January 4, 2021

Year-End Stimulus Act Effectively Extends Key Cares Act 401(k) Provisions

On December 27, 2020, President Trump signed the Consolidated Appropriations Act of 2021 (the “Stimulus Act”), which includes the much-heralded coronavirus stimulus package that has been the subject of intense negotiations in recent months. For 401(k) plans, the Stimulus Act’s provisions in many ways replace or extend similar provisions that were contained in the Coronavirus… Continue Reading

December 18, 2020

IRS Guidance on Secure Act Auto-Enrollment and Safe Harbor Plan Changes

On December 9, 2020, the Internal Revenue Service (“IRS”) issued question-and-answer guidance (Notice 2020-86) regarding certain changes to safe harbor 401(k) plans and auto-enrollment arrangements made by the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act. These changes include (i) an increase in the maximum permissible automatically adjusted elective deferral rate for auto-enrollment safe… Continue Reading

December 10, 2020

IRS Releases Final Regulations on Rollovers of 401(k) Qualified Plan Loan Offsets

On December 7, 2020, the Internal Revenue Service (“IRS”) issued its final regulations addressing rollovers of qualified retirement plan (particularly 401(k) plan) loan offset amounts. Proposed regulations covering this subject were issued on August 17, 2020 (see our previous blog Proposed Regulations on Rollover of 401(k) Qualified Plan Loan Offsets – ComplianceDashboard for details). Like… Continue Reading

December 7, 2020

Coronavirus-Related Distributions Quickly Coming To An End

IRS RELEASES DRAFT FORM 8915-E IMPORTANT! The CARES Act provisions regarding “coronavirus-related distributions” are currently set to expire on December 31, 2020. Therefore, participants who believe they meet the qualification requirements and may be entitled to a coronavirus-related distribution should act NOW to avoid any last-minute processing delays or similar unforeseen holdups. Check with your… Continue Reading

November 30, 2020

2020 Required Amendments Have Little Impact on 401(k) Plans

On November 20, 2020, the IRS released Notice 2020-83 (Required Amendments List for Qualified Retirement Plans and § 403(b) Retirement Plans), its annual list of required amendments (“RA List”) for individually designed qualified retirement plans, including 401(k) plans. But the news this year for many 401(k) plans is “no news,” as there is only one… Continue Reading

Blog Home
Browse by Category 401(k)Health & Welfare