An Enrolled Retirement Plan Agent (ERPA) is an individual who is qualified to practice before the Internal Revenue Service (IRS) in matters pertaining to retirement plans. This designation was awarded by the IRS to practitioners who had demonstrated a comprehensive knowledge of the laws and regulations of the Internal Revenue Code Sections related to retirement plans. The ERPA designation was earned by the completion of written examinations administered by the IRS or as the r

When it comes to your retirement plan, there are many forms and documents you should know about. Of primary concern should be what penalties may affect you if these forms are not filled out accurately or filed timely. Tucked away into the library of IRS and government forms are many documents that are easily confused, yet can open a floodgate of penalties for someone who doesn't understand the differences. Naturally, we want to help you avoid such penalties, so let's talk abo

The SECURE Act, passed in January 2020, was designed to make it easier to save for retirement by making retirement plans more accessible to more people and updating the laws that govern retirement plans to meet the needs of a changing workforce. Although many of the provisions are aimed at older workers and those closest to retirement, there are a few benefits designed for young workers, especially those who may be looking to start a family. One such provision creates the opt

Financial Advisors, Investment Providers and Retirement Plan Consultants (RPCs) are always looking for ways to stand out among their competitors and to prove that they are reputable and trustworthy. One way to demonstrate this is to earn the Seal of Excellence from the Centre for Fiduciary Excellence (CEFEX). You may have heard service providers tout the Seal of Excellence among their credentials, but what exactly does that mean to you? We are going to define the CEFEX Seal o

As the Retirement Plan Consultant (RPC) for Qualified Retirement Plans, it is our duty to ensure the legal plan documents stay up to date and compliant with the IRS regulations and law changes that affect retirement plans. The IRS mandates that Defined Contribution Plans (such as 401(k), Profit Sharing, Money Purchase, etc.) be restated every six years to ensure the documents are current and include all changes that have occurred during the prior six-year period. RPCSI submit

Part Two: Testing and Valuation This is a continuation of a previous post. If you have not read part one, which covers checking census data and balancing asset statements, you will want to do so before you continue reading. You can find Part One here . When all the data is in, everything matches, and it all balances as it should, the Consultant can begin testing. If the plan fails testing, the Consultant first checks that there are no coding errors that caused the plan to f