For employers in the process of an acquisition or merger, thorough due diligence of the target company’s retirement plan can help identify potential costly risks and liabilities, compliance issues and other plan concerns.
Do you have a retirement plan compliance checklist? If you think your organization doesn’t need one, think again. Review these common IRS and DOL compliance issues, and conduct a self-audit to help your organization company avoid future costs and liabilities.
No one likes being audited by the Internal Revenue Service (IRS) or Department of Labor (DOL), but all qualified retirement plans (defined benefit and defined contribution) may be selected for an audit.
In March 2021, the IRS made note of recent rule changes to the responsibilities of retirement plan participants and beneficiaries, and the U.S. Department of Labor (DOL) also reversed course on a final rule that affects fiduciaries’ duties. Understand how recent IRS rule changes may impact plan participants and affect fiduciary duties.
A qualified retirement plan account holder may choose to delay — up to a point — paying taxes on retirement savings by keeping them in a qualified retirement plan or IRA. The aforementioned “point” eventually arrives in the form of a required minimum distribution (RMD).