Cybersecurity continues to be an important fiduciary responsibility as the threat for security breaches grows with fraud, hacking or phishing schemes. During this COVID-19 pandemic, cybersecurity for your ERISA retirement...more
As a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was enacted on March 27, 2020 there have been changes to participant loans.
Participant Loan Changes -
For a qualified individual (as...more
The Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted on Friday, March 27, 2020, there have been changes to retirement plans.
In-Service Distributions -
The Act waives the 10% excise tax that...more
As a result of the CARES Act enacted on March 27, 2020, the required minimum distribution rules that previously began at age 70½ and now begin at age 72 are waived for the 2020 calendar year for defined contribution plans...more
In IRS Notice 2019-18, the IRS announced that it no longer intends to issue regulations that prohibit pension plans from offering to retirees who have already begun annuity payments the choice to receive the value of the...more
The IRS has updated its Operational Compliance List that highlights changes to retirement plans. The updated list affirms the ability of plan sponsors to rely on proposed 401(k) hardship regulations until the IRS finalizes...more
When a company is sold and its retirement plan is terminated, an employee with an outstanding participant loan under the plan may have a problem. If the buyer and seller work together, the employee can be offered a choice to...more
On November 14, 2018, the IRS issued proposed regulations about the new hardship withdrawal rules that generally became effective January 1, 2019. The proposed regulations...more
This alert shows the new IRS and SSA 2019 Indexed Numbers For Employee Benefits Plans....more