News & Notes

What is a “church plan”?

What is a “church plan”? Compliance Tip: Be sure that your plan is indeed a church plan. (Hint: you might be surprised what you find). Well, the answer is simple, but oh so complicated…here we go: SIMPLE A benefits plan “sponsored and/or maintained” by a church (or certain church-controlled organizations.) COMPLICATED Church plans are defined […]
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Church Plan Pensions May Not Liabilities.

Church Plan Pensions May Not Be Liabilities. Compliance Tip:  It may be wise to conduct a thorough review of the pension liabilities and an analyze whether those funds are properly alienated.   The Financial Accounting Standards Board (FASB) is the regulatory body charged with defining accounting standards and the applicable terms. According to the FASB, […]
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What is a “controlled group”?

What is a “controlled group”? Compliance Tip:  Thoroughly analyze which organizations and sponsored ministries might be considered under diocesan or Religious Order control. For benefits purposes, a controlled group defines which organizations and employees a parent organization is responsible for providing compliant plans for. Under I.R.C. § 414(c)(2), the general rule is that an organization […]
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