News & Analysis as of

Retirement Plan Internal Revenue Service Hardship Distributions

Fisher Phillips

IRS Grab Bag Brings Clarity to Certain SECURE Act 2.0 Provisions: 6 Biggest Points for Employers

Fisher Phillips on

Employers that sponsor retirement plans continue to have a lot on their plate. With SECURE Act 2.0 requirements now in play, this legislation continues to add more and more to your (already) overflowing plate. However, as is...more

Bond Schoeneck & King PLLC

Retirement Plan Amendment Deadlines

As we approach the end of 2021, it is a good time to review upcoming year-end plan amendment deadlines applicable to retirement plans. Employers should review their plans with their providers and advisers to determine if any...more

Troutman Pepper

Employer-Sponsored Retirement and Health Plans: What You Need to Know for Year-End

Troutman Pepper on

While year-end is ordinarily a busy time for companies, the number of COVID-19-related pieces of legislation and developments present additional items employers and plan sponsors must address in wrapping up 2021....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Are Your Employee Benefits Plans Ready for the New Year or Is It the Same Auld Lang Syne?

Holiday season and the end of the year are both quickly approaching, and with the turning of the calendar from 2021 to 2022 come several employee benefit plan amendment deadlines and implementation requirements. Some of these...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

U.S. and Puerto Rico Issue Rules on Non-COVID-19 Disaster Relief for Retirement Plans

Last year, in response to the COVID-19 pandemic, the United States Congress and the Puerto Rico Department of Treasury (Hacienda) granted favorable tax treatment to coronavirus-related distributions (CRDs) and participant...more

Verrill

December 31 Sunset of Safe Harbor Correction Method for Certain Elective Deferral Failures Benefits Law Update

Verrill on

A special IRS-approved correction method available for elective deferral failures in 401(k) and 403(b) plans with automatic contribution features will sunset on December 31, 2020, meaning it will not be available to correct...more

Seyfarth Shaw LLP

Out for a Penny, Out for a Pound? IRS Provides Employees Opportunity to Cancel Non-Qualified Deferral Elections through...

Seyfarth Shaw LLP on

Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions, the CARES Act provides participants in tax-qualified retirement plans the opportunity to request distributions on a tax-favored basis by self-certifying...more

Nutter McClennen & Fish LLP

IRS Provides More Good News with Respect to Retirement Plan Required Minimum Distributions

The Internal Revenue Service released Notice 2020-51, Guidance on Waiver of 2020 Required Minimum Distributions, pertaining to the waiver of 2020 required minimum distributions as described in Section 401(a)(9) of the...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Issues Additional CARES Act Guidance for Retirement Plan Administrators and Qualified Individuals

The Internal Revenue Service (IRS) recently released two notices that provide additional guidance for retirement plan administrators and qualified individuals about the special distribution, plan loan, and required minimum...more

Tucker Arensberg, P.C.

IRS Broadens Eligibility for COVID-19 In-Service Distributions and Participant Loans Under DC Plans

Tucker Arensberg, P.C. on

On June 19, the IRS issued Notice 2020-50.  It expounds on the rules for in-service withdrawals and participant loans for defined contribution (DC) plans for participants adversely affected by the COVID-19 pandemic. The...more

Jackson Lewis P.C.

Mid-Year Safe Harbor Design Changes In A COVID-19 World

Jackson Lewis P.C. on

As COVID-19 continues its upheaval of nearly all aspects of life, retirement plan administration included (see some of our prior discussions here, here, here and here), the Internal Revenue Service recently issued guidance...more

Woods Rogers

COVID-19 and the CARES Act – New IRS Guidance and Relief for Retirement Plan Distributions and Loans

Woods Rogers on

On June 19 and 23, 2020, the IRS issued additional guidance (IRS Notices 2020-50 and 2020-51) clarifying and expanding relief for retirement plan participants under the Coronavirus Aid, Relief and Economic Security Act (CARES...more

Verrill

IRS Issues New Guidance on CARES Act Retirement Plan Distributions and Loans

Verrill on

The IRS recently issued Notice 2020-50, which expands relief provided for retirement plan distributions and loans under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Distributions - Under the CARES...more

Jackson Walker

Additional Clarity for Employers and Retirement Plan Administrators on Coronavirus Relief Under the CARES Act

Jackson Walker on

After the CARES Act was enacted, plan administrators had questions regarding how to determine if a participant is eligible to receive a Coronavirus distribution, Coronavirus loan, or delay of loan payments because a...more

Morgan Lewis

COVID-19: Agencies Issue Disaster Relief for Welfare Plans

Morgan Lewis on

The US Department of Labor’s Employee Benefits Security Administration (DOL) and the Internal Revenue Service (IRS) issued guidance last week providing deadline and other relief affecting welfare plans and their sponsors and...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Provides Clarity for Retirement Plans on CARES Act COVID-Related Distributions and Loans

On May 4, 2020, the Internal Revenue Service (IRS) issued informal guidance regarding the coronavirus-related distributions (CRD) and loan options provided for retirement plans and participants under Section 2202 of the...more

Morgan Lewis

CARES Act: IRS Q&As Address Retirement Plan Distribution and Loan Issues

Morgan Lewis on

In what is likely the first of several CARES Act–related pieces of retirement plan guidance, the Internal Revenue Service recently posted a set of Q&As addressing certain issues and questions related to distributions and...more

Stinson - Benefits Notes Blog

IRS Answers Some FAQs on Coronavirus-Related Distributions and Loans

On May 4, 2020, the IRS provided guidance on coronavirus-related distributions (“CRDs”) and coronavirus-related loans and loan payment delays (“CR Loan Provisions”) in the form of FAQs....more

Bass, Berry & Sims PLC

COVID-19: Retirement Plan FAQs

This set of FAQs is part of a series dealing with the impact of COVID-19 on businesses. Government-mandated protocols and social distancing directives as a result of the COVID-19 pandemic have led to significant business...more

Maynard Nexsen

CARES Act -- New Employee Benefit Tools to Support Affected Employees

Maynard Nexsen on

Signed by President Trump on March 27, 2020, the CARES Act adds a few new tools to employers’ employee benefit arsenal. Many changes – such as the increase in plan loans limits and hardship distribution conditions – expand...more

Amundsen Davis LLC

The CARES Act Impact On Your Personal Finances And Retirement Accounts

Amundsen Davis LLC on

You have probably been hearing in the news that the government is going to mail each taxpayer a check in the next few weeks. Those checks are actually being called “rebates” and not every taxpayer is eligible. However, the...more

Dentons

401(k) Withdrawals Because of Coronavirus/COVID-19

Dentons on

Many businesses, families, and individuals are seeing personal financial impacts from the COVID-19 pandemic. Individuals facing difficult choices about paying their bills are asking their employers if they can withdraw from...more

Seyfarth Shaw LLP

Coronavirus Update – Senate CARES and Considers Proposed Relief for Retirement Plan Participants

Seyfarth Shaw LLP on

Seyfarth Synopsis: As we have been raising in our series of blog posts and Legal Updates, the impact of the coronavirus is far-reaching, and there are a number of concerns relating to employer-sponsored retirement plans to...more

Sherman & Howard L.L.C.

Retirement Plans And COVID-19 Considerations

This past period of time has brought much uncertainty to the world as well as to employers with retirement plans that have been impacted by COVID-19. This advisory provides insights and guidance to consider for...more

Morgan Lewis - ML Benefits

COVID-19 Relief Recommendations for the IRS

Morgan Lewis recently submitted a comprehensive list of IRS relief recommendations to the head of the IRS Office of Chief Counsel....more

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