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The SECURE Act 2.0: The Most Impactful Provisions #13 — Starter 401(k) Plans and Safe Harbor 403(b) Plans

Most employees who work for large and mid-sized employers have the opportunity to defer money from their paychecks into a savings-based retirement plan. That is not the case with many small employers, though, where large...more

The SECURE Act 2.0: The Most Impactful Provisions #12 — Multiple Employer 403(b) Plans

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more

The SECURE Act 2.0: The Most Impactful Provisions #11 — The Saver’s Match for Low Income Workers

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more

Tax Credits for Starting Up Small Employer Plans: What You Need to Know

Starting with tax years beginning after December 31, 2022, a small employer can take advantage of significant tax credits under SECURE Act 2.0 (the “Act”) for establishing a new retirement plan.  Under the Act, the tax...more

The SECURE Act 2.0: The Most Impactful Provisions #9 — Roth Treatment for Catch-up Contributions for Higher Compensated

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more

The SECURE Act 2.0: The Most Impactful Provisions #8 — Financial Incentives for Participants for Deferrals

Prior to the SECURE Act 2.0 the only financial incentive for a participant to make a deferral was a matching contribution. However, the new law permits “de minimus” non-cash incentives for beginning participation or...more

The SECURE Act 2.0: The Most Impactful Provisions (#1–Automatic Plans)

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022—the “enactment date”. SECURE Act 2.0 has over 90 provisions, some major and some minor. One of the most...more

A Rollover Recommendation Is a Securities Recommendation

The Department of Labor considers a rollover recommendation to be a recommendation to liquidate the investments in a participant’s 401(k) account or to transfer (and change) securities. In addition, as explained in...more

Best Interest Standard of Care for Advisors #41

The Department of Labor’s Prohibited Transaction Exemption and Its Impact on Recommendations to Plans, Participants and IRAs (Part 6) - On February 16, 2021, the DOL’s prohibited transaction exemption (PTE) 2020-02 became...more

SECURE Act 2.0: Key Provisions Affecting Retirement Plans

Late last year, House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020 (SECURE 2.0), a bipartisan legislative proposal that...more

CARES Act: Special Distributions to Qualified Individuals

The CARES Act includes a provision that can help participants who are affected by the coronavirus (qualified individuals*) by permitting them to take a special coronavirus-related distribution (CRD) this year. As a financial...more

Best Interest Standard of Care for Advisors #29

On June 15, SEC Chairman Clayton issued a statement partially entitled: “Need for Increased Care when Recommending 401(k)/IRA Rollovers and Withdrawals . . .”. As that title suggests, the Chairman’s statement covers areas...more

CARES Act Required Minimum Distribution Rules: Helping Your Clients Deal with the Issues

This post outlines CARES Act provisions that affect your plan sponsor clients, plan participants and IRA clients, so you can help them navigate the new rules. This post addresses the rules on required minimum distributions...more

The CARES ACT: Helping Your 401(K) Participants During the Coronavirus Crisis - Part 3

Waiver of Required Minimum Distributions - This is the third in our series of articles on special CARES Act provisions designed to help your 401(k) participants. In our prior articles, we discussed the temporary loan...more

The CARES Act: Helping Your 401(K) Participants During the Coronavirus Crisis - Part 2

Our first article discussed CARES Act provisions designed to help your 401(k) participants with temporary loan enhancements. Here we discuss a second provision of the Act that can help participants who are affected by the...more

The CARES Act: Helping Your 401(K) Participants During the Coronavirus Crisis

The Enhanced Loan Provision for Qualified Participants - With the spread of the coronavirus and the resulting closures and cutbacks, many 401(k) participants are working reduced hours, but are not considered to be...more

The Coronavirus Crisis: What Plan Sponsors Should Do

The Coronavirus pandemic is disrupting everyone’s personal and financial lives. While our health, and that of our families and friends, is paramount, we realize that the sudden and large investment losses in the 401(k) plans...more

SECURE Act and Guaranteed Income (Part 3)

The introduction to my last two posts, SECURE Act Part 1 and SECURE Act Part 2, explained: There are two parts of the SECURE Act that I believe will have the greatest impact on my clients: plan sponsors and plan service...more

SECURE Act and Guaranteed Income (Part 2)

The introduction to my last post, SECURE Act Part 1, explained: There are two parts of the SECURE Act that I believe will have the greatest impact on my clients: plan sponsors and plan service providers. The first includes...more

SECURE Act and Guaranteed Income (Part 1)

There are two parts of the SECURE Act that I believe will have the greatest impact on plan sponsors and service providers. • The first part includes the provisions on retirement income, including the safe harbor for...more

Best Interest Standard of Care for Advisors #15

The SEC has issued its final Regulation Best Interest (Reg BI), Form CRS Rule, RIA Interpretation and Solely Incidental Interpretation. I am discussing the SEC’s guidance in a series of articles entitled “Best Interest...more

Best Practices for Plan Sponsors #12

Lessons Learned from Litigation (#4)—The Johns Hopkins Case - This is the twelfth in a series of articles about Best Practices for Plan Sponsors. To be clear, “best practices” are not the same as legal requirements....more

Best Practices for Plan Sponsors #10

This is the tenth in a series of articles about Best Practices for Plan Sponsors. To be clear, “best practices” are not the same as legal requirements. Instead, they are about better ways to manage retirement plans. In...more

The SECURE Act and Guaranteed Retirement Income in Plans

By now you have probably seen a number of articles about the SECURE Act (Setting Every Community Up for Retirement Enhancement Act of 2019) and its safe harbor for guaranteed retirement income in 401(k) plans. Some have...more

DOL’s Final Rule on Association Retirement Plans: What It Means for the Retirement Industry

The DOL’s newly released final regulation on “Association Retirement Plans” (ARPs) will make it easier for groups and associations of employers to jointly sponsor a combined 401(k) or other defined contribution plan. (These...more

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