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.. home Search Contact Us EBP Services EBP Team Why Blog? Submit RFP Art of the Qualified Plan Audit Search Counting Participants in a First Year Plan March 25, 2024 The 2023 Form 5500 Annual Return/Report of Employee Benefit Plan includes some changes to previous filing requirements as published in the Federal Register ) and documented in the 2023 Form 5500 instructions. As discussed in our previous blogs Learning How to Count Again” and Counting What Counts, Counts the Auditors Out!,” one change was to … Continued Learn MoreThe Basics of Puerto Rico Plans March 14, 2024 Background Information Puerto Rico is a territory of the United States along with American Samoa, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands. The Commonwealth of Puerto Rico falls under the jurisdiction of most federal laws of the United States. However, significant taxation differences exist. Puerto Rico has its own constitution and a … Continued Learn More2024 Plan Limits for Puerto Rico March 14, 2024 On January 31, 2024, Hacienda, (the Puerto Rico Department of the Treasury) issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the 2024 limits for Puerto Rico-qualified retirement plans according to Section 1081.01(h) of the Puerto Rico Internal Revenue Code of 2011, as amended. Following are the applicable 2024 limits for qualified defined … Continued Learn MoreThe 2023 DOL Audit Quality Study: Slight Improvements in Audit Quality but Still Concerning March 07, 2024 The Office of the Chief Accountant (OCA) in the Employee Benefit Security Administration (EBSA) of the Department of Labor (DOL) has released a 2023 Audit Quality Study covering the quality of audits being performed by independent qualified public accountants (IQPAs). This is the fourth study to be performed with prior studies being performed in 2015, … Continued Learn MoreCalculating Earnings for 401(k) and 403(b) Plan Corrections: Do Your Best to Do Better! February 13, 2024 Not really a good option: The Online Calculator is convenient, and also inexpensive, so…use it for the HCEs! Practitioners tend to use the DOL’s online calculator for late deferral deposits, since EPCRS permits estimates, but to the extent one is being practical and making participants whole, the cheaper result of the online calculator should not … Continued Learn MoreThe Maximum Contribution May Be Lower Than You Thought: ADP and ACP Test Basics for 401(k) and 403(b) Plans February 01, 2024 But It’s My Money! Business owners and Highly Compensated Employees (HCEs) are often shocked to hear that they cannot contribute the maximum 401(k) or 403(b) deferral ($23,000 and $22,500 for 2024 and 2023, respectively) because their plan did not pass the discrimination tests. Much to their surprise, through the Actual Deferral Percentage (ADP) and the … Continued Learn MoreSubsequent Events….Waiting for the Second Shoe to Drop January 17, 2024 Waiting for the other shoe to drop is an idiom that means to wait for an expected and inevitable event to occur, usually a negative one. The idiom comes from the idea of a person being disturbed by a neighbor who dropped one shoe on the floor and is waiting for the second shoe to … Continued Learn MoreSection 101 of the SECURE Act Adds PEP” to the Retirement Plan Industry December 07, 2023 Much like a good cup of coffee in the morning gets me going out the door, ready for retirement plan audits, Congress added some PEP” to the retirement plan industry. But will the PEP” end up being decaffeinated? Only time will tell. The SECURE Act For good or bad, changes to the retirement plan industry … Continued Learn MoreSECURE 2.0 Removes the RMD requirement for Roth 401(k) Accounts November 28, 2023 The Setting Every Community Up for Retirement Enhancement (SECURE) Act, signed into law in December 2019, brought about significant changes to retirement planning in the United States. Among its many provisions, one notable alteration has positively impacted Roth 401(k) accounts – the elimination of Required Minimum Distributions (RMDs). Understanding Roth 401(k)s Roth 401(k) accounts combine … Continued Learn MoreWhat are the Reporting Requirements for a Pooled Employer Plan? November 14, 2023 In our previous blog post, Pooled Employer Plans (PEPs): The Basics, we outlined the basics of a PEP and will not dig into the details of the financial reporting requirements for these plans. The administrator of a PEP must file an annual Form 5500, Annual Returns/Reports of Employee Benefit Plan, to which the PEP administrator … Continued Learn MoreLoad More Archives 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 SUBSCRIBE Categories 401k Plans 403b Plans 457b Plans Benefit Plans COVID-19 DOL/IRS Guidance EBP Plan Audits Educational Event Legislation Plan Administration Plan Tools © 2023 Belfint Lyons & Shuman | All Rights Reserved | Privacy Policy | Beflint.com Belfint Lyons Shuman is a Certified Public Accounting (CPA) firm that audits Defined contribution plans (profit-sharing, 401(k), 403(b) , 401(a), 457(b))), and Defined benefit plans (pension and cash balance), and Health and welfare plans. We serve a variety of plan sponsors including for-profit, nonprofit, governmental, and Taft-Hartley collectively-bargained plans located in Delaware, Pennsylvania, New Jersey, Maryland, Washington, D.C., Virginia, Massachusetts, and nationally. 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