The Employer newsletter offers information on employee benefit plans, payroll, management, and human resources that business owners, CFOs and HR professionals might find helpful.
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Certain employee benefit plans (EBPs) are required to undergo financial statement audits in order to file the annual Form 5500. WK performs many financial statement audits of employee benefit plans. However, plan sponsors should also beware of another kind of audit: The Department of Labor (DOL) audit. A DOL audit covers some of the same […]
The 21st Century Cures Act, signed by President Obama on December 13, 2016, will allow certain small employers that do not offer any group health plan to their employees to resume offering Qualified Small Employer Health Reimbursement Arrangements (QSEHRAs) to employees that can be used to pay individual health insurance premiums.
Until a decade ago, employees had to affirmatively choose to participate in a company’s 401(k) plan, and the onus was on employees to understand the plan and determine an effective saving strategy based on their individual goals. However, the Pension Protection Act of 2006 gave employers the ability to jumpstart their employees’ retirement savings through […]
The Internal Revenue Service recently announced new pension and retirement plan limits for 2017. Many of the limits from 2016 are unchanged, but income phase-outs for IRA contributions, adjusted gross income limits, and the overall defined contribution plan limit show increases from 2016. A few changes of note. For single taxpayers covered by a workplace […]
The White House Office of Management and Budget approved the latest revisions to the Form I-9, which is used to verify that an employee is eligible to work in the United States, in August 2016. The form contains new electronic features and other changes. The updated Form I-9 will be available by November 22, 2016; however, […]
Beginning in January 2017, the IRS is abolishing the staggered five-year amendment cycle for individually designed plans and will not accept determination letter applications based on the five-year cycle. If your organization offers an individually designed plan, this means you’ll face significantly higher burdens in order to stay in compliance. In light of this change, […]