Resources - Novak Francella | Certified Public Accountants

Protect retirement plan fiduciaries through training, insurance

January 1, 2018

When an employer decides to sponsor a retirement plan for employees, it takes on great responsibility. Anyone who exercises discretionary authority over any vital facet of plan operations likely will be considered a plan fiduciary. In turn, these individuals face a significant risk of liability if anything goes seriously wrong with the plan. Your plan […]

Walking on eggshells: ERISA compliance depends on plan documents

January 1, 2018

The Employee Retirement Income Security Act (ERISA) covers both defined-benefit and defined-contribution retirement plans. If your organization offers its employees either, you may feel like you’re constantly walking on eggshells trying to oversee all the regulatory details involved. One critical way to stay in compliance and avoid costly penalties is to ensure your plan operates […]

2019 adjusted penalty amounts for health and other plans

January 1, 2018

The Department of Labor (DOL) announced in very late January the 2019 annual adjustments to the civil monetary penalties for a wide range of benefits-related violations. Legislation enacted in 2015 requires annual adjustments to certain penalty amounts by January 15 of each year. Because of the government shutdown, however, the 2019 penalties weren’t published by […]

IRS raises valuation limit for employer-provided vehicles

January 1, 2018

One of the most popular fringe benefits for employees at many organizations isn’t an insurance plan or a health club membership; it’s shiny chrome and steel — a vehicle. Providing a car, van or truck that an employee can use for both work and personal purposes can attract better job candidates or just make sense […]

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