American Psychiatric Association mental health poll, 43% of adults reported higher subjective feelings of anxiety than they did the previous year. Respondents indicated feeling anxiety related to a number of issues, but high on the...
The Internal Revenue Service’s (IRS’s) Employee Benefit Audit Program is used to audit and enforce. The IRS’s emphasis, with respect to defined contribution plans is on compliance with the requirements of the Internal Revenue Code (the Code), the plan’s tax...
Cybersecurity and How to Deal with Data Breaches as a Plan Sponsor Retirement funds are a target for cybersecurity attacks and identity fraud more than ever before. For most people, their retirement account is one of their biggest assets and they rarely check it. This...
A troubling trend has emerged in the retirement planning space: The “magic number” — or amount of money Americans believe they need to retire comfortably — has surged to an all-time high, even as actual retirement savings have declined. This growing disparity or...
