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29Mar

FLASHPOINT: THE SPECIAL MEP UNIFIED PLAN RULE – KICKING OUT THE ROTTEN APPLE AFTER SECURE

  On March 25, 2022, the Department of the Treasury released new proposed regulations in relation to the special application of the Unified Plan Rule to certain multiple employer plans (“MEPs”). Treasury attempted to address this issue prior to the enactment of the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act of 2019.  However, […]
22Mar

FLASHPOINT: CRYPTOCURRENCY HOLDERS BEWARE – REGULATIONS ARE COMING!

By: Alison J. Cohen I’d like to start by clarifying that if you think this article has a bias, you are correct.  Without question, I believe that cryptocurrency should not be part of a retirement plan.  And now, there is no doubt that the Department of Labor (“DOL”) and I agree with each other.  Let’s […]
13Dec

FLASHPOINT: BOY, ARE YOU IN TROUBLE NOW! … UH, MAYBE NOT!

Periodically, the Internal Revenue Service (IRS) or the Department of Labor, both of whom have authority over Forms 5500, scan their records electronically to determine if everyone has filed their Forms 5500 for the year. While this seems reasonable, it has often been our experience that the scan occurs prior to the time that the […]
04Nov

FLASHPOINT: IRS ANNOUNCES 2022 COST OF LIVING ADJUSTMENTS TO VARIOUS RETIREMENT PLAN LIMITS

The IRS just released the cost of living adjustments for various retirement plan limitations that will take effect on January 1, 2022. The Social Security Administration has issued the largest jump in 40 years for 2022. Equally, with the increase in inflation, the IRS bumped up a number of other key limits for 2022. The […]
20Oct

FLASHPOINT: DOL NEW PROPOSED ESG REGULATIONS (AND OTHER UPDATES)

By: Alison J. Cohen, Esq., APR Without question, we heard from Third Party Administrators (TPAs), Certified Public Accountants (CPAs), and Institutional Pension Workers, that this year was one of the most challenging October 15th deadlines. The fallout from the 2020 census hokey-pokey, and ongoing personnel shortage with Plan Sponsors, added massive challenges to an already […]
20Jul

FLASHPOINT: THE NEWEST EPCRS: ALL GOOD NEWS (EXCEPT WHEN IT’S NOT)

The IRS issued the long-awaited update of its Employee Plans Compliance Resolution System (EPCRS) on Thursday, July 15, 2021.  Revenue Procedure 2021-30 (“Rev. Proc. 2021-30”), which supersedes the previous EPCRS procedure, Rev. Proc. 2019-19: maintains the now familiar structure of the IRS’s correction procedures; lengthens the time for self-correcting significant operational failures and document failures; […]
21Apr

FLASHPOINT: Department of Labor Issues Cybersecurity Guidance (Not to say we told you so, but…..)

By: Alison J. Cohen, Esq., APR Back in 2019, FBLC published our first Solution regarding the rising threat of identity theft.  As we kept hearing of events happening to our clients, and seeing more lawsuits hitting the news, we published a second Solution in late 2020, regarding the dangers of lax cybersecurity procedures.  Earlier this […]
14Dec

FLASHPOINT: NEW SECURE SAFE HARBOR 401(K) PLAN RULES: YOU CAN DO THE SAFE HARBOR NONELECTIVE HOKEY POKEY!

In brand new Notice 2020-86, issued on December 9, 2020, the IRS provides some additional guidance on the post-SECURE safe harbor 401(k) plan rules.  One of the items addressed in the Notice demonstrates the IRS’s holiday season generosity!  As this can help employers for the 2020 plan year end, we thought it was important to […]
26Oct

FLASHPOINT: IRS ANNOUNCES 2021 COST OF LIVING ADJUSTMENTS TO VARIOUS RETIREMENT PLAN LIMITS

The IRS just released the cost of living adjustments for various retirement plan limitations that will take effect on January 1, 2021.  We aren’t seeing a lot of increases for 2021. The key limits that increased (shown below in bold italics) include the compensation that is taken into account for plan purposes, the total amount […]