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Legislative Update: Cycle 3 Restatement for Defined Benefit and Cash Balance Pension Plans

In order to maintain the qualified status of your Plan, your company must adopt certain amendments required by the Internal Revenue Service (IRS) to ensure your Plan continues to comply with all current laws. To adopt the appropriate amendments, the IRS requires that you adopt a new version of your Plan document, called a “Plan restatement.” To assist you with this restatement process, we will update your Plan Document as required by the IRS.

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Cash Balance Plans

April 24, 2024

Cash Balance Plans

Clarifying the unique relationship between a cash balance and defined benefit plan

A Cash Balance Plan is a type of defined benefit plan that defines the benefit in terms that are more characteristic of a defined contribution plan, such as 401k. A cash balance plan defines the promised benefit in terms of a stated account balance.

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Long-Term, Part -Time Employee Rule Begins January 1, 2024. Are you Ready?

In the year 2019, congress passed the SECURE Act, one of the many changes that allowed long-term, part-time (LTPT) employees to join 401(k) plans starting January 1, 2024.

Under this long-term, part-time employee rule, part-time employees who work at least five hundred hours, during three consecutive 12-month periods, must be eligible to participate in the plan for purposes of elective deferrals (employee funds only). The 12-month period began as of January 1, 2021, however the first time an employee could become eligible under this rule is January 1, 2024.

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On Deck with Michael Gorelick, President and Senior Pension Consultant

This On Deck Session with Michael Gorelick, our own President and Senior Pension Consultant here at Benefit Equity Inc., is filled with important information that has established BEI as the go-to Third Party Administrator.

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An Evening of Comedy Event

October 10, 2022

An Evening of Comedy Event

Benefit Equity, Inc. (BEI) was proud be a sponsor of the SmileMakers Evening of Comedy Event, benefitting the Council of Aging – Southern California. This laughter-filled evening raised $310,000 and will support the SmileMakers Holiday Gift Program and Council on Aging - Southern California. Michael Gorelick, BEI President, and his wife Lisa attended and were delighted to see attendance at an all-time high, with over 300 individuals participating this year. The event was held at the Renaissance Hotel in Newport Beach and comedic headliners included Paul Reiser and Fritz Coleman.

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