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Compensation and Benefits

Keeping You Compliant

Anchin’s Compensation and Benefits (CAB) Services Group provides a variety of services to clients, including financial statement audits of qualified retirement plans. Our audits focus on compliance issues, including Department of Labor (DOL) hot topics such as:

  • Accurate allocation of contributions to employee-designated investment choices
  • Operation of the plan in a manner that is consistent with the plan document, including its specific definition of compensation
  • Remittance of employee deferrals to the plan in a timely manner
  • Plan documents have been updated in a manner consistent with statutory requirements

The CAB Group has an intricate understanding of the highly technical performance of Employee Benefit Plan (EBP) audits. Our group’s knowledge and experience will facilitate your firm’s compliance with complex and frequently changing regulations that impact your company's EBP.

We plan and execute our audits to maximize both efficiency and quality, including the use of a standard paperless audit process. During our audits we often uncover plan deficiencies and recommend corrective action to help companies avoid violating DOL or Internal Revenue Service (IRS) rules. Your plan administrator and human resources personnel will enjoy the confidence that comes with knowing the plan is operating correctly, with minimal risk in the event of an examination by a government agency.

Services include:

  • Audits of EBPs including 401(k), profit sharing, target benefit and cash balance plans
  • Consulting services to stock compensation plans, phantom stock plans and executive employment arrangements
  • Advise on plan mergers, plan terminations, compliance with controlled group rules and rectifying plan failures
  • Tax examination representation

News

  • 401(k) Plans to Admit Long-Term, Part-Time EmployeesFebruary 12, 2021

    Under current law, sponsors of 401(k) plans may exclude from eligibility those employees who are under age 21 or who do not work at least 1,000 hours in a plan year. The latter provision, known as the service requirement, is about to change.

  • Flexible Spending Accounts: New Opportunities Are Available to Your EmployeesFebruary 9, 2021

    Since Congress recognized that the forfeiture of account balances would place an unfair financial burden on taxpayers through no fault of their own, legislation was recently passed that offers relief to employees.

  • Favorable New Options Are Available for Employer-Sponsored Health PlansJune 1, 2020

    If you are an employer, it is likely that your firm sponsors one or more tax-advantaged health plan options for employees. Examples are traditional medical coverage, Flexible Spending Arrangements (FSAs) and dependent care assistance (DCA) programs. Normally, employees must elect whether to participate in such plans, and to what extent, before the year begins.  The ability to make mid-year changes is very limited.  COVID-19 has changed this. 

  • New York Employers Must Offer Paid Family Leave in 2018August 16, 2017

    Beginning in 2018, New York will join three other states that offer paid family leave, so that employees can more readily attend to matters such as the birth of a child or health issues.

  • Deadline Extended for ACA Information Reporting to EmployeesDecember 16, 2016

    The IRS has again extended the deadline for employers subject to the Affordable Care Act’s (ACA’s) information reporting requirements to meet their obligations to employees.

  • DOL’s Overtime Rule Blocked by U.S. District CourtDecember 5, 2016

    Just over a week before the U.S. Department of Labor’s (DOL’s) new overtime rule was scheduled to go into effect, a federal judge blocked it. The rule was set to make dramatic changes to the determination of which executive, administrative and professional employees are entitled to overtime pay under the Fair Labor Standards Act (FLSA).

  • DOL’s final overtime rule brings sweeping changesJune 8, 2016

    The U.S. Department of Labor (DOL) has released a final provision that makes dramatic changes to the determination of which executive, administrative and professional employees — otherwise known as "white-collar workers" — are entitled to overtime pay under the Fair Labor Standards Act (FLSA).

  • NYC Commuter Benefits LawDecember 9, 2015

    On January 1, 2016, New York City’s Commuter Benefits Law goes into effect. This law requires employers with 20 or more full-time, non-union staff members to offer commuter benefits to eligible full-time employees.

  • Health Insurance: Avoiding the IRS Penalty for Insufficient CoverageDecember 4, 2015

    To our Clients and Friends: Under the Affordable Care Act’s Individual Mandate, most individuals must maintain "minimum essential health coverage" at all times.

  • Is Your Business Prepared for the New Affordable Care Act (ACA) Reporting Requirements?August 4, 2015

    To our Clients and Friends:

    Early in 2016, sponsors of self-insured plans, as well as insured plans that are deemed to be "Applicable Large Employers," will be required to file Form 1095-C for the year 2015. The threshold to be deemed an Applicable Large Employer is 50 "full-time equivalent" (FTE) employees. Multiple part-time employees can be deemed one FTE.

  • Is Your Firm in Compliance with the Upcoming July 31st U.S. Department of Labor Filing Deadline?July 23, 2015

    To our Clients and Friends:

    A frequently overlooked filing obligation is one that requires companies sponsoring retirement plans and large health plans to submit Form 5500 to the U.S. Department of Labor (DOL), annually. For calendar year plans the filing deadline is July 31, 2015. The DOL penalty for noncompliance is $1,100 per day, and the IRS penalty is $15,000 per annum. Is your firm in compliance?

  • Does Your Firm Sponsor a Self-Insured Health Plan?July 6, 2015

    To our Clients and Friends:

    The Patient Protection and Affordable Care Act of 2010 ("ACA") created a fee that is imposed on most health plans. The Patient-Centered Outcomes Research Institute (PCORI) fee is submitted with a completed IRS Form 720, which is due annually on July 31. If you have an insured health plan, the insurer is responsible for calculating and remitting the fee.

  • Important: Monitor Your 2015 Employee Headcount Carefully!February 11, 2015

    To our Clients and Friends:

    The Patient Protection and Affordable Care Act of 2010 ("ACA") is complex legislation that affects a large percentage of employers throughout the country. Depending on employee headcount, employers may be subject to all ACA provisions, just some of them, or none at all.

  • The Affordable Care Act (ACA) Reporting Requirements for Business ClientsSeptember 30, 2014

    Certain employer reporting requirements for IRS Code Sections 6055 and 6056 under the ACA originally were intended to take effect on January 1, 2014. Employers received transition relief for tax year 2014 delaying the effective date and enforcement until January 1, 2015.

  • Federal Court Rules Against Key Provision in the Affordable Care Act; Second Court Upholds ItJuly 23, 2014

    To Our Clients and Friends:

    On July 22, two federal appellate courts rendered conflicting decisions regarding a key component of the Affordable Care Act

  • Does Your Firm Sponsor a Self-Insured Health Plan?July 1, 2014

    To our Clients and Friends:

    The Patient Protection and Affordable Care Act of 2010 ("ACA") created a fee that is imposed on most health plans. The Patient-Centered Outcomes Research Institute (PCORI) fee is submitted with a completed IRS Form 720, which is due annually on July 31. If you have an insured health plan, the insurer is responsible for calculating and remitting the fee.

  • Choosing the Right Auditor for Your Firm’s Employee Benefit PlanMay 15, 2014

    To our Clients and Friends:

    If your retirement plan has over 100 participants, in most cases you must provide the U.S. Department of Labor (DOL) with evidence of an annual audit by an independent qualified public accountant. Not every public accountant is "qualified" to audit a retirement plan – is yours?

  • Important: Monitor Your 2014 Employee Headcount Carefully!February 11, 2014

    To our Clients and Friends:

    The Patient Protection and Affordable Care Act of 2010 ("ACA"; "Obamacare") is complex legislation that affects a large percentage of employers throughout the country.

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