Newsletter Articles

We’ve archived a series of newsletters, titled Benefit Insights, to help answer questions you might have about the operation and administration of retirement plans, as well as changes in legislation. You’ll find a new article here every quarter.

Why Red Bank Pension Services
IRS Issues Additional Pandemic Relief

IRS Issues Additional Pandemic Relief

On June 29, 2020, the IRS issued Notice 2020-52 in response to the COVID-19 pandemic providing welcome relief to plan sponsors who are considering suspending safe harbor contributions and also to those who may already have regardless of whether the employer is...

Electronic Delivery Could Save Billions

Electronic Delivery Could Save Billions

On May 21, 2020, the U.S. Department of Labor and the Employee Benefits Security Administration (EBSA) announced the publication of a final rule that will allow employers to communicate the required retirement plan disclosures and other plan information...

Understanding the CARES Act

Understanding the CARES Act

  On Friday, March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a massive relief bill for those suffering as a result of the Coronavirus pandemic, was signed into law. Besides the generalized financial relief afforded to...

How the SECURE Act is Changing Retirement

How the SECURE Act is Changing Retirement

On December 20, 2019, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law.

The SECURE Act represents some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006, over thirteen years ago.

The Final Rule on Hardship Distributions

The Final Rule on Hardship Distributions

On Sept. 23rd, the IRS published a final rule that relaxes several existing restrictions on participant hardship distributions from defined contribution plans.

Some of these changes are mandatory, requiring employers to make the changes by Jan. 1st, 2020, while others are optional.

Safe Harbor 401(k) Plan Design

Safe Harbor 401(k) Plan Design

Being the bearer of bad news isn’t fun.

When the third-party administration firm relays that aspects of the annual compliance testing have failed causing many of the company’s executives to receive taxable distributions from the plan, it isn’t a great day for the HR manager.

IRS Announces Limits for 2020

IRS Announces Limits for 2020

On November 6th, 2019, the IRS announced the cost of living adjustments affecting the dollar limitations for retirement plans.

Contribution and benefit increases are based on a calculated change in the Consumer Price Index and are intended to allow participant contributions and benefits to keep up with the “cost of living” from year to year.

It’s All in the Design…

It’s All in the Design…

For many new Plan Sponsors, and even those well-seasoned at running a company retirement plan, understanding plan design can be daunting. Industry terminology, IRS code sections, and complicated illustrations can make understanding difficult.

Complying with Safe Harbor Deadlines

Complying with Safe Harbor Deadlines

All 401(k) plan contributions have deposit deadlines, and it’s up to 401(k) fiduciaries to meet them. Yet, many are unclear about the deadlines applicable to their 401(k) plan. That confusion can easily lead to late contributions.
Most of the confusion surrounds…

Bucket List: Retirement

Bucket List: Retirement

The economy continues at its strong pace, keeping unemployment at its lowest rate in nearly 50 years. While this is usually good news, employee financial vulnerability is clouding this sunny forecast. The repercussions are impacting their…

Of course, we’d be happy to hear your questions personally. We’ve got answers.

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