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Our Thoughts On...
A reminder to all plan sponsors that effective December 15th, 2020, the retirement plan website that employees utilize to access their retirement account will be implementing multi-factor authentication (MFA). For more information on MFA, please contact the Schneider Downs Wealth Management Advisors Solutions Center, at (800) 410-2724.
Partial Plan Terminations, 2020 and COVID-19
COVID-19’s impact on employers has caused a massive amount of reductions in force and layoffs nationwide. A consequence of these reductions is the potential for an employer’s qualified plan to experience a partial plan termination. If a partial plan termination requires the full vesting of affected participants. Read more.
Financial Factors in Selecting Plan Investments - Final Rule
Ethically responsible investing has been a hot topic in recent years. In response to increasing demand from investors, a new class of “sustainable investing” vehicles – that is, investments that focus on non-pecuniary interests such as environmental, social, and governance (“ESG”) factors – has emerged in the marketplace in recent years. Read more.
Annual Plan Audit: An Auditor's Perspective
Does your plan require an annual audit? If your eligible participant count (including terminated employees who maintain an account balance) exceeds 100 at the beginning of your plan year, you will be required to conduct a benefit plan audit including financial statements attached to the Form 5500 (the one exception is the *80-120 rule).  Read more.
Considering a Traditional Safe Harbor Retirement Plan?
It may be advantageous for a plan sponsor to consider adopting a traditional safe harbor design for their retirement plan. Adopting a safe harbor retirement plan design permits an employer to essentially avoid discrimination testing (the testing is deemed met). Read more.
2021 Retirement Plan Limits
As published in IRS News Release IR-2020-79, Oct. 26, 2020, find out the IRS limits on retirement benefits and compensation, as well as highlights of changes for 2021. Read more.
Schneider Downs Wealth Management Advisors, LP is a registered investment advisor with the U.S. Securities and Exchange Commission (SEC). SDWMA provides fee-based investment management services and financial planning services, along with fee-based retirement advisory and consulting services. Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice. Registration with the SEC does not imply any level of skill or training.