BDO Talks ERISA

Key Takeaways * Secure Act Changes for Long-Term Part-Time Employees * Importance of Participant Communication * Impact on Form 5500 and Audit Requirements * Increased Mandatory Distribution Threshold Resources BDO ERISA Center of Excellence [https://www.bdo.com/services/audit-assurance/employee-benefit-plan-audits/erisa-center-of-excellence]

Key Takeaways: Introduction [.44] What is Financial Wellness [4.33] What does a Financial Wellness program include for participants [6:02] How can companies promote these programs [9:06] What do investment plan advisors really look like [11:42] How to educate on utilizing all your plan offerings [14:26] How can plan sponsors promote finance wellness programs [15:40] Conclusion [18:50] Resources: BDO.com [https://www.bdo.com/about] BDO.com/ERISA [https://www.bdo.com/services/audit-assurance/employee-benefit-plan-audits/erisa-center-of-excellence] Beth Lee Garner on LinkedIn [https://www.linkedin.com/in/beth-lee-garner-cpa-43221842/]

Key Takeaways: Introducing TY Parrish [1:47] Introduction of the 401(k) Best Practices A Guidebook for Plan Sponsors book [6:09] Common questions from plan sponsors [7:14] Defining a good advisor [7:58] Plans that do not have advisor and committee [9:08] Finding an advisor [12:57] How reduce risk and retirement readiness make a good advisor [13:50] Biggest takeaway from the book [18:57] Conclusion [20:50] Resources: BDO.com [https://www.bdo.com/about] BDO.com/ERISA [https://www.bdo.com/services/audit-assurance/employee-benefit-plan-audits/erisa-center-of-excellence] Beth Lee Garner on LinkedIn [https://www.linkedin.com/authwall?trk=bf&trkInfo=AQEVulU20s_wBgAAAYkIJ2HQvZfwFgRhjzTaInJu01NXyRfM2SE5Tbc8BAmdGIHLcdcAKWbSawOpUokNPrVvxM3ld_UOjRQUhBaaFqfFFnS_BdzK4DJ4pcg3CTI8b0R1s9IsnBI=&original_referer=&sessionRedirect=https%3A%2F%2Fwww.linkedin.com%2Fin%2Fbeth-lee-garner-cpa-43221842%2F] TY Parrish on LinkedIn [https://www.linkedin.com/authwall?trk=bf&trkInfo=AQEfdyyOBTV7EgAAAYkIJ3VYprFNcERfx0qebm1zA6tbnpUZQIRuIGQbv0C138MvR2oIuYUBdLYpbB9VoHocOZoH1XyWr872gPv841SxYRhqScWsiJTKvTobkrY-YuOfni_tCEU=&original_referer=&sessionRedirect=https%3A%2F%2Fwww.linkedin.com%2Fin%2Ftyparrish%2F]

Introduction [0.44] Unenrolled participant disclosure - does this include 403(b) plans & if 403(b) plans are no longer required to communicate annual university availability notice? [1:05] Are there any there any small employer or other exceptions for the auto enrollment requirement? [3:09] The catchup contribution increase in 2025 for individuals between the age of 60 and 63, and whether this is mandatory or optional. [4:07] What is the three-year limit repayment of qualified birth or adoption related to that distribution? [5:20] Which provision will have an impact on plan auditors and what recommendation do you have for auditors? [7:40] Will auto enrollment and auto escalation apply to long-term part-time employees? [9:36] Conclusion [11:30]

Key Takeaways Welcome  [2:00] Introduction to 2023 Form 5500 Changes [3:57] Changing methodology for counting participants in defined contribution plan [6:43] What current plan sponsors need to consider for this filing change? [9:42] Timing of employer contribution [12:40] Automatic Employment for new plan [14:23] 80 – 120 Participant Rule and Short Plan Year Rules [18:20] Internal Revenue Code Compliance Questions [23:18] Conclusion