Did you know some plan related expenses can be paid out of plan assets? These are called non-settlor expenses. Non-settler expenses usually benefit participants or relate to the ongoing qualification of the plan. Settlor expenses are not eligible to be … Continue reading
Independent Actuaries Blog
What is a Mistake of Fact Contribution?
Contributions to a qualified retirement plan are generally irrevocable. However, in specific instances, contributions may be returned to the Employer if there is a mistake of fact contribution. While the IRS has not explicitly defined a mistake of fact contribution, … 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
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
