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

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: B...

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...

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...

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 Co...

In this episode, we are joined by Maria Thiel & Blake Head to discuss the world of Employee Stock Ownership Plans (ESOPs) & SECURE 2.0. The discussion focuses on the three provisions in SECURE 2.0 that relate to ESOPs: Deferral of tax for certain sales of employer stock to employee stock ownership plan sponsored by S Corporation starting in 2028. Certain securities treated as publicly trad...

In this episode, we are joined by Norma Sharara, BDO Managing Director, National Tax Office, Compensation & Benefits to discuss potential challenges with automatic enrollment and long-term part-time employees, including historical context and expansion to 403(b) plans. Key Takeaways: SECURE Act 2.0 Introductions and Provisions Introducing Norma Sharara [1:28] Potential challenges with Automati...

In this episode, our BDO co-hosts are joined by Antony Hacking, partner with C-Global Consulting to discuss courageous leadership, the importance of psychological safety and managing difficult conversations. The discussion focuses on actionable tactics and techniques to strengthen your professional relationships. Key Takeaways: Welcome [3:33] Introducing Antony Hacking, C-Global Consulting [6:44]...

Continuing our two-part series, our co-hosts are joined by Steve Combs, Managing Director, Cloud Security & Infrastructure (CS&I), BDO Digital to continue their discussion of DOL’s cybersecurity guidance and how it helps combats the growing threat of cybercrime to ERISA-covered retirement plans. Get answers to the key questions plan sponsors might have regarding the scope of the guidance,...

On April 14, 2022, the Department of Labor (DOL) outlined a range of practices for combatting the growing threat of cybercrime to ERISA-covered retirement plans. Today we are siting down with Greg Schu, Partner, Cybersecurity – National PCI Compliance Lead, BDO Digital, to discuss the implications of guidelines and what steps plan sponsors can take to help safeguard plan assets and participants’ v...

In many cases, the people costs are some of the highest costs an organization has — which presents both opportunity and risk. Exploring the opportunity and risk ahead of a merger or acquisition is known as the HR due diligence process. Our co-hosts sit down with Liz Mack, who is the Managing Director, Workforce in Transactions Leader for Global Employer Services at BDO, USA to discuss the process...

Are you thinking about offering cryptocurrency in your retirement plan? Continuing our two-part series, our co-hosts are joined by Dave Gray, who is on the Workplace Investing Executive Management Team and serves as the Head of Workplace Retirement Platforms, Workplace Investing for Fidelity, along with Sterling Ingui, who is a Product Area Leader for Next Gen Retirement in Workplace Investing and...

Are you thinking about offering cryptocurrency in your retirement plan? Learn the basics. Our co-hosts sit down with Sterling Ingui, who is a Product Area Leader for Next Gen Retirement in Workplace Investing and NC Regional Leader at Fidelity Investments. They discuss the fundamentals of cryptocurrencies, including the definition and different types available, as well as the interesting history b...

Host Beth Garner talks to Norma Sharara, Managing Director, National Tax Office — Compensation & Benefits at BDO regarding the SECURE 2.0 Act of the House, the RISE & Shine Act of the Senate HELP Committee, and the as-yet-unnamed bill from the Senate Finance Committee, all aiming to supply greater access to workplace retirement. Beth and Norma discuss some of the provisions of each bill an...

Today our co-hosts discuss two hot topics from the 2022 AICPA Employee Benefits Plans Conference in Nashville, TN. These include Environmental, Social and Governance (ESG) investing, as well as cybersecurity. Key Takeaways: [0:55] Beth and Joanne attended this year’s conference and had the opportunity to hear directly from regulatory agencies. [1:59] A broad range of topics were discussed at the c...

In this episode, our co-hosts talk with Michele Burkholder, CFP®, a financial adviser with the Burkholder Team, and Morgan Stewart, a finance professional working with Michele, in a conversation about women and their financial planning. Michele and Morgan have a mission to educate and guide individuals, families, and business owners regarding financial decisions. They want to give sound, personal...

Beth Garner talks with David Friedman, founder and CEO of High Performing Culture, LLC and author of Fundamentally Different and Culture by Design: How to Build a High-Performing Culture, Even in the New Remote Work Environment. In today’s episode, David shares why culture is the biggest opportunity for companies to have a competitive and sustainable edge against their competitors and explains how...

Ronii Rizzo is a Managing Director with BDO and the Global Payroll and Employment Tax Services National Leader. Ronii assists her clients with expatriate tax and payroll matters. In this week’s episode, she discusses how international, federal and state governments are aware of the current workforce trends and how they are prepared to audit and enforce tax law. Ronii offers insight into how to kee...

Episode 16 Key Takeaways [:55] A recap about the intention of this podcast and the last episode about ESOPs. [4:45] An update about the National Defense Authorization Act. [6:40] Laura explains how ESOPs work in comparison to a 401(k). [10:20] Timing of the contribution is important. What communications throughout the year should you expect from your employer to be aware of the proper timing? [13:...

Episode 15 Key Takeaways [2:00] A little bit about Howie. [5:45] It’s predicted that healthcare costs will increase in 2022. How can employers still expand health benefits, service, and coverage? [7:05] What is a dependent eligibility audit or dependent verification process? Howie expands on this. [9:10] How is this different from confirming your dependents upon open enrollment? [10:25] Howie shar...

Episode 14 Key Takeaways [2:00] What is the Great Resignation, exactly? [4:00] What is the difference between working from home vs. working remotely? [6:20] What do companies need to be aware of when having a mobile workforce? [11:15] Companies don’t know what to do right now when it comes to fair compensation. [16:15] Ask your employees what they want. It really does go a long way. [18:05] Jason...

Episode 13 Key Takeaways [2:00] A little bit about Blake. [3:00] What is an ESOP? [4:10] When does it make sense to offer an ESOP to employees? [6:20] It’s important to conduct a feasibility study before offering an ESOP. [9:45] Are certain industries better suited to incorporate an ESOP? [12:00] Blake explains why ESOPs are great from an employee retention perspective. [14:00] What are some of th...

Episode 12 Key Takeaways [5:10] Your hosts dive into the top 10 ERISA violations, which account for a total of 97% of all violations. [5:45] Top 10: Failure to establish trust. [6:20] Top 9: Reporting violation. [8:00] Top 8: Bonding. [10:00] Top 7: Duty of disclosure. [11:30] Top 6: Improper benefit to employer. [13:15] Top 5: Failure to follow plan documents. [16:10] Top 4: Prohibited transactio...

Episode 11 Key Takeaways [4:20] A fun little fact about David. [4:55] What do audits and cybersecurity have to do with each other? [9:35] What should plan sponsors be thinking about when it comes to privacy concerns and how is that different from security concerns? [12:25] The biggest thing a plan sponsor needs to understand is what security protocols are in place. Resources: BDO.com Email: BDOTal...

Episode 10 Key Takeaways [4:20] A little bit about David and his work at Groom Law Group. [5:50] Is there a way to simplify and explain what some of these plan lawsuits are all about? [6:50] Most litigations fall under three categories: Loyalty, Prudence, and Prohibited Transactions. [12:00] Later this year the Supreme Court will hear a case on ERISA, what are the potential impacts on future cases...