Employer Shared Responsibility Updates From the IRS
The IRS updated two Q&As on its Employer Shared Responsibility Provisions web page. One of the Q&As updates penalties for 2021 and the second confirms […]
Proposed Regulations on Rollover of 401(k) Qualified Plan Loan Offsets
On August 17, 2020, the Internal Revenue Service (“IRS”) issued proposed regulations addressing rollovers of qualified retirement plan (particularly 401(k) plan) loan offset amounts. The […]
Reminder! COVID-19’s Altered Benefit Plan Deadlines
The FFCRA and CARES Act legislation extended certain guidelines applicable to plan administration actions (e.g., claims and appeals deadlines). What does this mean for employers? […]
IRS Updates 401(k) Model Rollover Notice
On August 6, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-62 which updates the information that must be provided to participants in retirement plans […]
DOL Proposes Revised Prohibited Transaction Exemption
On June 29, 2020, the U. S. Department of Labor (“DOL”) issued a proposed prohibited transaction exemption (“PTE”) – along with a related fact sheet […]
Temporary Suspension of 401(k) Plan Safe Harbor Contributions Due to COVID-19
On June 29, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-52 that generally permits employers who sponsor safe harbor 401(k) plans to temporarily reduce […]
Required Contribution Percentage Adjustment
The IRS announced (in Rev. Proc. 2020-36) the 2021 indexing adjustment to the Affordable Care Act’s (ACA’s) required contribution percentage. Applicable Large Employers (ALEs) subject […]
New IRS Guidance Expands Eligibility for 401(k) Plan COVID-19 Related Distributions and Loans
On June 19, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-50, along with a related news release, that provides official guidance on “coronavirus-related distributions” […]