Retirement Plan Calendar for February and March

Here are the action points- February 14-  Quarterly statements are due to the participants February 28-  Transmit paper copies of IRS Form 1099-R using form 1096, if not filing electronically February 29- File form W-3 reflecting employee wages and elective deferrals for 2011, and W-2 Copy A with the social security administration, unless filing electronically March 15-  Corrective distributions must …

How important are your benefits to your employees?

A recent survey (Mercer) reports that 75% of employees are willing to take on higher out-of-pocket costs if it means they get to keep their health benefits, although slightly less than half said the benefits are definitely worth the cost. In an additional measure of the importance of employers providing health benefits: 91% said getting health benefits through work is …

Are you paying too much for your DBL coverage?

Lets find out.  A quick review of 8 carriers in New York shows that the least expensive in the 1-49 employee range is: Paid annually in advance:  Male National Benefit Life  $1.50/month, Female Zurich $3.78 Paid quarterly in arrears:  Male Zurich $2.30, Female Zurich 4.95 (for more than 11 employees).  For less than 11, Guardian Male $2.60, female $5.75. If …

New Product News – Retirement Plans

Security Benefit is launching a 3.38 ERISA Fiduciary Plan.  This takes away most of the fiduciary responsibility regarding investment choice from the plan trustees…The Retirement Desk (San Fransisco area), who specializes in small employer plans, is doing the same… Aspire Financial Services provides platform options that can give the Plan Sponsor between 9000-25000 available investment options to choose from… Sun …

Health Care Reform for 2012- what you need to know.

Assuming the Supreme Court does not do the unexpected (and through the law out) this June, here is a summary of the provisions you should be aware of for this year: PLAN AMENDMENTS- If your plan still has an annual maximum coverage amount, that amount must trend to $1.25 million.  There will be no limits allowed beginning 2014. FOREIGN LANGUAGE …

Planning for FSA Changes in 2013

Under the Affordable Care Act, beginning January 1, 2013, annual contributions made to a health flexible spending account (FSA) will be limited to $2,500 (this amount will be adjusted for inflation in subsequent years).  Plan sponsors should begin working with their third-party administrators to update cafeteria plan documents and summary plan descriptions (SPDs) to reflect this limit, and should begin …

DOL Issues Final ERISA Section 408(b)(2) Regulations

On February 2, 2012, the Department of Labor (DOL) issued final regulations under Section 408(b)(2) of the Employee Retirement Income Security Act of 1974 (ERISA) requiring that certain service providers to pension plans disclose information about the service providers’ compensation and potential conflicts of interest. These regulations make several changes to the interim final regulations previously issued by the DOL, …

Monthly Economic Update

  MONTHLY ECONOMIC UPDATE     MONTHLY QUOTE “When we recall the past, we usually find that it is the simplest things – not the great occasions – that in retrospect give off the greatest glow of happiness.”  – Bob Hope     MONTHLY TIP If you are thinking about a reverse mortgage, you might consider an interfamily loan as a friendlier, …

GDP IMPROVES, YET DISAPPOINTS

The economy grew 2.8% in Q4, but that doesn’t tell the whole story.  Our economy is reasonably healthy… or is it? By the initial estimate of the Bureau of Economic Analysis, America’s fourth-quarter GDP was +2.8%, not bad, but not what economists anticipated.1  How could the best GDP in six quarters be interpreted as a slight disappointment? At $56 billion, …

Industry Players Mostly Pleased with Final Rule on 408(b)(2)

Feb 03, 2012 — Members of the retirement plan community were mostly positive about the final rule on 408(b)(2) fee disclosure regulations. — The U.S. Department of Labor’s (DoL) Employee Benefits Security Administration (EBSA) on Thursday issued a final rule on 408(b)(2) fee disclosure and issued a three-month extension to the rule’s effective date (see “DoL Issues Final Rule on 401(k) Fee …