Focuses on qualified retirement plan compliance and administration
Assists with qualified plan due diligence and post-transaction assistance
Denver
@alvarezmarsal
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Michael Schmit is a Senior Director with Alvarez & Marsal Tax in Denver. He specializes in compensation and benefits, with a specific focus on qualified retirement plan compliance and administration issues.
Mr. Schmit is frequently engaged to represent clients related to Internal Revenue Service (IRS) and Department of Labor (DOL) audits, examinations, and investigations. He also assists clients with qualified plan compliance issues, including correction through IRS and DOL correction programs.
Leveraging the insights gained from his experience working with the IRS and DOL, Mr. Schmit frequently assists clients in developing and improving their retirement plan administration processes. He also assists in assessing his clients’ retirement plan vendors.
Additionally, Mr. Schmit has performed non-discrimination testing for single and multiple employer plans. He also assists with performing due diligence on qualified plans and benefits programs, including work on Employer Stock Ownership Plans (ESOPs).
Prior to joining A&M, Mr. Schmit was with Compensation & Benefit Solutions in Denver, serving most recently as a Senior Associate.
Mr. Schmit earned a bachelor’s degree from the University of South Dakota and a J.D. from Case Western Reserve University School of Law.
Many of the limits that pertain to qualified retirement plans and benefit plans are set by the Internal Revenue Service (IRS) and are subject to cost-of-living adjustments. In 2025, employees will be able to increase their retirement savings and contributions to health savings accounts as a result of the increased limits. The IRS limits for 2025 are summarized in the table below along with certain important compliance deadlines.
IRC Section 162(m) limits publicly held corporations to deducting no more than $1 million in compensation per taxable year for certain covered employees. How can corporations manage the multiple categories of covered employees under these new regulations?
