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.

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Upcoming Compliance Deadlines for Calendar-Year Plans

Upcoming Compliance Deadlines for Calendar-Year Plans

1st December 2020 Participant Notices – Annual notices due for safe harbor elections, Qualified Default Investment Alternatives (QDIA), and Automatic Contribution Arrangements (EACA or QACA). 31st ADP/ACP Corrections – Deadline for a plan to make ADP/ACP corrective...

The CARES ACT Update

The CARES ACT Update

2020 has been a difficult year with many unexpected challenges. For companies that sponsor retirement plans, some of these challenges came in the form of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While the CARES Act provided much needed relief to plan sponsors and their participants, the relief also brought new complexity to retirement plan compliance.

Required Year-End Participant Notices

Required Year-End Participant Notices

As the end of the year approaches, our to-do lists become longer but our bandwidth becomes condensed. To compound matters, when you sponsor a retirement plan, you know you will be in close contact with your TPA firm about the various year-end notices that must be distributed to plan participants.

Cycle 3 Plan Document Restatements

Cycle 3 Plan Document Restatements

Approximately every six years, the IRS requires that pre-approved qualified retirement plans update (or restate) their plan document to reflect recent legislative and regulatory changes. Plan restatements are divided into staggered six-year cycles depending on the type of plan (e.g. defined benefit plans or defined contribution plans, such as 401(k) and 403(b) plans).

Cost of Living Adjustments for 2021

Cost of Living Adjustments for 2021

On October 26, 2020, the IRS announced the Cost of Living Adjustments affecting the dollar limitations for retirement plans. Contribution and benefit increases are intended to allow participant contributions and benefits to keep up with the “cost of living” from year to year. Here are the highlights from the 2021 limits.

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.

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

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