Proposed Regulations Issued On Extended Rollover Period For Qualified Plan Loan Offset
Wednesday, August, 19, 2020
The IRS has issued proposed regulations related to the extended rollover period for a qualified plan loan offset amount. The details of the proposed regulations, as reported by Checkpoint of Thomson Reuters, is detailed below. Read More
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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DOL EBSA Issues COVID-19 Guidance and Relief
Friday, June, 26, 2020
The DOL Employee Benefit Plan Security Administration (EBSA) issued Disaster Relief Notice 2020-01; Guidance and Relief for Employee Benefit Plans Due to the COVID-19 (Novel Coronavirus) Outbreak which extends the deadlines for furnishing certain required notices or disclosures to plan participants, beneficiaries, and other persons so that plan fiduciaries and plan sponsors have additional time
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
IRS Provides Guidance on Waiver of 2020 Required Minimum Distributions
Friday, June, 26, 2020
IRS Notice 2020–51, Guidance on Waiver of 2020 Required Minimum Distributions, provides guidance relating to the waiver of 2020 required minimum distributions (RMDs) under the CARES Act. In particular, the notice: permits rollovers of waived RMDs and certain related payments includes an extension of the 60-day rollover period for certain distributions to August 31, 2020
IRS Expands Access to COVID-19 Related Plan Distributions and Loans
Friday, June, 26, 2020
The Internal Revenue Service (IRS) Notice 2020-50, Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act, expands access to COVID-19 related plan distributions and plan loans for qualified participants under the CARES Act by expanding the categories of individuals eligible for these types of distributions and loans (referred to as “qualified