Independent Actuaries Blog Category: Defined Contribution

The SECURE Act and Form 5500 Filings

The SECURE Act extended the adoption deadline for new plans, but what about the IRS Form 5500 series filing?? For the first time, current law allows the adoption of a qualified plan after the end of the plan year. The … Continue reading

A Second Bite at the Apple

Last December was a bit quieter than usual at IAI, and it wasn’t just due to the fact that almost all of us were working from home. We’re usually really busy with getting new retirement plan documents in place for … Continue reading

IRS Announces Retirement Plan Limits for 2021

The IRS has announced the new retirement plan limits for 2021. Most limits stayed flat, but a few increased from 2020 to 2021. Highlights include: The compensation limit used in determining benefits and contributions for both defined benefit and defined … Continue reading

Expanded Access to Retirement Funds for Plan Participants

The Corona virus Aid, Relief, and Economic Security (CARES) Act became law on March 27. 2020. The Act contains retirement plan provisions to provide relief for participants affected by the current crisis. See below for a general summary of the … Continue reading

PPP Loans and Retirement Contributions

The hugely popular Payroll Protection Program (PPP) provides loans to small businesses that are ultimately forgivable if the funds are used to cover payroll costs and other specified expenses within the eight weeks following receipt of funds, so long as … Continue reading

DB Plans – Close vs. Freeze vs. Termination

In a recent blog we discussed concerns that defined benefit (DB) plan sponsors may have in the face of the COVID-19 outbreak. One of those concerns regards near-term contribution requirements that may be overly burdensome when coupled with severely reduced … Continue reading

Defined Benefit Plans Can Get Sick, Too

As has been well-publicized, the Coronavirus (along with other factors) has resulted in a steep financial market plunge this week. As of the day I’m writing this, the S&P 500 is down nearly 24% since the beginning of 2020, with … Continue reading

Congress Passes Retirement Legislation

Yesterday (December 19), Congress passed a spending bill containing sweeping retirement plan legislation, designed to allow and encourage Americans to save more. The portion of the legislation pertaining to retirement is called the Setting Every Community Up for Retirement Enhancement … Continue reading

Changes in Pension Accounting Standards Taking Effect this Year

The soon-to-be-effective Accounting Standards Update (ASU) 2017-07 makes changes to the way pension plans are accounted for, designed to improve the transparency of pension plan operational costs. Under the old rules, all components of pension-related expenses were aggregated together as … Continue reading

Beneficiary Designations: Whose Responsibility is it?

When it comes to Retirement Plans it can sometimes be confusing who does what and whether the responsibility falls on the Employer/ Plan Sponsor, third party administrator (TPA), recordkeeper or the participant. When it comes to beneficiary designations most plan … Continue reading