As we approach the end of 2021, it’s again time for sponsors of 401(a) and 403(b) plans to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements. While...more
The IRS recently announced (Notice 2021-61, Nov. 4, 2021) that many of the key pension limits will increase next year – some significantly due to higher inflation. The Social Security Administration and PBGC also recently...more
Background on the 403(b) Pre-Approved Plan Program -
In 2013, the IRS began accepting prototype and volume submitter 403(b) plans (now referred to collectively as “pre-approved” plans) in the first-ever 403(b) remedial...more
IRS Notice 2020-68 (Notice) provides the first round of guidance on a number of provisions under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of...more
9/22/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Distribution Rules ,
Employee Benefits ,
Employer Contributions ,
IRS ,
Pensions ,
SECURE Act ,
Tax Planning ,
Vesting
On June 29, the Internal Revenue Service (“IRS”) issued Notice 2020-52, which provides guidance and temporary relief for employers who may choose to reduce contributions during 2020 to their safe harbor 401(k) or 403(b) plan....more
Effective March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) brings immediate changes and relief to 401(k) plans, similar to natural disaster relief issued in the past. ...more
The last two weeks have seen dramatic changes for communities and businesses as COVID-19 has spread to all parts of the world. Significant disruptions for businesses and individuals have become necessary as we work together...more
IRA providers were concerned with not being able to “stop the presses” when it came to notices being provided in January to IRA owners regarding the need to take 2020 minimum required distributions (“MRDs”)....more
1/30/2020
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Individual Retirement Account (IRA) ,
IRS ,
Multiemployer Plan ,
New Legislation ,
Pensions ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning