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Long Awaited IRS Proposed Regulations for Long-Term Part-Time Employees

On November 24, 2023, the Internal Revenue Service (IRS) released proposed regulations concerning the long-term part-time (LTPT) employee rules beginning in the 2024 plan year. The LTPT employee rules were originally established under the SECURE Act of 2019 and then modified under the recent SECURE 2.0 Act of 2022. SECURE 2.0 made changes to shorten the initial LTPT eligibility requirements and expanded them to include 403(b) plans. The new guidelines help define LTPT employees and certain eligibility conditions.
March 6, 2024 By Nick Stucko Education, SECURE 2.0 Act   Comments Read More >>
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New Department of Labor Fiduciary Rule: Protecting Retirement Security

In a continued effort to enhance investor protection and promote transparency when it comes to financial advice, the Department of Labor (DOL) has introduced a new fiduciary rule. The proposed DOL rule, called the Retirement Security Rule: Definition of an Investment Advice Fiduciary, updates the definition of an investment advice fiduciary under the Employee Retirement Income Security Act (ERISA). This regulation places a heightened emphasis on the best interests of plan participants who rely on financial service providers for advice.
March 6, 2024 By Nick Stucko Education   Comments Read More >>
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Navigating Change: Important Updates to the Family Attribution Rule

As a plan sponsor, it is important to understand your organization’s ownership structure and controlled group status. This will help your qualified plan remain compliant with the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). Neglecting a controlled group member or attribution of ownership can lead to a failed coverage test resulting in steep penalties or even plan disqualification.
March 6, 2024 By Nick Stucko Education, SECURE 2.0 Act   Comments Read More >>
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Tax Talk - Winter 2024

In this issue of Tax Talk, Spectrum updates you on important compliance deadlines coming up for defined contribution plans and provides a quick reminder to remind your retirement plan participants to review their beneficiary designations and make any necessary adjustments.
March 6, 2024 By Nick Stucko Education   Comments Read More >>
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Tax Talk - Fall 2023

In this issue of Tax Talk, Spectrum updates you on important compliance deadlines coming up for defined contribution plans and provides a quick reminder about amending your plan document for any discretionary changes implemented during the year. The calendar below assumes that a plan is being administered on a calendar year basis.
November 15, 2023 By Nick Stucko Education, Newsletter   Comments Read More >>
ERISA Wrap SPD Solution

Wrap Document to Comply With ERISA Summary Plan Description (SPD) Requirement

Virtually every private sector employer offering employee benefit plans is subject to certain ERISA requirements. Any such employers must provide an SPD to paraticipants. Failing to comply can be very costly for employers. Insurance carrier documents are generally inadequate. One solution for employers is to use an ERISA Wrap Document or Wrap SPD.
August 15, 2019 By Petros Koumantaros Education erisa, wrap spd, wrap document, plan document, welfare benefits, employee benefits, healthcare, wrap   Comments Read More >>
401(k) Provider Guide

Retirement Plan Provider Guide

Workplace retirement plans can be complicated. The compliance rules, investments, reporting, tax forms, and terminology are enough to make any plan sponsor’s head spin. Even the roles of service providers can be confusing. Our retirement plan provider guide enables plan sponsors to tear up all those business cards and get to the root of what each service provider does.
June 5, 2019 By Petros Koumantaros Education providers, services, ERISA, education, guide   Comments Read More >>
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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.