The Department of Labor has recently begun putting pressure on pension plan administrators to locate any ‘missing’ participants, or terminated and fully vested participants, who haven’t received any kind of payout from the plan. There are plenty of reasons a former employee may have left money in your plan and maybe you’ve even tried contacting […]
Odyssey Advisors was recently featured in Wicked Local Wenham’s article, “COLUMN: Hamilton Gets High Marks in Two Audits”. Odyssey Advisors met with the Board of Selectmen and the Finance and Advisory Committee of Hamilton, MA to discuss the details of their OPEB audit for the fiscal year of 2017.
Did you know that you can deduct pension contributions made by September 15, 2018 from your 2017 taxes? In most years that helps with managing cash flows, but this year it could have major tax consequences. With the corporate tax rate decreasing for most companies from 35% in 2017 to 21% in 2018, deducting pension […]
Parker Elmore, of Odyssey Adivsors, was recently featured in Lowell Sun Online’s latest article, “Positive Report on Chelmsford Town Finances Audit”. Elmore met with Chelmsford, MA Selectmen to discuss the details of their OPEB audit. For the full summary of Chelmsford, MA’s OPEB audit click here.
Legal retail sale of marijuana in Massachusetts is fast approaching and many towns are reviewing whether or not to have a local store. Regardless of your personal views on the legalization, this presents a unique opportunity to help with your OPEB costs. In addition to the sales and state excise taxes, cities and towns will […]
A recent study by Employee Fiduciary examined the negative aspects of automatic employee enrollment in 401(k) plans, particularly for smaller plans. Only 8.7% of small business plans (average of 25 participants with assets of $1M) automatically enroll eligible employees as opposed to 68% of larger plans. Why the contrast when automatic enrollment is traditionally seen as an […]
The Wall Street Journal recently published an article about the impact of GASB 75 on municipal balance sheets . The estimated nationwide impact will be a $645 billion increase in balance sheet liabilities. The increased attention that GASB 75 brings to Other Post-Employment Benefits (“OPEB”) will lead to increased pressure on municipalities across the country to manage OPEB liabilities. The […]
GASB 74 is required for plan level financial reporting while GASB 75 is required for employer or plan sponsor level financial reporting for municipal entities subject to GASB reporting that offer OPEB (medical, dental & life insurance for former employees & retirees) type benefits. GASB 74 – key issues to consider Are you prefunding your OPEB benefits […]
S-Corps, Distributions, W-2 Wages, Self-Employment Tax, 401k & Pension Plans & their interaction – it’s all about balance. So, you’ve talked to your accountant & they tell you to minimize your W-2 wages to limit your self-employment taxes. Then, you talk to your investment advisor and they explain the advantages of tax-qualified retirement plans such […]