Independent Actuaries Blog

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

2024 Plan Limits

The IRS has announced the new retirement plan limits for 2024. Highlights include: The compensation limit used in determining benefits and contributions for both defined benefit and defined contribution plans has increased from $330,000 to $345,000. For defined benefit plans … Continue reading

Bank Failures and Your Retirement

In March this year there were several bank closures that made the news—Silicon Valley Bank, Signature Bank, and First Republic Bank to name a few. Understandably, these closures made people nervous about the safety of the assets held by their … Continue reading

Settlor Expenses

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

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