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Recent Posts by Bernard Kaplan

Reminder: Time to Consider Restating Your 403(b) Plan Document
Posted by Bernard Kaplan on Fri, Feb 23, 2018 @ 04:03 PM

It seems like yesterday that employers sponsoring 403(b) plans went through the process of obtaining written plan documents.  Employers must now again face the process of rewriting their 403(b) documents.  The IRS recently announced that employers have until March 31, 2020 to restate their 403(b) plans into IRS pre-approved documents in order to have reasonable assurance that the plan document as written is in compliance with current law.

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Topics: Bernard Kaplan, 403(b), 403(b) Plan Document Restatement, Diane Caron

Negotiating Compensation Packages with 457 Plans
Posted by Bernard Kaplan on Fri, Mar 24, 2017 @ 10:54 AM

Tax-exempt organizations at times must be creative when structuring attractive compensation plans for their executive team. A section 457 deferred compensation plan may be one of the ways to sweeten the pot for a candidate. Used by tax-exempt organizations, these “top hat” nonqualified retirement plans allow key employees or a select group of employees to defer receipt of compensation to a later date, perhaps when their tax rate is lower.

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Topics: Bernard Kaplan, employee benefit plan, 457(b) plan, 457(f) plan

Broadening Your Benefit Plan: A Quick Guide to 457(b) Plans
Posted by Bernard Kaplan on Fri, Sep 18, 2015 @ 09:10 AM

Not-for-profit organizations walk a fine line with their compensation arrangements. The IRS and the public keep a close eye on executive pay. At the same time, organizations need to offer a competitive compensation package in order to attract and retain the right talent.

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Topics: Bernard Kaplan, employee benefit plan, 457(b) plan

IRS Aims to Help Not-for-Profit Employers Avoid Common 403(b) Plan Errors
Posted by Bernard Kaplan on Thu, Feb 6, 2014 @ 10:26 AM

In an effort to make 403(b) plan sponsors aware of common mistakes made by not-for-profit entities and educational institutions administering such plans, in December 2013 the IRS updated two publications that relate to such plans. According to the IRS, “It is important to know the tax rules that apply to your 403(b) plan and to pay attention to the operation of your plan so you can maximize your employees’ retirement benefits, comply with the law, and avoid additional taxes and penalties.”

The publications – Publication 4482, 403(b) Tax-Sheltered Annuities for Participants and Publication 4483, 403(b) Tax-Sheltered Annuity Plans for Sponsors – list mistakes the agency commonly finds in these plans. In addition, 4482 also provides an overview of 403(b) plan features. The other publication offers information on several IRS products and services available to assist plan sponsors in keeping things running smoothly.

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Topics: non-for-profit, Bernard Kaplan, IRS, IRS Updates, 403(b)

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