Electronic Delivery Could Save Billions

August 4, 2020    123    123   

On May 21, 2020, the U.S. Department of Labor and the Employee Benefits Security Administration (EBSA) announced the publication of a final rule that will allow employers to communicate the required retirement plan disclosures and other plan information electronically. 

IRS Issues Additional Pandemic Relief

August 4, 2020    98    98   

On June 29, 2020, the IRS issued Notice 2020-52 in response to the COVID-19 pandemic providing welcome relief to plan sponsors who are considering suspending safe harbor contributions and also to those who may already have regardless of whether the employer is suffering an economic loss. 

Understanding the CARES Act

April 8, 2020    291    291   

On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a massive relief bill for those suffering as a result of the Coronavirus pandemic, was signed into law. Besides the generalized financial relief afforded to individuals, as well as loans and other concessions for businesses, the bill includes the following provisions to help participants and employer sponsors of retirement plans.

How the SECURE Act is Changing Retirement

February 12, 2020    329    329   

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law.

The SECURE Act represents some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006, over thirteen years ago. The provisions of the Act are broad ranging and span many different effective dates.

The Final Rule on Hardship Distributions

November 22, 2019    408    408   

On Sept. 23rd, the IRS published a final rule that relaxes several existing restrictions on participant hardship distributions from defined contribution plans.

Some of these changes are mandatory, requiring employers to make the changes by Jan. 1st, 2020, while others are optional. 

Safe Harbor 401(k) Plan Design

November 22, 2019    418    418   

Being the bearer of bad news isn’t fun.

When the third-party administration firm relays that aspects of the annual compliance testing have failed causing many of the company’s executives to receive taxable distributions from the plan, it isn’t a great day for the HR manager.

IRS Announces Limits for 2020

November 22, 2019    390    390   

On November 6th, 2019, the IRS announced the cost of living adjustments affecting the dollar limitations for retirement plans.

Contribution and benefit increases are based on a calculated change in the Consumer Price Index and are intended to allow participant contributions and benefits to keep up with the “cost of living” from year to year.

It's All in the Design...

September 12, 2019    459    459   

For many new Plan Sponsors, and even those savvy at running company retirement plans, understanding plan design can be daunting. Industry terminology, IRS code sections, and complicated illustrations can make understanding difficult.

Bucket List: Retirement

September 12, 2019    477    477   

The economy continues at its strong pace, keeping unemployment at its lowest rate in nearly 50 years. While this is usually good news, employee financial vulnerability is clouding this sunny forecast. The repercussions are impacting their ability to save for retirement.

Complying with Safe Harbor Deadline

September 12, 2019    461    461   

All 401(k) plan contributions have deposit deadlines, and it’s up to 401(k) fiduciaries to meet them. Yet, many are unclear about the deadlines applicable to their 401(k) plan. That confusion can easily lead to late contributions.