What is a summary plan description? When must it be given and to whom? Can it be delivered electronically? What are the consequences of not providing one?
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The year 2020 saw many employers hold off on starting a retirement plan. Now, as employers look to close their tax year, the goal of establishing a qualified retirement plan for 2020 may be something closer to the front of their minds. Thanks to the SECURE Act, they still have time to adopt a plan.
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Summary descriptions are soon due to employers that sponsor a SIMPLE IRA plan. Employers may look to your organization to find out what must be included. Be sure you understand the notice requirements.
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The DOL’s final regulations on default electronic delivery of retirement plan disclosures may make it easier for plan administrators to electronically deliver certain required disclosures to participants and beneficiaries in ERISA-covered plans.
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In response to the coronavirus pandemic, the IRS has extended several time-sensitive, tax-related deadlines. IRS Notices 2020-17, 2020-18, and 2020-23 address specific actions that a taxpayer or entity has until July 15, 2020, to complete.
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What does the universal availability requirement in 403(b) plans mean? Does the universal availability rule apply to all organizations? How does the employer satisfy the universal availability requirement?
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The DOL recently issued proposed regulations intended to make it easier for employers to meet notification requirements when providing electronic retirement plan disclosures to plan participants and beneficiaries.
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If you offer retirement plans for employers, you have the opportunity to serve as a valuable resource for employers looking to better communicate with employees about increasing their plan participation.
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The IRS has expanded the term “preventive” to include treatments for certain chronic health conditions. Such treatments can be covered by a health insurance plan without first meeting the minimum deductibles generally required of high deductible health plans for HSA contribution eligibility purposes.
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Can an individual’s HSA assets be used to pay for her spouse’s medical expenses if the spouse does not have an HSA? Can an HSA owner who is no longer covered under an HDHP still use HSA assets to pay for qualified medical expenses?
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What options are there for adding an automatic enrollment feature to a 401(k) plan? What happens if an employee is not enrolled in the plan’s automatic enrollment feature?
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Can the Safe Harbor 401(k) plan be amended mid-year to increase eligibility to a one year of service with 1,000 hours? Can an employer amend a Safe Harbor 401(k) plan mid-year to increase the safe harbor nonelective contribution?
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The last three months of the year are busy months for retirement plan administrators of calendar-year retirement plans and for employers sponsoring savings incentive match plan for employees of small employers (SIMPLE) IRA plans.
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