Missing Participants in a Retirement Plan
A retirement plan is required to maintain contact information for participants and beneficiaries who are owed a benefit under the plan.
American Rescue Plan Act Provides Aid to Pension Plans
The American Rescue Plan Act provides significant aid and funding for suffering pension plans, in part through direct financial assistance.
Don’t Overlook Advantageous Provisions of the SECURE Act
Although the 2019 SECURE Act was the most significant retirement plan policy legislation in over 10 years, its provisions have been somewhat in the background due to COVID-19. We've highlighted the following provisions that plan sponsors and employers without a plan may want to consider now.
How the New Employee Benefit Plan Auditing Standard (SAS No. 136) Will Impact Plan Audits
Statement on Auditing Standards No. 136 prescribes certain new performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the related auditor's report. Read more.
IRS Issues Guidance on 401(k) and 403(b) Plans
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements and plan loan offset rollovers. Source: RSM US LLP.
SECURE Act Impact on 401(k) Plans
The changes to 401(k) plans brought on by the SECURE Act, signed into law in December 2019, may have been lost in the chaos of [...]
2021 Limits for Retirement Plan Contributions
The IRS released Notice 2020-79 on October 26, 2020, disclosing the cost-of-living adjustments for retirement plans.
DOL Issues Interim Rule on Lifetime Income Disclosure
(authored by RSM US LLP) The DOL’s lifetime income disclosure rule will increase costs and information required for benefit statements in defined contribution plans.
Expanded Relief to Plan Participants for Coronavirus-Related Distributions
On June 19, 2020, the IRS issued Notice 2020-50 that expands the categories of individuals eligible for plan distributions and plan loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
What Can Plan Sponsors Do Now to Free Up Cash?
Even when the economy isn’t closed due to a pandemic, many employers find meeting their contribution obligations to their employer-sponsored retirement plans a challenge to honor.