The 401(k) plan is the most popular employer-sponsored retirement plan in the United States. As of September 30, 2022, more than $6.3 trillion in assets were held in 401(k) accounts by more than 60 million active participants, as well as millions of former employees and retirees. So 401(k) plans are a key payroll responsibility for most businesses….
Many Americans are not saving enough for retirement – in fact, a recent survey by the Federal Reserve found that a quarter of working adults have no retirement savings at all. To address this growing crisis, a number of states are enacting laws that require private businesses to provide employee retirement plans. The requirement comes…
by Jennifer McCahill, CPA, Partner The implementation of SAS 136 is finally here. After being delayed an additional year during the pandemic, this new standard represents the first significant change to employee benefit plan audits in the past several years. For organizations subject to an audit of their retirement plan, below are several changes that…
If your company offers employees a qualified retirement plan, it’s probably a 401(k). But this popular option isn’t the only game in town. You may want to offer an additional retirement savings vehicle — such as a supplementary executive retirement plan (SERP) — to complement the 401(k)s of a select group of employees. Unlike 401(k)s, SERPs…