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The IRS Identifies Common Mistakes by 401(k) Plans

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Few things make palms sweat and throats constrict more quickly than when the IRS hands out a list of “mistakes.” Each year, the IRS publishes a list of common mistakes by companies that sponsor 401(k) retirement plans. Instead of being intimidating, however, the tax agency’s findings can actually prove beneficial to those businesses that take […]

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Preparing for a Retirement Plan Compliance Audit

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For some businesses, “audit” can be one of the most feared words in the English language. Fortunately, plan sponsors can help protect themselves by calling upon Odyssey Advisors, in addition to consulting with legal counsel and/or other experienced advisors. Odyssey helps clients prepare for the possibility of an audit by helping ensure their retirement plans […]

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The Secret to a Happy Retirement

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Bobby Layne, the Hall of Fame quarterback for the Detroit Lions, once described the perfect plan for generating an income in retirement: “The secret to a happy life,” Layne mused, “is to run out of cash and air at the same time.” Unfortunately, most Americans can only aspire – or should we say “expire” — […]

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DB/DC Combo Plans Maximize Contributions to Key Personnel

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One way to maximize benefits to key personnel and also maximize the key personnel’s share of the company’s total retirement plans contributions is referred to as a defined benefit/defined contribution (DB/DC) combo plan. These plans require general nondiscrimination testing and must follow several additional rules.  These include a gateway test that must be passed which […]

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Municipal Issues

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Two of the largest issues facing municipalities today are underfunded pensions and unfunded “other” post-employment obligations (“OPEB “). Historically, public accounting rules have allowed these obligations to be largely hidden or less visible to investors and taxpayers. Change is being phased in through the introduction of new GASB standards that require municipalities to disclose the […]

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