December 1, 2022

Disclosure Notice to CMS for Medicare Part D-Eligible Individuals

Plan sponsors that provide prescription drug coverage to Medicare-eligible individuals must also disclose to CMS annually whether the coverage is creditable or noncreditable. This disclosure must be made no more than 60 days after the beginning of each plan year.
October 4, 2022

Small business payroll basics: keeping accurate payroll records

Keeping accurate, updated payroll records is essential and should be verified at each stage of the payroll process-paying wages, depositing taxes, and reporting wage and withholding taxes.
August 19, 2022

So you missed the 7/31/22 deadline for restating pre-approved 401(k) plans…now what?

To remain in compliance with the tax law, pre-approved plan providers must update their plan documents and obtain approval letters from the IRS every six years. The adopting employers then have a set period of time-about two years-to adopt the updated plan document. The adoption deadline for the latest plan amendment cycle (Cycle 3) was July 31, 2022.
January 11, 2022

Summary of Material Modifications: What is it, and how does it apply?

When a plan is amended or when other information is required to appear in the plan's Summary Plan Description (SPD) changes, ERISA requires that notice of the amendment or change be provided through a Summary of Material Modification (SMM).
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