Independent Actuaries Blog Category: Informational

Can My Business Still Set Up a Retirement Plan for 2023?

Yes! If you haven’t filed your taxes for 2023 yet, you can still set up a retirement plan and make a contribution for the 2023 tax year. Yes, really! The deadline for making a 2023 contribution (for a calendar plan … Continue reading

Why Restatements?

Qualified retirement plans are required to maintain written plan documents which spell out how the plan operates – including important plan provisions. How benefits are calculated, when they are payable, how the plan can be amended or terminated are a … Continue reading

2024 Plan Year Minimum Funding Segment Interest Rates

The mandated interest rates used to calculate the minimum required contribution are defined by law. They are referred to in many ways. We will call these the minimum funding segment rates for simplicity. The minimum funding segment rates for the … Continue reading

Does your business need to register for Oregon Saves?

If you are an Oregon employer and you do not offer your employees a retirement plan, you are required by law to sign up for OregonSaves. If your company offers a retirement plan and you are exempt, you will still … Continue reading

IRS Announces Retirement Plan Limits for 2023

The IRS has announced the new retirement plan limits for 2023. As expected, limits increased by larger amounts than we’ve seen in more than a decade, reflecting the high CPI rates in 2022. Highlights include: The compensation limit used in … Continue reading

Higher Interest Rates and DB Plans

The COVID-19 pandemic has had a dramatic effect on economic markets. Two years ago at IAI, we posted a blog illustrating the potential impact of rapidly decreasing interest rates on pension plan benefits—now, with the Federal Reserve battling inflation, interest … Continue reading

IRS 90-Day Pre-Examination Pilot Compliance Program

On June 3rd, the IRS announced a pilot compliance program. Under the program the IRS will notify plan sponsors that their retirement plan may be selected for an upcoming examination. The letter gives plan sponsors a 90-day window to review … Continue reading

Related Employers and Retirement Plans

The IRS requires that certain sets of employers be treated as a single employer for retirement plan purposes. When establishing a new retirement plan, there are questions that help determine the feasibility of a plan and what provisions to include. … Continue reading

Investing Plan Assets in Cryptocurrencies

At IAI (Independent Actuaries Inc.) we do not give investment advice, nor are we qualified to do so. However, when setting up a new plan, a common question is “What can I invest my plan assets in?” The simplest response … Continue reading

IRS Announces Retirement Plan Limits for 2022

The IRS has announced the new retirement plan limits for 2022. A few limits stayed flat, but most increased from 2021 to 2022. Highlights include: The compensation limit used in determining benefits and contributions for both defined benefit and defined … Continue reading