ADMIN PARTNERS

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Meet the Team: Rachel Pastorella

We are continuing our Meet the Team Q&A series with our Head of Information Technology, Rachel Pastorella. This week’s Q&A even includes a candid photo of Rachel’s puppy, Reggie! Each week we will be giving the spotlight to an ADMIN team member allowing our community to get to know them better.

Click below to see the profiles for Rachel and the rest of our team! Please keep tuned for spotlight posts on our entire team!

Stay connected with us for more admin partners and industry information! Follow us @adminpartners on all social media platforms. Tune in Monday to see one of Rachel’s favorite quotes on our Instagram and Twitter pages @adminpartners.

Self Corrections

This week in our (b)informed series we are tackling the subject of self-correction. Making sure your plan documents are up-to date and compliant is extremely important. If the plans are not, self-correction can be a vital tool to remedy that for plan sponsors. The deadline to do so, is nearing this December 2022.

ADMIN Partners believes there are literally thousands of 403(b) Plan Sponsors who have not adopted a pre-approved 403(b) plan document (not to mention those that never adopted a written plan). So, the question is – what can these Plan Sponsors do to get the advantages of using a pre-approved plan document? If you are interested in learning more about IRS audits and the benefits of a pre approved plan document, join us September 28 at 2:00pm (EST) for an informative webinar on the topic. Register below!

What is Self Correction?
As per the IRS, “The IRS Employee Plans Compliance Resolution System (EPCRS) permits any size business or organization that sponsors a retirement plan (including SEP and SIMPLE IRA plans) to identify and correct many failures they find.” In 2019, the IRS issued Revenue Procedure 2019-19 (Rev. Proc. 2019-19). This Revenue Procedure sets out provisions of the IRS’s Employee Plans Compliance Resolution System (EPCRS) and permits 403(b) plans to be “self-corrected” (that is, amending a plan document without obtaining formal IRS approval of the amendments).

To continue, under the Revenue Procedure guidance, the ability to self-correct 403(b) plans to a pre-approved version is available through December 31, 2022. Even though the ARA has asked the IRS to “put it in writing,” and explicitly say that Rev. Proc. 2019-19 can be used for this purpose. To date, the IRS has not responded to this request. Nonetheless, ADMIN Partners has decided not to wait on the IRS. After consulting with legal counsel, we believe the risk is negligible to utilize the Rev. Proc. to “self-correct” 403(b) plan documents. The facts are:

If you are not sure if your plan documents are up to date, reach out to our team! Please feel free to contact a member of our team at (877) 484-4400 Option 2 or contact@youradminpartners.com and on all social media platforms @adminpartners.

Meet the Team: Maria Speeney-Johnson

We are continuing our Meet the Team Q&A series with our VP of Operations & Client Services, Maria Speeney-Johnson. Each week we will be giving the spotlight to an ADMIN team member allowing our community to get to know them better.

Click below to see the profiles for Maria and the rest of our team! Please keep tuned for spotlight posts on our entire team!

Stay connected with us for more admin partners and industry information! Follow us @adminpartners on all social media platforms. Tune in Monday to see one of Maria’s favorite quotes on our Instagram and Twitter pages @adminpartners.

We are Hiring!

Join our amazing team today! We are currently hiring for a Contribution Analyst. It is a full-time position in our Client Services department.

Candidate must be highly motivated and have the ability to interact well with a diversified group of employees in a team environment. Knowledge of retirement plans a plus but not a requirement. Candidate should also be well organized, have great attention to detail and the ability to set priorities and meet deadlines. Proficiency with Microsoft Office. Experience with financial and workflow management systems preferred. Fluency in Spanish is a plus.

If this sounds like you or someone you know click the link below to fill out the online application or send in your resume to contact@youradminpartners.com. Follow us @adminpartners on all social media platforms and stay connected for more ADMIN News!

Meet the Team: Mark Heisler

We are beginning our Meet the Team Q&A series with our CEO, Mark Heisler. Each week we will be giving the spotlight to an ADMIN team member allowing our community to get to know them better.

Click below to see the profiles for Mark and the rest of our team! Please keep tuned for spotlight posts on our entire team!

Stay connected with us for more admin partners and industry information! Follow us @adminpartners on all social media platforms. Tune in tomorrow to see one of Mark’s favorite quotes on our Instagram and Twitter pages @adminpartners.

