New Plan Tax Credits

New Plan Tax Credits

When we talk about new retirement plans, we usually focus on the savings advantages they grant to business owners or the big-picture advantages of helping employees achieve ongoing financial wellness. Tax credits granted to plan sponsors are another important, but sometimes opaque, piece of this puzzle.
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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 electronically. The rule finishes a 2018 DOL initiative aimed at reducing administrative burdens and costs associated with the delivery of retirement plan disclosures. EBSA projects that electronic delivery could save retirement plan sponsor...
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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 suffering an economic loss. The notice is significant in that it permits employers who sponsor 401(k) plans to reduce or suspend their safe harbor contributions and redirect those funds to other, more urgent needs. However, plan spons...
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Paying Fees from Plan Assets

Paying Fees from Plan Assets

 Download The Action Doc COVID-19 is obviously causing financial stress and, when it comes to your clients’ qualified retirement plans, they may be looking for ways to reduce expenses. In this talk, we’ll detail the three options they have to use plan assets to pay some plan expenses as long as they follow Department of Labor and IRS rules.Plan sponsors can generally use plan assets to pay for administrative expenses. “Administrative expenses” include the costs ...
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How the CARES Act Applies to Your Retirement Plan

How the CARES Act Applies to Your Retirement Plan

IMPORTANT HIGHLIGHTSThe Coronavirus Aid, Relief and Economic Security (CARES) Act includes provisions that may apply to your retirement plan. Here are some important highlights to know first.The CARES ACT expands and relaxes rules on withdrawals, participant loans, and defers mandatory distributions for participants of 401(k) and most other defined contribution plans or IRAs.Download The Action DocCORONAVIRUS-RELATED DISTRIBUTIONS (CRD)A plan participant may take a coronavirus-related distr...
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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 individuals, as well as loans and other concessions for businesses, the bill includes the following provisions to help participants and employer sponsors of retirement plans.Coronavirus-Related DistributionsThe bill permits “coronavirus-relat...
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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 provisions of the Act are broad ranging and span many different effective dates.Financial Help for Plan SponsorsThough tax credits have been in place to help offset the cost of adopting a new retirement plan, the SE...
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SECURE Act

SECURE Act

Download The Action DocAs you know, the goal of our nation’s retirement system is to create more opportunities for American workers to save and to make it easier for employers to start and maintain benefit plans. With this in mind, Congress just passed, and the President signed, the SECURE Act. SECURE stands for Setting Every Community Up for Retirement Enhancement.This is the most comprehensive and far-reaching update to retirement plans in more than a decade and many, but not all, of its...
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The Power of Re-Enrollment

The Power of Re-Enrollment

Download The Action Doc Auto-enrollment and automatic contribution increases have proven to be popular and successful retirement plan design features that get more people to save for retirement. A little less known is “re-enrollment.” It’s another important tool we have to help encourage better participant outcomes. And it has the potential to benefit the participant, the plan sponsor, and you. Just as auto-enrollment sweeps newly eligible employees into the plan unless they opt out, re-enro...
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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. Though the IRS had issued the proposed regulations in 2018, the final regulations clarify a few key provisions: The Loan-First Rule. The new rule removes the requirement that participants exhaust their ability to take ...
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