by JoAnn Cassell | Aug 16, 2022 | 401k Communication
Things that “aren’t your problem” before the introduction of your 401(k) very much become your problem once you have a plan to administer–especially when reviewed in light of irregularities or questions about your plan. It’s a matter of when, not if. Either it will be...
by JoAnn Cassell | Jul 15, 2022 | 401k Auto-Enrollment
Auto-enrollment is great for your employees. It helps with one of the challenges we all face: inertia. Instead of slogging through a complicated process to enroll in your 401(k), they know their money’s working for them from the start. That often makes a big...
by JoAnn Cassell | Jun 24, 2022 | Safe Harbor 401(k)
To ensure 401(k) plans don’t unfairly prioritize senior executives, the IRS uses an annual test usually called ADP. The ADP test compares the average salary deferral percentages of highly compensated employees (HCEs) to others. The ADP of HCEs may not exceed that of...
by JoAnn Cassell | May 15, 2022 | Restatement
It may seem like everything is going well with your pre-approved 401(k) plan. But are you on course for Cycle 3 restatement? Pre-approved plans are those sold to employers by qualified financial institutions or benefits providers. Approximately every six years, the...
by JoAnn Cassell | Apr 20, 2022 | 401k Compliance, 401k Plan Mistakes, Record Retention
Today’s cloud-based business systems simplify and streamline processes like never before. They can help teams around the world collaborate as if they were just around the corner. But there’s a drawback: your technology can move faster than your compliance. A Japanese...
by JoAnn Cassell | Mar 28, 2022 | Regulations & Policies, Retirement Plan
A retirement plan is one of the most valuable employee benefits you can offer. By giving your people peace of mind about the future, you’ll inspire them to new heights. But a retirement plan introduces potential for costly mistakes—and that might keep YOU up at night....
by JoAnn Cassell | Feb 18, 2022 | Regulations & Policies
In 2021, Paycheck Protection Program loan recipients were hit with two pieces of important news: First, the obvious: Many PPP loan holders entered the period when they could apply for loan forgiveness. Borrowers can apply once all loan proceeds have been used, any...
by JoAnn Cassell | Jan 17, 2022 | Audit Procedures, SAS 136
Your independent auditor has always adhered to auditing standards established by The Audit Standards Board of the American Institute of Certified Public Accountants (AICPA). This year, new standards will be implemented for your employee benefit plan audit. In July of...
by JoAnn Cassell | Dec 16, 2021 | 401k Plan Mistakes, Audit Insights
You probably already know your 401k plan must satisfy certain plan qualification requirements enforced by the IRS. But what you may not know is that if your plan fails to meet these requirements, you, the employer, and the plan fiduciary may be subject to personal...
by JoAnn Cassell | Nov 19, 2021 | 401k Audit Firm, Auditor, Employee Addition
Kimberly R. Townsend Kim earned a Bachelor of Science degree from Madonna University in 2005. Then, after working as a corporate financial consultant for four years, returned to school to focus on accounting and earned a second degree in business administration with a...
