Associate MEMBERS’ CORNER COMPLIANCE ALLIANCE / AUSTIN, TX Victoria Stephen has been promoted to executive vice president, general counsel at the company’s Compliance Hub. In her time with the company, she has previously managed the hotline and spearheaded webinars, huddles and product development. PWCAMPBELL / PITTSBURGH Stephen L. Eckert joined the company as marketing director in April. He has 30 years of marketing experience since earning his bachelor’s degree from Grove City College. DEPARTMENT A participant terminated employment Oct. 1, 2023. She will receive an amount equal to six months of her salary divided by the three months following the severance from employment date. This is considered severance pay because it is not a payment for services rendered to the employer (a parachute payment): it is not considered post-severance compensation – even though it’s paid during the following 2½ months, and is not considered for plan benefit purposes. Note: Payment of discretionary severance pay (i.e, a parachute payment) that begins before the severance date is a new trend, one that may create ambiguity when determining a terminating employee’s entitlement to retirement plan benefits. Under current rules, there is potential to create a compliance problem if the employer includes them but can’t justify the payments as having been earned. Discussion of the issue with an employer’s legal counsel or tax professional is advised. Kristoffer has earned the Qualified 401(k) Administrator (QKA) credential from ASPPA. He also earned a Master of Arts in Educational Leadership and Policy from Portland State University and a Bachelor of Arts in Applied Economics, Business, and Society from the University of Oregon. Ascensus is an associate member of the Indiana Bankers Association. HUMAN RESOURCES CONT Kristoffer Aas, EdM ERISA Analyst Ascensus ERISAcommunications@Ascensus.com 68 HOOSIERBANKER
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