Stacey Spencer | Greenwalt CPAs, Inc. - CPAs and Business Advisors

You Are Here : Home Posts Tagged "Stacey Spencer"

IRS 401(k) Compliance Check Results

by Admin on May 31st, 2013 · No Comments

by Stacey L. Spencer, QKA and Tim Ayler, CPA | Team Members of the Employee Benefit Services 401(k) plans are now the most popular type of retirement plan in the US. Currently, there are over 500,000 401(k) plans which cover about 60 million people with an average account balance of $58,000. However, many 401(k) plans do not comply with current ...

2013 COLA Update

by Admin on Nov 16th, 2012 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group and Tim Ayler, CPA | Partner, Audit & Other Assurance Services The Social Security Administration (SSA) recently announced cost-of-living adjustments (COLAs) for 2013. The purpose of the COLA is to ensure that the purchasing power of Social Security and Supplemental Security Income ...

Hardship Distributions – Correcting Failure to Suspend Deferrals

by Admin on Sep 12th, 2012 · No Comments

By Stacey L. Spencer, QKA, Manager, Employee Benefit Services | Tim Ayler, CPA, Partner, Director Employee Benefit Services Group Continuing the discussion of hardship distributions, one of the requirements of a hardship distribution is that upon receipt of a hardship distribution from a 401(k) plan (or 403(b) or 457(b) plan), the employee is prohibited ...

The Pros and Cons of Hardship Distributions to Participants

by Admin on Jul 26th, 2012 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group In my last article, I discussed the burden of proof on the plan sponsor to assure a hardship request meets the IRS criteria. In this piece, we will look at the pros and cons of taking hardship distribution from the participant’s perspective. As a reminder, a hardship distribution ...

Hardship Distributions Burden of Proof

by Admin on Jun 13th, 2012 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group A hardship withdrawal allows emergency access to one’s 401(k) account balance. The key here is emergency access. Hardship withdrawals are only allowed for an immediate, pressing need, and only when all other means of obtaining funds have been exhausted. If the 401(k) plan also allows ...

Simplified Employee Pension Plan – Not Always So Simple

by Admin on Apr 6th, 2012 · No Comments

The Simplified Employee Pension Plan or SEP is a retirement plan designed to benefit self-employed individuals and small business owners. Sole proprietorships, S and C corporations, partnerships and LLCs can establish a SEP. The SEP plan provides employers with a simplified method to make contributions toward their employees’ retirement and, if ...

Women Facing Poverty in Retirement?

by Admin on Jul 21st, 2011 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefits Group 317.260.4421 Women often reach retirement age with fewer pension benefits and retirement assets than men. All workers need to save more for retirement, but women face added challenges because they have lower earnings, experience higher job turnover, and have a longer life expectancy. Women ...

401(k) Plan Fees – There’s No Such Thing as a Free Ride

by Admin on May 11th, 2011 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group The retirement plan industry is overloaded with hidden fees and as a result, employers often think they are getting 401(k) administration for free. But in reality, the administration fees are concealed in the insurance contracts or mutual funds. This is a result of companies ...

Are You Including All Eligible Employees in Your 401(k) Plan?

by Admin on Mar 3rd, 2011 · No Comments

by Stacey L. Spencer, QKA | Manager, Employee Benefit Services Group There are many ways mistakes are made when it comes to administering a 401(k) plan. Keeping up to date on the regulations, while trying to do your ‘real’ job, can result in overlooking basic administration duties. The IRS has identified that one of the most common mistakes employers ...

Self-Employed 401(k) Plans

by Admin on Jan 7th, 2011 · No Comments

A Solo 401(k) plan, also called a self-employed 401(k), an individual 401(k), or a Uni-K, works the same as the traditional 401(k) plans offered by larger companies. A Solo 401(k) allows sole proprietors or solely owned corporations with no other employees to save for retirement both as an employer and an employee, often enabling owners to contribute ...

Older Entries