The American Rescue Plan Act provides significant aid and funding for suffering pension plans, in part through direct financial assistance.
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.
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 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.
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 [...]
The IRS released Notice 2020-79 on October 26, 2020, disclosing the cost-of-living adjustments for retirement plans.
(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.
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.
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.
Unless you own or operate a financial services company, giving out financial advice is probably way outside the scope of your usual responsibilities.