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Q1 Edition, January 2022 Welcome to Plan Sponsor Quarterly Update As your Third-Party Administrator (TPA), we are privileged to have the opportunity to work with you as a valued plan sponsor client. As part of our commitment to delivering industry insights to assist you, we are delighted to introduce a new quarterly plan sponsor newsletter…
By Kelsey Mayo, Partner, Poyner Spruill Plan theft is a perennial hot-button issue in the benefit plan arena. Recent estimates show that defined contribution plans alone guard benefits for over 106 million participants and over $6.3 trillion in assets. Plan sponsors, administrators, and fiduciaries should ensure that they are implementing reasonable processes to routinely evaluate…
By Kelsey Mayo, Partner, Poyner Spruill What does “testing season” mean? Qualified plans provide great tax benefits—a tax deferral for participants and an immediate deduction for plan sponsors. In exchange for these benefits, the plan must jump through a number of hoops, including annual testing. These annual tests will include some or all of the…