Does Your Employee Benefit Plan Require an Audit? Here is what to expect

The audit of an employee benefit plan (EBP) requires expertise and a high level of understanding and scrutiny of the plan documents. Not all CPAs have the knowledge and experience it takes to correctly perform an audit of an EBP. Because of the nature of these in-depth plan documents and the expertise needed to understand…

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401(k) and IRA Limits Rise for 2023

The IRS has announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. This also applies to 403(b), most 457 plans, and the federal government’s Thrift Savings Plan. Also increasing is the catch-up contribution limit for employees aged 50 and over who participate in…

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Employer Responsibilities Regarding 401(k) Plans

Offering a variety of competitive benefit plans (EBPs) has become a necessity for employers to attract and retain talent. Because of the cost and complexities of traditional pension plans, the 401(k) plan has become the most common type of employer-sponsored retirement plan. Sponsoring a 401(k) plan is straightforward, but employers need to be aware of…

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