Most Illinois Employers are Now Covered by the Secure Choice Program: Has Your Restaurant Complied?

The Illinois Secure Choice Retirement Savings Program (“Secure Choice”) is designed to make it easier for employees to save for retirement. It is a mandatory, state-sponsored retirement savings program for covered employers that do not offer their employees a qualified retirement plan, such as a 401(k), profit-sharing, simplified employee pension (SEP), or SIMPLE IRA plan. […]

Want to Improve Customer Loyalty? Consider a Subscription Program

The subscription business model has taken off in recent years. There is a reason that companies talk about becoming “the Netflix of (insert product or service here).” A successful subscription business can offer a more stable revenue stream and improve customer retention. Does the subscription model have a place in the restaurant business? Current trends […]

Avoid Employee Deferral Limit Excesses

The Internal Revenue Service (IRS) determines how much 401(k) plan participants can defer into their plan accounts, but many plan participants sometimes fail to fully understand or keep these deferral limits top of mind. Participants exceed 401(k) deferral limits for a variety of reasons. While the filing deadline for on-time tax filers has passed for […]

Restaurant Revitalization Fund: How to Report Your Expenditures

If your business had the good fortune to receive a tax-free grant from the Restaurant Revitalization Fund (RRF), you are probably aware that the funds must be used for eligible expenses during the “covered period.” Generally, recipients must use the funds by March 11, 2023, for eligible expenses incurred from February 15, 2020, through March […]

Is It Time for a Collective Investment Trust?

Collective investment trusts (CITs) are winning the hearts, minds and dollars of growing numbers of defined contribution (DC) plans. If you are not aware of the trend, it might be time to learn what CITs are and how they have evolved since the days when they were standard fixtures of DC plans. Collective investment trust […]

Heads Up, Restaurants: Federal Relief Could Trigger a Single Audit

Since the outbreak of COVID-19, the restaurant industry has been one of the hardest hit by the pandemic’s impacts, leading to spikes in business closures, continued capacity limitations, and unprecedented loss in both jobs and sales. However, many establishments were able to keep their doors open and continue to serve customers throughout the course of […]

IRS Compliance Checklist: Keep Your Plan Running Smoothly and Legally

Some IRS compliance requirements for plan sponsors may be more familiar than others. Because knowledge of even the most basic rules tends to vary, the IRS offers a 401(k) plan checklist of the top compliance tasks. It is a good idea to test your plan against this checklist. Before you start Both you and your […]

Pooled Employer Plans: A Look at How Small Employers Can Benefit

Employers and retirement plan services providers have had a year to mull over their options since the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 paved the way for the launch of pooled employer plans (PEPs). For small businesses, these new plans may fundamentally change the quality of and access to retirement […]

Understanding Private Equity Investments in Defined Contribution Plans

The Department of Labor (DOL) recently released an “information letter” in response to inquiries from the private equity industry as to whether private equity investments can be offered to defined contribution plans. Per the DOL’s response, it will allow defined contribution plans to offer indirect investment in private equity funds. Is this a good fit […]

The RESTAURANTS Act: Will Congress Deliver Additional Financial Relief?

As the COVID-19 pandemic continues to take a toll on the U.S. economy, restaurants and bars remain among the hardest-hit businesses. A bill pending in Congress, if enacted, would provide the industry with much-needed financial relief. The tortuously named Real Economic Support That Acknowledges Unique Restaurant Assistance Needed To Survive (RESTAURANTS) Act of 2020 would […]

CARES Act Expands Financial Options for Impacted Plan Participants

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was passed a few weeks ago in an effort to help curb the possible economic stress the Coronavirus pandemic has placed on Americans. The Act was far reaching and included many provisions regarding retirement plans and accounts. Although guidance on the CARES Act continues to come […]

Appeals Court Sacks Spouse’s Attempt for Qualified Domestic Relations Order

Plan administrators are faced with a barrage of employee benefit plan rules, including hardship withdrawals, eligible compensation and deemed loan distributions.  It can seem like operating a plan is a never-ending learning experience.  One item that you may not have encountered yet is a qualified domestic relations order, or QDRO.  Like some of the other rules in the EBP world, QDRO rules can be a little confusing.  The important factor when dealing with a QDRO is determining if the QDRO is, in fact, qualified. 

Failing to Enroll Eligible Employees in Your Plan

Given the significant amount of administrative responsibilities of a plan sponsor, administrative glitches are inevitable when operating a retirement plan. One of the common errors we see when auditing plans is failing to add a newly eligible employee to your roster of 401(k) plan participants.

Plan Documents: Be Proactive to Avoid Violations

Anyone administering a retirement plan quickly realizes that it can be a daunting task. A key requirement that many administrators inadvertently miss is operating the plan in accordance to the plan documents.

Helping Soon-to-Be Retirees Understand RMD Rules

Employees who are approaching retirement age may be unaware of their required minimum distribution (RMD) obligations, which begin at age 70½ for both individual IRAs and 401(k)s. This article summarizes what they need to know for financial and tax-planning purposes.

New Tax Leaves Cook County Restaurants Feeling Unsweetened

As Illinois and its counties continue to look for more ways to generate revenue, local legislators have turned their attention to taxing items deemed unhealthy to its citizens. Cook County is no exception, as a new sugary drink tax was recently approved by Cook County Board members and will take effect in July 2017. This article analyzes how this tax works and its potential impact on local restaurants.

