Employee Benefit Plans

Best Practices for Retirement Plan Committees

As the Employee Retirement Income Security Act of 1974 (ERISA) and the regulations generated by ERISA continue to create new obligations for plan sponsors, the importance of a formalized retirement plan committee becomes more and more evident. A well-organized and effective retirement plan committee serves as the foundation for a plan’s operational and fiduciary compliance. […]

Cost Considerations of a Defined Benefit Plan

As outlined in the article, “Cost Considerations When Freezing Your DB Plan” published by plansponsor.com, there are four stages of defined benefit (DB) plans: ongoing, closed, frozen, and terminated. Each stage of your DB plan has associated costs. Sponsors should be aware of these costs as you consider moving from one stage to another. As […]

Employee Benefits and the New Guidance on Forfeitures and Hardship Distributions

Recently, new regulations were issued by the IRS regarding the use of forfeitures and the substantiation of safe harbor hardship distributions. These pieces of guidance have been welcomed openly by plan administrators and plan sponsors as they provide some relief from the previous guidance. The new proposed regulations allow the use of forfeitures to fund […]

FASB ASU 2017-06 – Employee Benefit Plan Master Trust Reporting

On February 27, 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2017-06. The update clarifies the presentation and disclosure requirements for an employee benefit plan’s interest in a master trust. A master trust is a trust for which a regulated financial institution, (bank, trust company, or similar financial institution that is regulated, […]