Is it possible to reduce or suspend 401(k) or 403(b) safe harbor contributions mid-year? Can a safe harbor 401(k) plan be amended for other plan provisions mid-year? Is it possible to add safe harbor provisions mid-year?
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Your organization is likely still receiving 2019 IRA or retirement plan contributions. Maybe you are even fielding questions about the deadline. Be sure that your clients are aware of the deadline extension—that they still have time to make contributions.
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The CARES Act grants tax-favored access to savings and provides a pathway to replenishing them later with coronavirus-related distributions.
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The CARES Act, along with DOL loan relief guidance, briefly relaxes the qualified retirement plan loan regulations related to maximum loan amount, repayment, and rollover deadlines.
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How does the recently added safe harbor hardship distribution reason apply for an individual who has been affected by a federally declared disaster? What tax relief is available for retirement plan disaster distributions?
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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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Earlier this month, the IRS issued guidance in question-and-answer format on the special IRA and retirement plan relief granted in the CARES Act. The guidance summarizes the special relief to IRA owners and retirement plan participants and, in some cases, provides new and clarifying information.
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Find out how the 2020 RMD waiver applies to IRAs and defined contribution plans, pertaining to both account owners and beneficiaries—and how the rollover rules may be affected.
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The end of May is normally when the previous year’s IRS Form 5498 is due. But for 2019, the deadline has been moved to July 15. Here’s a run-down of what exactly needs to be entered in each box.
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What is the 403(b) plan restatement? What is the deadline for restating 403(b) plan documents? What if an employer is unable to restate its 403(b) document timely?
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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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The CARES Act, signed into law March 27, is designed to assist the millions of Americans affected by the coronavirus (COVID-19) outbreak. The legislation has multiple provisions that affect retirement and health savings arrangements.
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What is the deadline for an employer to establish a qualified retirement plan? Can an employer establish a plan in 2020 for the 2019 plan year? If an employer establishes a plan for the prior year, can elective deferrals be contributed for that prior year?
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In response to storms in Tennessee, the IRS is allowing an extension of time for affected residents to complete certain time-sensitive tax-related acts.
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The age when required minimum distributions must begin increased from 70½ to 72, starting in 2020. Find out who is affected by the change—and what it means for IRAs versus employer-sponsored retirement plans.
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The IRS issued its semi-annual update to the agency’s 2019-2020 Priority Guidance Plan. A number of the guidance items deal with retirement savings arrangements.
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What is a related employer relationship? Why does it matter if the employer is part of a related employer relationship for retirement plan purposes? What should the employer consider in terms of the plan and how are participants affected?
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Some provisions of the SECURE Act took effect mere days after enactment—on January 1, 2020—making implementation difficult. Industry groups have requested that the IRS expedite guidance on the most pressing questions. Here’s the guidance that we have so far: some is explicit and some we can glean through draft instructions for required tax reporting.
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