IRS Eases Pain for Correcting Certain Plan Administration Errors

We all know that nobody is perfect. The good news is, so does the IRS. The IRS acknowledges that retirement plan administrators are not infallible, and provides correction for certain administrative errors. While corrective actions can still be arduous and time consuming, the IRS has relaxed some of its rules. This article provides an in-depth look at the recent updates as to how the IRS will handle certain plan administration errors.

Retirement Plan Loans: The Pros and Cons

According to the Employee Benefit Research Institute, more than one-fifth (or 21%) of all 401(k) plan participants eligible for loans have loans outstanding at any given time. Looking out for the best interests of plan participants might involve discouraging them from borrowing against their savings, at least in the absence of a personal financial crisis. This blog summarizes plan loan requirements that all plan fiduciaries should know.

The Supreme Court Takes on 401(k) Fees

The Supreme Court may review your company’s 401(k) plan as it did in a recent case. This is what happened a few months ago when the Supreme Court ruled on the Tibble V. Edison case.

Are You Ready for a Higher Minimum Wage?

As most of you probably remember, the Chicago City Council passed an ordinance at the end of 2014 that significantly affects most Chicago businesses, including restaurants. The ordinance calls for businesses in the city of Chicago to raise the minimum wage it pays its employees. While the city gave businesses time to prepare for this cost increase, the time is fast approaching to implement this ordinance.

Examine your TDFs’ Glide Paths to Ensure Suitability

Retirement plan fiduciaries generally are absolved from liability with respect to plan participants’ selection of investments in plans that offer multiple investment choices with various levels of risk. This includes target date funds (TDFs). This blog discusses TDF basics and why fiduciaries must still act prudently in selecting them.

Understanding Your Forfeiture Account

One of the most misinterpreted and misused features of a defined contribution plan is the forfeiture account. Forfeiture accounts can benefit not only the plan, but also the plan sponsor. Before we explain how forfeiture accounts can be beneficial, we first have to understand what a forfeiture account is.

What to do When Raising Menu Prices is the Only Option

From the new Health Care Reform Act to this past year’s polar vortex, restaurateurs have recently faced a plethora of challenges. One problem they have run into this past year is the dramatic increase in food costs. This blog examines what to do when raising menu prices is the only option.

How to Fix a SIMPLE Mistake

Savings Incentive Match Plans for Employees (SIMPLE) IRAs offer small employers and their employees a simplified way to save for retirement. Generally, these plans allow employers and employees to contribute to traditional IRAs set up for employees. However, most plan sponsors will tell you that operating SIMPLE IRAs is not always simple. With the ever-changing retirement plan laws, mistakes can occur. This article describes the common mistakes and the steps plans can take to correct them.

The Pitfalls of Payroll for Tipped Employees

All industries have their own unique challenges and quirks. For a restaurant or bar, one unique aspect is payroll. Bars and restaurants need to deal with tips and gratuities, service charges and meals to employees every time they run payroll. This is a quick crash course on what you need to know before your run your next payroll.

Attracting Customers Using Value Promotions and Discounts

Customers are always looking to get a deal. Whether it’s finding that breath-taking house that is undervalued or getting that amazing all-inclusive deal to Cabo, the perception of value has become a standard tool for marketing products and services.

New Year’s Resolutions for Restaurants

Whether it’s getting that gym membership or tweaking your personal savings plan, people always want to hit the ground running at the beginning of a new year. With all of these personal goals you’ve set up for yourself, it’s easy to forget about some key deadlines that relate to your restaurant.

Up-Selling to Increase Your Restaurant’s Revenues

Pick up a local newspaper or browse your local deal or restaurant websites and you’ll find an array of elaborate and unique restaurant promotional campaigns to attract more customers. Restaurateurs spend countless hours and dollars developing ideas on how to increase their restaurants’ sales by increasing the foot traffic that is coming into their establishments.

Menu Engineering to Improve Your Restaurant’s Bottom Line

When restaurant owners think of all the different hats they have to wear in their day-to-day business operations, an engineer’s hat probably isn’t one of them. However, many restaurateurs are finding that adding this skill set can dramatically improve their bottom line. Menu engineering is an effective tool for evaluating the profitability and popularity of your menu items.

Various Media – ORBA Launches ORBA Wealth Advisors

ORBA was mentioned in the media for its announcement of the launch of ORBA Wealth Advisors, LLC. Reporting media include Wealth Adviser, Verdict, Yahoo! Finance, the Daily Herald and Merril Edge. View the official press release.

ORBA Announces the Launch of Wealth Advisory Subsidiary, ORBA Wealth Advisors, LLC

CHICAGO — Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is pleased to announce the opening of its new wealth advisory subsidiary, ORBA Wealth Advisors, LLC, an Independent Registered Investment Advisor (RIA). 

ORBA Names Adam Levine and James Pellino as New Directors

CHICAGO – Ostrow Reisin Berk & Abrams, Ltd. (ORBA), one of Chicago’s largest public accounting firms, is proud to announce that Adam Levine, CPA, CFP® and James Pellino, CPA have been elected as Directors effective July 1.