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IRS Provides Guidance on Distributions from Terminating 403(b) Plans
The Department of the Treasury and the Internal Revenue Service issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. The...
2021 COLA Adjustments: 401(k) Contribution Limit Remains $19,500 for 2021
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79. Key employee...
Plan Withholding Requirement For State Unclaimed Funds
Under Revenue Ruling 2020-24, the Internal Revenue Service has ruled that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property...
IRS Updates Operational Compliance List for 2020
The IRS recently updated its Operational Compliance List to include 2020 legislation and guidance to help plan sponsors identify changes that may affect their plan’s compliance. The Operational...
Lifetime Income Illustrations Issued by DOL
On August 18, 2020,the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced an interim final rule that will help workers determine their ability to retire by...
Proposed Regulations Issued On Extended Rollover Period For Qualified Plan Loan Offset
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...
DOL EBSA Issues COVID-19 Guidance and Relief
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...
IRS Provides Guidance on Waiver of 2020 Required Minimum Distributions
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...
IRS Expands Access to COVID-19 Related Plan Distributions and Loans
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...
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