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BPI NEWS

In the News
Is it Time to Add Cryptocurrencies as an Investment Option to Your Retirement Plan?

September 2022

Is it Time to Add Cryptocurrencies as an Investment Option to Your Retirement Plan?

Many people know someone who has had substantial returns by investing in cryptocurrencies. Benefit Professionals, Inc. (BPI) does not and will not ever give investment advice. What BPI will do is provide information on the opinions of government agencies on an investment option. What does the Department of Labor (DOL), Internal Revenue Service (IRS), and Securities and Exchange Commission (SEC) say about cryptocurrencies in retirement plans? read more...

2022 COLA Limits

January 2022

2022 COLA Limits

Benefit Professionals is here to help keep you up-to-date and aware of information within our industry. We are providing here for you the COLA (cost of living adjustments) for 2022. Our reference document shows the maximum benefit and contribution limits for 2022. These new limits become effective January 1, 2022. Some changes include: The Defined Contribution Maximum increased from $58,000 to $61,000 Annual Compensation limit increased from $290,000 to $305,000 Take time to review our documentation and contact us with questions you may have. read more...

IMPORTANT DATES RELATED TO RETIREMENT PLANS

January 2022

IMPORTANT DATES RELATED TO RETIREMENT PLANS

Be aware of all the important dates associated with retirement plans for calendar year end plans. We are sharing a reference list that will be helpful for you as you move through the year. read more...

When Should I Contact My Third-Party Administrator (TPA)?

November 2021

When Should I Contact My Third-Party Administrator (TPA)?

Many qualified plan sponsors are not aware of when they should contact the Plan’s TPA to discuss changes regarding the company. The plan sponsor should contact the TPA if there are changes in the company’s ownership, company structure, or changes in the employee demographics. Contacting the TPA will help the TPA ensure the plan continues to meet the objectives of the plan sponsor and maintain the qualified status of the Plan. A few of the reasons to contact the Plan’s TPA are listed below (this is not an all-inclusive list). read more...

What Type of Retirement Plan Will Work Best for My Company?

August 2021

What Type of Retirement Plan Will Work Best for My Company?

In the world of retirement plans, there is no “one best plan” for all companies. You must first list the goals and objectives for your retirement plan. With the ever-changing demographics of the work force, the goals and objectives can and will change over time. Plans that have been in place for several years need to be reevaluated to ensure they are meeting the current goals and objectives of the company. Two identical companies may have different plans due to different goals and objectives of the owners. We will discuss some the different goals and objectives that need to be considered before establishing a retirement plan or changing your current plan. read more...

What Does the Term Safe Harbor Mean?

May 2021

What Does the Term Safe Harbor Mean?

The term “safe harbor” is used throughout the Internal Revenue Code (IRC) regarding retirement, but what does this term mean? The term safe harbor in relation to a retirement plan means if the plan follows certain requirements the IRC testing requirements are deemed to pass or be satisfied. We will discuss a few of the ways the term safe harbor is used in the IRC. read more...