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Congress passes The SECURE ACT of 2019
As expected, The Setting Every Community up for Retirement Enhancement Act of 2019 (the SECURE Act) was passed by Congress. It is expected to be signed into law. The SECURE Act is the most...
Mortality Tables for Pension Plans Updated for 2021
In Notice 2019-67, the IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans. These updated mortality improvement rates and...
DOL Proposes Safe Harbor for Use of Electronic Media
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...
Mortality Improvement Scale MP-2019 Released
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...
401(k) Contribution Limit Increases to $19,500 for 2020; Catch-Up Limit Rises to $6,500
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...
Final Regulations for Hardship Distributions
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....
IRS Extends Relief for Closed Defined Benefit Plans through 2020
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...
FAB 2019-01 Gives Transition Relief to MEP Form 5500 Filings
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...
DOL Announces Final Rules for ARPs
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...
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