Cost of Living Adjustments for 2021

December 1, 2020    702    702   

Required Year-End Participant Notices

November 12, 2020    703    703   

As the end of the year approaches, our to-do lists become longer but our bandwidth becomes condensed. To compound matters, when you sponsor a retirement plan, you know you will be in close contact with your TPA firm about the various year-end notices that must be distributed to plan participants. 

The SECURE Act Reminders

November 12, 2020    637    637   

With so much discussion surrounding the CARES Act, it is easy to forget that 2019 brought us some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006. 

The CARES ACT Update

November 12, 2020    613    613   

2020 has been a difficult year with many unexpected challenges. For companies that sponsor retirement plans, some of these challenges came in the form of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

Cycle 3 Plan Document Restatements

November 12, 2020    617    617   

Approximately every six years, the IRS requires that pre-approved qualified retirement plans update (or restate) their plan document to reflect recent legislative and regulatory changes. Plan restatements are divided into staggered six-year cycles depending on the type of plan (e.g. defined benefit plans or defined contribution plans, such as 401(k) and 403(b) plans).

Electronic Delivery Could Save Billions

August 4, 2020    722    722   

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    713    713   

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    963    963   

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    1002    1002   

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    1039    1039   

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.