IRS

Three Ways to Strengthen Your Retirement Plan Committee
Team SummitEmployer Resource Center, Fiduciary GovernanceComments are off for this post
Retirement plan committees aren’t required by ERISA, but they can be extremely beneficial nonetheless — especially for larger plans. And if they’re constructed and operated appropriately, they can even help in the event a sponsor is sued. Depending on the size of the plan, some organizations split up committee responsibilities into investment oversight, administration, and  Read More →
2021 Retirement Plan IRS Limits
Team SummitEmployee Financial Resource Center, Financial Planning, Retirement PlanningComments are off for this post
As January approaches and you begin your financial planning for the new year, keep in mind the recently released retirement contribution limits for 2021. The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan has remained unchanged at $19,500. The catch-up contribution limit for employees  Read More →
Annual Plan Audit: An Auditor’s Perspective
Team SummitEmployer Resource Center, Fiduciary Governance, Plan Operations & AdminComments are off for this post
Your organization’s retirement plan will generally require a benefit plan audit if the eligible participant count (including terminated employees who maintain an account balance) exceeds 100 at the beginning of the plan year. But what exactly will be audited and what are the auditors looking for? This audit includes financial statements attached to the Form  Read More →

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