Starting January 1 of this year, e-filing requirements under the Taxpayer First Act take effect. Now, employers that file 10 or more returns in total during a calendar year must do so electronically. This includes Affordable Care Act (ACA) filings. Failing to comply can result in significant financial penalties. Under

These days, every employer in every industry is trying to figure out the magical mix of pay and benefits that will help attract and retain employees. While medical and retirement benefits have traditionally topped the list of employer offerings, there’s another type of benefit that may actually be equally or

Last updated on November 17th, 20232024 limits for certain employer sponsored retirement and welfare plans, as well as the Social Security Wage Base, were released earlier this month. Payroll and plan administration systems should be updated to reflect the new limits. In addition, plan sponsors should communicate the 2024 limits

Each year, all employee benefit plan sponsors – excluding church and government plans – must electronically file a Form 5500 using EFAST2 for each ERISA covered plan that meets certain thresholds. Failing to properly file can result in significant financial penalties ($2,233 per day/DOL and $250 a day up to

Last updated on September 25th, 2023Not a day goes by when the war on cybercrime isn’t headline news. World powers, including the U.S., are stepping up their defenses and strategies daily. What does this mean to employee benefit plan sponsors, fiduciaries, record-keepers, and even plan participants? On July 26, the

After several years of enhancing rewards to attract and retain talent in one of the tightest labor markets ever, large and medium-sized employers are cutting perks, benefits, and staff with increasing frequency, possibly creating an opportunity for small businesses to level the recruiting and retention playing field. The list of

Earlier this year, the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) issued final rules on Form 5500 and Form 5500 Short Form (SF) changes starting for 2023 retirement plan year reports. Changes are part of the final phase of Setting Every Community Up

Last updated on May 30th, 2023If you are a private employer that sponsors an ERISA-covered health and/or retirement plan for employees, it’s a good idea to review your responsibilities – and deadlines – to ensure compliance. The Employee Retirement Income Security Act of 1974 or ERISA is a Federal law