Newsletter Articles

Is there Pandemic Relief for Late Deposits?

Proper handling of employee 401(k) deferral contributions and loan repayments is one of the most important responsibilities a plan sponsor undertakes. Failure to timely deposit employee deferrals and participant loan repayments is considered by many service providers...

Terminated Employees? Important Relief is Here.

On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed into law. The Act combines the $1.4 trillion omnibus federal spending package for the 2021 fiscal year and a $900 billion COVID-19 stimulus package that enhances and expands certain provisions...

Upcoming Compliance Deadlines for Calendar-Year Plans

1st February 2021IRS Form 1099-R - Deadline to distribute Form 1099-R to participants and beneficiaries who received a distribution or a deemed distribution during the prior plan year.IRS Form 945 - Deadline to file IRS Form 945 to report income tax withheld from...

The MEP/PEP Debate: Are We Better Together?

When we talk about retirement plans, many employers think of single employer retirement plans. A single employer retirement plan is simply a plan sponsored by one employer (or a related group of employers) for the benefit of its employees. In contrast, a multiple...

The SECURE Act 2.0

On Tuesday, October 27, 2020, the House Ways and Means Committee Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020 (referred to as SECURE Act 2.0), which aims to expand on the SECURE Act that was...

Upcoming Compliance Deadlines for Calendar-Year Plans

15th December 2020Extended deadline for distributing summary annual report (SAR) to participants.31stDeadline for a plan to make ADP/ACP corrective distributions and/or to deposit qualified nonelective contributions (QNEC) for the previous plan year with a 10% excise...

Annual Data Collection: Pandemic Edition

The end of the year is quickly approaching which means annual data collection requests for many plan sponsors. We all know the drill by now, annual census data, an employer questionnaire, and plan asset information. While this process may be all too familiar for some...

The SECURE Act Reminders

With so much discussion surrounding the CARES Act, it is easy to forget that 2019 brought us some of the most significant changes to retirement plan law since the passage of the Pension Protection Act of 2006. This legislation came to us by virtue of The Setting Every...

Upcoming Compliance Deadlines for Calendar-Year Plans

1st December 2020Participant Notices – Annual notices due for safe harbor elections, Qualified Default Investment Alternatives (QDIA), and Automatic Contribution Arrangements (EACA or QACA).31stADP/ACP Corrections – Deadline for a plan to make ADP/ACP corrective...

The CARES ACT Update

2020 has been a difficult year with many unexpected challenges. For companies that sponsor retirement plans, some of these challenges came in the form of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. While the CARES Act provided much needed relief to...