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Retirement Plan › Benefit Plan Sponsors › Loans

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The multiple loan problem

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

As a 401(k) plan sponsor, you need to know that plan errors happen all the time. A 401(k) plan has so many moving parts, so that means something might break. The problem here is that while things can happen without control,...more

Verrill

Recap of Change to Retirement Plan Rollover Rules for Plan Loan Offsets

Verrill on

The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more

Holland & Hart - Employers' Lawyers

Significant Expansion of IRS Self-Correction Program for Retirement Plan Errors

Holland & Hart - Employers' Lawyers on

On April 19, 2019, the IRS issued Revenue Procedure 2019-19 (the “Revenue Procedure”), the latest update to and restatement of the Employee Plans Compliance Resolution System, its retirement plans correction program....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Problem With Multiple Loans

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

When drafting new 401(k) plans, I always recommend allowing for a loan provision. I know there are quite a few plan providers who don’t want any provisions that allow “leakage” of retirement assets, but I believe that when...more

Pillsbury Winthrop Shaw Pittman LLP

Internal Revenue Service Provides Helpful Relief to Hurricane Victims

Pillsbury Winthrop Shaw Pittman LLP on

Announcement 2017-11 (Announcement) provides that a tax-qualified employer retirement plan may treat a distribution to a current or former employee covered by the Announcement as on account of hardship or an unforeseeable...more

Jackson Walker

IRS Provides for Expedited Loans and Hardship Distributions from Retirement Plans

Jackson Walker on

The IRS announced last week that it will allow victims of Hurricane Harvey and their families to more easily access assets held in employer-sponsored retirement plans. Specifically, the IRS will allow certain retirement plans...more

Poyner Spruill LLP

Administrative Check-Up on Participant Plan Loans

Poyner Spruill LLP on

The IRS just issued a memo to its auditors approving two different methods for calculating the statutory limitation on available loan amounts when a participant takes a new loan within 12 months of having paid off another...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Problem With Loans

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

When I draft a new 401(k) plan for a client, I’ll recommend a loan provision even though it can be an administrative headache. The reason that I add it because I think participants need to have access to money if in their...more

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