Labor Day Weekend

A message from ADMIN Partners CEO Mark Heisler

Our offices are closed on Friday, September 2nd and Monday September 5th for the Labor Day holiday to give the ADMIN team a much deserved 4-day weekend. The long weekend is a show of my appreciation for the team working above and beyond. We apologize for any inconvenience this may cause, but the need to rest, relax and recharge is vitally important for the health of the team and the organization. We’ll be back at work on Tuesday, September 6, 2022, refreshed and ready to support our clients.

Webinar Registration

Join us later this month for our webinar series focusing on Charter Schools: What to Know and IRS Audits: How to Protect your Plan. This will be a great opportunity for financial advisors and clients to learn more and ask any questions they may have. Both sessions are hosted by our Sales and Client Engagement Manager, Greg Verna.

Some topics we will be discussing are learning about how charter schools are defined. What plan options do they have? Are charters schools subject to ERISA? We cover all this and more in the information session below!

Click Below to Register for the Webinar Information Session Charter Schools: What to Know

Date and Time: Sep 21, 2022 11:00 AM (EST)

If you want to learn more about who is subject to an IRS audit? What are some of the top violations? How can advisors and TPAs support plan sponsors in an audit? We cover all this and more in the information session below!

Click Below to Register for the IRS Audit: Protecting your Plans Webinar

Date and Time: Sep 28, 2022 02:00 PM (EST)

Sign up today so you do not miss out on this great opportunity! Can’t join us on these webinars? Stay connected with us for more learning opportunities and industry information! Follow us @adminpartners on all social media platforms.

Admin News: Meet the Team

We are so excited to announce a new and updated Meet the Team page on our website! ADMIN Partners is glad to introduce our amazing team to you all. Have you ever wondered who the person you speak to on our team is? Now you can learn more about them! It includes an avatar and information about the member’s title and day-to-day activities. This is a great way for our clients and partners to meet the new ADMIN team members and learn more about the great team you communicate with.

Over the next few weeks we will be selecting an ADMIN team member and giving them the spotlight here on the ADMIN Blog so that our community can get to know them better. We will also be adding an Instagram highlight so make sure to follow us there, @adminpartners. The page is found under the About tab of our website or you can click below to take a look at the updated page.

Coming Soon: Online SRA Submission

We are very happy to announce that the ability to submit an online Salary Reduction Agreement (SRA) will soon be available via our website! We are currently in testing with a select group of clients and will be progressively rolling out to our entire client list. Soon plan participants will be able to submit an SRA directly to the Admin Partners team and their employer on the go.

Participants will be able to access our site and submit a Salary Reduction Agreement to: initiate into a plan, discontinue, change an amount, change source type, or investment company by filing out all required fields. Once completed you will see the following landing page.

After the participant receives a confirmation email, our team receives a copy of the submission for our processing and the appropriate employer contact will also receive a copy for the correct deduction to be made on their end. We are so excited for this addition and hope you are too!
Please be on the lookout for an Admin Partners notification on any changes or updates. Please reach out to us at contact@youradminpartners.com or our social media with feedback! If you have any suggestions or comments, we want to hear from you!

IRS Announces New Pilot Program

IRS examinations are an extremely important aspect of retirement plans. They can be an expensive, time consuming process, so any changes to make the process easier on the plan sponsors and still ensure plan compliance is vital information. The IRS recently announced a new pilot program under which retirement plan sponsors will be given 90-days notice that their plan has been selected for examination which they may be able to largely avoid by taking certain steps. The new pilot program according to the IRS in the following statement will, “reduce taxpayer burden and reduce the amount of time spent on retirement plan examinations,”

Here are some key features of this pilot program.

Notification Changes

There is an announced change to the notification process to plan sponsors. Under the new pilot program, 90 days before an IRS examination begins, the IRS will notify plan sponsors by letter that their retirement plan has been selected for examination. This notice letter from the IRS triggers a 90-day review period during which plan sponsors may review their plan document and operations to confirm compliance with current tax law requirements.

Which plans does this apply to?

There is a variety of retirement plans and each can have their own issues arise in an examination. For example, In defined contribution plans, the IRS is focusing on code section 415(c) limitation. We suspect that other issues and types of plans will be part of the pilot program, but it is not yet clear if the program will be limited to only certain plans or issues.

Self Correction

The pilot program will allow plan sponsors to identify errors. Then any identified errors may be self-corrected, if eligible, using the principles set forth in the Employee Plans Compliance Resolution System (“EPCRS”), Revenue Procedure 2021-30.

For additional details regarding The IRS’s New Pre-Examination Pilot Program, please click the link below.

We will keep you updated as more information is released!

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