Newsletter Articles

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...

Required Year-End Participant Notices

As the end of the year approaches, our to-do lists become longer but our bandwidth becomes condensed. To compound matters, when you sponsor a retirement plan, you know you will be in close contact with your TPA firm about the various year-end notices that must be...

Cycle 3 Plan Document Restatements

Approximately every six years, the IRS requires that pre-approved qualified retirement plans update (or restate) their plan document to reflect recent legislative and regulatory changes. Plan restatements are divided into staggered six-year cycles depending on the...

COST OF LIVING ADJUSTMENTS FOR 2021

On October 26, 2020, the IRS announced the Cost of Living Adjustments affecting the dollar limitations for retirement plans. Contribution and benefit increases are intended to allow participant contributions and benefits to keep up with the “cost of living” from year...

IRS Issues Additional Pandemic Relief

On June 29, 2020, the IRS issued Notice 2020-52 in response to the COVID-19 pandemic providing welcome relief to plan sponsors who are considering suspending safe harbor contributions and also to those who may already have regardless of whether the employer is...