The IRS has released proposed regulations to align its guidance with the statutory rules for providing more time for plan participants to roll over certain types of plan loan offsets.
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Can plan-related fees and expenses be paid out of a qualified retirement plan? Which plan account balances may be used to pay plan-related fees? Can a mandatory amendment or restatement fee be paid out of plan assets?
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Long-awaited guidance from the IRS grants relief for those who took distributions that were intended to be 2020 RMDs—before the 2020 RMD waiver was granted—and requires IRA trustees and custodians to notify IRA owners that no RMD is due for 2020.
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Qualified retirement plans—including profit sharing, money purchase, and 401(k) plans—receive special tax benefits by meeting the requirements set forth by the IRS. Employers or plan sponsors are responsible for restating their plan documents to avoid a plan qualification failure.
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The Congressional Research Service recently updated a previous report that it published on the solvency of the Social Security system. This data provides food for thought and takes the discussion out of the realm of speculation and hearsay.
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The IRS has released a notice of proposed rulemaking that pertains to rollover rules for qualified plan loan offset amounts. There will be a 45-day comment period after publication in the Federal Register.
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The IRS announced an extension of time to complete certain time-sensitive, tax-related acts for victims of severe storms in Michigan and an earthquake in Utah.
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IRS Notice 2020-51 provides much-needed additional guidance—and some welcome relief—pertaining to the 2020 RMD waiver. It seems to answer some of the outstanding questions about the waiver that the CARES Act did not.
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The DOL recently issued investment advice guidance to replace the guidance struck down in 2018 by the United States Court of Appeals for the Fifth Circuit. This latest guidance package includes a proposed prohibited transaction class exemption and a technical amendment to DOL Regulations 2509 and 2510.
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IRS Notice 2020-50 provides greater clarity of the CARES Act provisions pertaining to coronavirus-related distributions and plan loan relief.
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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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