The Employee Retirement Income Security Act (ERISA) requires coverage to protect the plan from losses due to fraud and dishonesty. There are three main types of bond coverage for retirement plans: fidelity bonds, fiduciary liability insurance, and cyber liability insurance. Not all three coverages are required, but understanding what is available and what they cover will help you determine the...

As situations arise during the plan year, it’s always better to double check the plan provisions rather than address a plan failure after the fact. In some situations, it’s easier to ask for forgiveness rather than permission, but that isn’t true in retirement plans. Correcting mistakes can be very costly. Do not hesitate to reach out to us for clarification on what the plan allows. For example:...

As time goes by, the needs of a company and the needs of the participants evolve, and a plan may need to be amended to keep up with those changes. This is a good time of year to review plan provisions and determine if any changes are needed before the next plan year. Below are some possible considerations: Automatic enrollment can boost plan participation. Participants who don’t make an election...

September 2023 15th:  Required contribution to Money Purchase Pension Plans, Target Benefit Pension Plans, and Defined Benefit Plans. 15th:  Contribution deadline for deducting 2022 employer contributions for those sponsors who filed a tax extension for Partnership or S-Corporation returns for the March 15, 2023 deadline. 30th: Deadline for certification of the Annual Funding Target...

The first half of 2023 has been shaped by just seven stocks that investors are betting will benefit from the frenzy in artificial intelligence stocks, namely Amazon, Alphabet (Google), Apple, Microsoft, Meta Platforms, Nvidia and Tesla. These stocks contributed 75% of the gains in the S&P 500 Index, which was up almost 17% through June. This technology-driven rally led to a widening gap in...