July 1, 2020

IRS ISSUES ROLLOVER RELIEF FOR RMDS WAIVED UNDER CARES ACT

On June 23, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-51 along with a related news release that permits 401(k) plan participants who took required minimum distributions (“RMDs”) in 2020 to roll over the amount of the distribution back into a 401(k) plan by no later than August 31, 2020. The guidance provides welcome… Continue Reading

June 9, 2020

DOL Issues Guidance on 401(k) Plan Investments in Private Equity

On June 3, 2020, the U.S. Department of Labor (“DOL”) issued guidance in the form of an Information Letter that significantly expands the defined contribution retirement plan (including 401(k) plan) investment landscape by expressly permitting the use of private equity as an investment in limited circumstances. Overview. Generally stated, the Information Letter clarifies that, under… Continue Reading

May 26, 2020

DOL Releases Final Regulations on Default Electronic Notices and Disclosures for 401(k) Plans

On May 21, 2020, the U.S. Department of Labor (“DOL”) released Final Regulations (along with a related DOL fact sheet) permitting administrators of retirement plans (including 401(k) plans) to use electronic methods as the default means of disseminating most required notices and disclosures required under Title I of ERISA. SPECIAL COVID-19 ENFORCEMENT POLICY: Although the… Continue Reading

May 7, 2020

IRS Issues Q&As Under CARES Act on COVID-19 Related 401(k) Plan Distributions and Loans

On May 4, 2020, the Internal Revenue Service (“IRS”) issued Q&As under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, providing guidance to 401(k) plan administrators and participants regarding coronavirus-related distributions and enhanced participant loans for covered employees who are affected by the pandemic. The Q&As generally expand upon and clarify the rules set… Continue Reading

May 4, 2020

DOL, IRS, EBSA Issue Guidance Further Expanding COVID-19 Relief for 401(k) Plans

On April 29, 2020, three key governmental agencies issued two separate pieces of official guidance further expanding COVID-19-related relief for 401(k) retirement plans and other employee benefit plans and arrangements. First, the Department of Labor (“DOL”), acting through the Employee Benefit Security Administration (“EBSA”), and the Internal Revenue Service (“IRS”) jointly issued a final rule… Continue Reading

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