In October 2019, the IRS responded to the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 through its release of the final amendments to the hardship distribution regulations. Thanks to these newly-amended regulations, plan sponsors will now have new customization options for their plan\’s hardship distribution rules. There are […]
IRS Finalizes New Hardship Distribution Rules Read More »
Some Payroll Solutions Could Cost Employers Thousands Because of the SECURE Act Beginning on January 1st, 2021, employers who do not track how many hours their employees work every year risk incurring hundreds, if not thousands of dollars in unexpected costs. These changes are tied to a spending bill President Trump. Signed on December 20,
SECURE Act Changes for Part Time Employees Read More »
Penalties for IRS Forms 5500 and 8955-SSA You may be familiar with the SECURE Act, but chances are you may not be familiar with revenue provisions that affect employers, employees, and retirement funds. A lesser discussed section of the SECURE Act is the Revenue Provision which increases the penalties for late and incorrect filing of
Revenue Provisions of SECURE Act Read More »
The U.S. Department of Labor recently released a Request for Information (RFI) regarding its Fiduciary Rule. According to the Department, this RFI “seeks public input that could form the basis of new exemptions or changes/revisions to the rule and PTEs.” They are further asking advice on whether or not the original January 1, 2018 applicability
The Department of Labor’s Fiduciary Rule RFI Read More »
As discussed in a previous article, the Department of Labor’s Fiduciary rule, which went in to effect on June 9, could have its final applicability date pushed back beyond January 1, 2018 to allow firms more time to come up with more cost-efficient, long-term solutions. However, despite the urgings of some to delay the final
Nevada’s New Fiduciary Standard Read More »
The Department of Labor’s Fiduciary Rule went in to effect less than a month ago, and already new concerns surrounding it are arising. The first of these is the struggle of the SEC and DOL to come to an agreement on the technical definition of a “fiduciary.” For the law to go in full effect
A Look at The New Fiduciary Rule’s First Month Read More »
The Employee Retirement Income Security Act (ERISA) was signed in to law in 1974 and was designed to protect the beneficiaries of retirement plans. However, due its strict funding rules and required fees for the PBGC (Pension Benefit Guaranty Corporation), certain plans are given exclusion from ERISA to help them save money. There are several
Supreme Court Helps to Clarify Definition of ERISA “Church Plans” Read More »
The employee retirement landscape continues to evolve as private companies are providing less compensation in the form of retirement benefits. This shift away from defined benefit programs and cost-of-living adjustments for annuities is part of that evolution. By comparison, the Federal Government continues to offer a very generous package of retirement benefits consistent with the
Proposed Changes to Cost of Living Adjustments Could Mean a Major Win for PBGC Read More »
On April 7, 2017, just three days before the original set applicability date, the Department of Labor announced they will be postponing the applicability dates originally stated in the Fiduciary Rule from April 10, 2017 to June 9, 2017, and certain provisions in the exemptions will be further delayed until January 1, 2018. Under this
The New Fiduciary Rule’s Important Take Aways Read More »
When Section 401(k) became a permanent provision of the Internal Revenue Code in 1980, a seismic shift occurred in American workers’ preparation for retirement. The responsibility for contribution and investment decisions shifted from employers to employees. Before 1980, companies that offered a retirement plan were required to fund them. That meant that the employer alone
Employee Investment Outcomes and the New Fiduciary Standard Read More »
