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 is awarded by the IRS to practitioners who have demonstrated comprehensive knowledge of the laws and regulations of the Internal Revenue Code Sections related to retirement plans. The ERPA designation can be earned following the completion of written examinations administered by the IRS or

Employer-Sponsored Retirement plans are a great incentive to add to your company due to their low cost and numerous benefits . When it comes to choosing an employer-sponsored retirement plan it is important to consider your business type, size, as well as your current economic sector. In this blog, we will discuss the different types of employer-sponsored retirement plans. 401(k) 401(k) plans, also known as defined contribution plans, are the most common of employer-sponsore

When it comes to deciding on a retirement plan, there are many choices, yet, one plan that is increasing in popularity is the cash balance plan. Compared to traditional 401(k) retirement plans, cash balance plans come with a twist and numerous benefits that you may not have been aware of. In this week's blog, let's take a look at the six things you may not know about cash balance plans. 1. Significant Tax Benefits Cash balance plans can bring tax benefits to the company. Whe

Below is an outline of the newly released 2021 contribution limits, which will take effect on January 1, 2021. There are not many increases in 2021. The key increases are: Annual compensation limit is increased from $285,000 to $290,000 Annual additions limit for defined contribution plans is increased from $57,000 to $58,000 Social Security Wage Base is increased from $137,700 to $142,800 SEP Threshold is increased from $600 to $650 ESOP: Account Balance is increased from

Safe harbor 401(k) plans are among the most popular types of 401(k) plans used by small businesses. These plans help owners maximize the annual contributions made to their accounts because they automatically pass ADP/ACP and other top-heavy nondiscrimination tests. However, to achieve the Safe Harbor status, the plan must meet certain contributions and participant disclosure requirements. Let's talk a little more about the rules that Safe Harbor plans bring with them. If, as

When a business owner decides to start up a 401(k) or some other type of retirement plan, the inevitable question is "who will take care of the planning and administration?" That's a fair question, but Plan Sponsors will be glad to learn that there are firms dedicated to plan administration. Let's take a few moments to explore everything you ever needed to know about Third Party Administrators (TPA). What is a TPA and what do they do? A Third Party Administrator is a company