DOL Proposes Safe Harbor for Use of Electronic Media

Wednesday, November, 20, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The DOL has proposed a new safe harbor for the use of electronic media to furnish information to participants and beneficiaries of ERISA plans. The proposal would allow plan administrators who meet certain conditions to provide participants and beneficiaries with a notice that certain disclosures will be made available on a website. Read More

Mortality Improvement Scale MP-2019 Released

Wednesday, November, 20, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
The Mortality Improvement Scale (Scale MP-2019) that accompanies the Society of Actuaries (SOA)  most recent Mortality Table (RP-2014) was updated  in October 2019.  In addition, the SOA released a new base mortality table, Pri-2012. Read More

401(k) Contribution Limit Increases to $19,500 for 2020; Catch-Up Limit Rises to $6,500

Wednesday, November, 06, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this  contribution limit and other changes in Notice 2019-59, posted on IRS.gov. Read More

Final Regulations for Hardship Distributions

Thursday, October, 03, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service (“IRS”) has issued final regulations on hardship distributions from 401(k) plans. The final regulations amend the rules relating to hardship distributions from Code Sec. 401(k) plans and reflect statutory changes affecting Code Sec. Read More

IRS Extends Relief for Closed Defined Benefit Plans through 2020

Monday, August, 26, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
In IRS Notice 2019-49, the Internal Revenue Service extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan years beginning before 2021 if the conditions of Notice 2014-5 are satisfied. Read More

FAB 2019-01 Gives Transition Relief to MEP Form 5500 Filings

Wednesday, July, 31, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
DOL Issues Field Assistance Bulletin 2019-01. Field Assistance Bulletin 2019-01  provides guidance and temporary penalty relief related to certain Form 5500 Annual Return/Report requirements for multiple employer plans (MEPs) subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA). Read More

DOL Announces Final Rules for ARPs

Wednesday, July, 31, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
The Department of Labor issued Final rules for ARPs. The Department of Labor (DOL) has issued final regulations which make it easier for small businesses to provide retirement savings plans through “association retirement plans” (ARPs), by allowing small businesses to band together to offer 401(k) and other defined contribution plans to their employees. Read More