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IRS Extends Relief for Participant Signatures

Certain elections made by participants and spouses under retirement plans must be signed “in the physical presence of a plan representative or a notary public.”  The IRS provided relief from this physical presence requirement...more

Last Minute Guidance About COBRA and Other Deadlines

The DOL issued Disaster Relief Notice 2021-01 this past Friday about different deadlines that were extended last year due to COVID from March 1, 2020 through February 28, 2021. The deadlines were extended for COBRA election...more

IRS Notice Provides Temporary Relief for Freezing Safe Harbor 401(k) Plans

On June 29, the IRS issued Notice 2020-52.  It permits plan sponsors to adopt a mid-year amendment between March 13, 2020 and August 31, 2020 to freeze their safe harbor contributions under their 401(k) and 403(b) plans. The...more

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

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

CARES Act Retirement Plan Update: Participant Loan Changes

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

CARES Act Retirement Plan Updates: In-Service Distributions

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

CARES Act Retirement Plan Updates: Temporary Waiver of Required Minimum Distribution Rules

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

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