The FICPA Scholarship Foundation has announced its 2020-2021 Board Chair, Executive Committee and Board of Trustee Members. One of those Chairman is our own Bill Moore. Bill joined the FICPA Scholarship Foundation Board of Trustees in 2013 and this is his second year serving as Chairman. Term limits for each seat is three years and are effective July 1st, 2020.
TSCL projects a 3% COLA for 2024 based on Aug 10 CPI-W data, despite lower inflation. High prices still impact retirees' budgets per TSCL survey. A 3% COLA could raise avg. benefit by $53.70. 2023's 8.7% COLA led to first-time benefit taxes. Final COLA estimate on Sept 13, 2023, official announcement on Oct 12, 2023.
DOL seeks input via an RFI on simplifying retirement plan reporting under SECURE 2.0 Act. Topics include pooled plans, emergency savings accounts, asset benchmarking, fee disclosure, and more. Comments due 60 days after August 11 publication.
The Department of Labor (DOL) has announced final rules to allow plan sponsors to post retirement plan disclosures online or deliver them to participants by email.
The multiple employer plan (MEP) and pooled employer plan (PEP) are part of the SECURE act. These plans allow employees of more than one, typically smaller employer to participate in a single retirement plan, with the goal of expanding plan access for all individuals. The act also included a group of plans (GoPs) which lets employers file a single form 5500 for multiple 401ks that share the same design and administrator.
There are significant benefits for employers to put plans in place and for employees to save for retirement. It is an equally important part of the equation to ensure that retirement plans offer benefits to a broad cross-section of employees and not just the higher paid individuals and owners. We can help guide you through this compliance testing!
A controlled group of corporations is any two or more corporations connected through stock ownership. Since family attribution rules apply, stocked owned by a spouse, parent or child is often deemed to be owned by one person. State laws can also dictate the actual ownership of the stock and ownership can be based on voting power or on stock value. We ask often about ownership to ensure that these types of fees are avoided and you never need enter compliance protection programs. Fill out a form today and see if we can help you with your control group issues!
New legislation which aims to improve retirement security for many Americans