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Benefit Plan Provisions of CARES Act
The Coronavirus Aid, Relief and Economic Security Act (CARES ACT, H.R. 748) has been signed into law. It provides economic relief to individuals, businesses, hospitals and other entities. While plan...
Form 11-K and Other Filings Receive 45 Day Extension from SEC
The Securities and Exchange Commission (SEC) announced that it is extending the filing periods covered by its previously enacted conditional reporting relief for certain public registrant filing...
COVID-19 Financial Reporting Considerations
As noted in the AICPA’s Center for Plan English Accounting, Consequences of COVID-19 Financial Reporting Considerations, the coronavirus pandemic (COVID-19) is a human tragedy. We all hope that the...
“Actual Knowledge” Required by Participants
As detailed in an article by Nick Thornton of BenefitsPro, in February 2020, the Supreme Court ruled unanimously against the fiduciaries of two Intel Corp. defined contribution plans. At issue...
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...