Blue Ridge ESOP Associates Industry News

Variance in Benefit Levels

Posted by Dustin Pirie

Oct 28, 2022 1:37:55 PM

When comparing ESOP benefit levels there is variance across all ESOP companies and even within the same ESOP company from year to year. This article is intended to highlight the key factors that contribute to benefit levels and provide reasoning for the variance.

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Topics: Repurchase Obligation, Leveraged ESOP

What's the difference between IRC Sections 404 & 415 Compliance Testing?

Posted by Ray Mazurowski, QKA

Oct 28, 2022 1:36:36 PM

My administrator just informed me that we have exceeded 415 limits, but I know for a fact our contribution for the year is under the maximum 404 limit. What gives? Let’s look at the difference between Internal Revenue Code (IRC) 404 - Deduction of Employer Contributions and IRC – 415 Maximum Annual Additions.

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Topics: IRC, Compliance Testing, 415 Limits

IRS Extends Deadline for most SECURE/CARES Act Amendments

Posted by Blue Ridge ESOP Associates

Oct 28, 2022 1:29:58 PM

(Section415)*Prior to recent IRS announcements, Plan Sponsors were facing the task of amending their ESOP and 401(k) documents before the end of the 2022 plan year for certain mandatory changes and/or optional changes enacted as part of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) and the Coronavirus Aid Relief and Economic Security Act of 2020 (CARES) – together the “Acts”. IRS Notices 2022-33 and 2022-45 announced an extension to amend until December 31, 2025.

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Topics: ESOP & 401(k) Plans, Plan Document, CARES Act

BLUE RIDGE ESOP ASSOCIATES ACQUIRES CROWE LLP ESOP BUSINESS

Posted by Blue Ridge ESOP Associates

Aug 11, 2022 3:00:00 PM

BLUE RIDGE ESOP ASSOCIATES ACQUIRES CROWE LLP ESOP BUSINESS

Crowe Employee Stock Ownership Plan (ESOP) and certain tax-related 401(k) Plan services
will transition to Blue Ridge

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Multistate Regional Conference 2022

Posted by Blue Ridge ESOP Associates

Aug 8, 2022 7:31:00 PM

The Multistate Conference 2022, a collaborative regional chapter event hosted by the PA/DE and NY/NJ Chapters will be September 12-14, 2022 in Hershey, PA. Registration is now open and the early bird discount ends August 17.  Renee Stadtmueller will be speaking Tuesday afternoon about " Cross the T's with your TPA" . Tom Roback will also be in attendance and available to answer any questions you might have in regards to the services we offer.
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Topics: ESOP Administration, Conferences

OH/KY Chapter - 2022 Thoroughbred Conference

Posted by Blue Ridge ESOP Associates

Jul 21, 2022 10:10:00 AM

Blue Ridge is proud to be a contributing sponsor for the OH/KY Chapter - 2022 Thoroughbred Conference on August 4, 2022 hosted by The ESOP Association for the OH/KY Chapter. Our professionals, Tom Roback and Mark Swanson will also be attending this conference in Lexington, KY.

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Topics: Conferences

Missing Participants. What are you supposed to do?

Posted by Mark Swanson

Jul 20, 2022 9:30:00 AM

You’ve spent countless hours and who knows how much money to provide meaningful benefits through your ESOP and/or 401(k) plan only to find that when you want to distribute the benefits, you can’t find the participant or beneficiary(ies). Distribution forms and statements come back “return to sender – that address unknown.” E-mails are flagged undeliverable or perhaps most frustrating are the situations where the participant is just non-responsive. It’s as if you’re knocking on their door knowing they’re home but they just don’t answer. Hence the dilemma of what we’ll lump together as missing participants.

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Turnover Trends and the Demographic Bubble Impact on ESOPs

Posted by Dustin Pirie

Jul 20, 2022 9:30:00 AM

Turnover

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IRS/DOL Corner

Posted by Scott J. Freund, QPA, QKC

Jul 20, 2022 9:30:00 AM

REMINDER - SECURE/CARES Act Amendments

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Topics: IRS, DOL, Plan Document, CARES Act

2022 TEA National Conference

Posted by Blue Ridge ESOP Associates

May 4, 2022 10:30:50 AM

It's time for the 2022 TEA National Conferenceand below are the professionals from Blue Ridge ESOP Associates who will be speaking.

May 3-6, 2022

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