Beginning January 1, 2024, employers will be required to allow Long-term, part-time (LTPT) employees to make deferral contributions to qualified retirement plans that contain cash or deferred arrangements. Deferrals for LTPT...more
There is a growing trend of using participant data to cross-sell financial products unrelated to plan recordkeeping by large recordkeepers and asset custodians of employer-sponsored retirement plans. In light of the fact that...more
Holiday season and the end of the year are both quickly approaching, and with the turning of the calendar from 2021 to 2022 come several employee benefit plan amendment deadlines and implementation requirements. Some of these...more
Last year, in response to the COVID-19 pandemic, the United States Congress and the Puerto Rico Department of Treasury (Hacienda) granted favorable tax treatment to coronavirus-related distributions (CRDs) and participant...more
2/1/2021
/ Benefit Plan Sponsors ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Distribution Rules ,
Hardship Distributions ,
IRS ,
Puerto Rico ,
Qualified Disaster Relief Payments ,
Retirement Account Loans ,
Retirement Plan ,
Tax Relief
As cash flow and decreased revenue concerns rise, many employers are looking for ways to cut costs. This article generally identifies the circumstances that allow a safe harbor 401(k) plan sponsor to suspend safe harbor...more