In our 2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Plans, we suggested that sponsors of all qualified retirement plans should be on the lookout for the Internal Revenue Service’s (“IRS”) 2019 Required...more
As 2017 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered...more
11/21/2017
/ 401k ,
Affordable Care Act ,
Automatic Enrollment ,
Benefit Plan Sponsors ,
Best Interest Contract Exemptions ,
Department of Labor (DOL) ,
Determination Letter ,
Disability Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Rule ,
Filing Requirements ,
Form 5500 ,
Hardship Distributions ,
IRS ,
Natural Disasters ,
Proposed Rules ,
Qualified Retirement Plans ,
Retirement Plan ,
Safe Harbors ,
Summary Plan Description
In Announcement 2017-11, the IRS relaxed standards for hardship distributions and loans from qualified retirement plans for those affected by Hurricane Harvey. This relief applies to employees or former employees and their...more
In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant...more
In its April 1, 2015 Employee Plans News, the IRS stated that defined contribution plan sponsors must maintain hardship distribution records and that plan sponsors cannot rely on electronic participant self-certification for...more