IRS Provides Guidance on Early Permissible Retirement Plan Distributions

Friday, June, 21, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service recently issued Notice 2024-55, which provides guidance on exceptions to the additional tax when taking early permissible retirement plan distributions for emergency personal expenses and for victims of domestic abuse. Read More

DOL Issues Retirement Security Rule

Tuesday, April, 23, 2024 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
On April 23, 2024, the U.S. Department of Labor released the Retirement Security Rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act (ERISA). Read More

DOL ANNOUNCES PROPOSED INFORMATION COLLECTION TO BUILD ONLINE SEARCH TOOL TO HELP FIND ‘LOST’ RETIREMENT SAVINGS

Wednesday, April, 17, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The U.S. Department of Labor announced on April 15, 2024 that its Employee Benefits Security Administration is proposing to collect information from plan administrators on a voluntarily basis to establish an online search tool to help America’s workers locate lost retirement savings they earned. Read More

DOL Releases Proposed Regulation On Automatic Portability Transactions

Saturday, January, 20, 2024 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
The Employee Benefits Security Administration of the Department of Labor (DOL) recently released a proposed regulation on automatic portability transactions under SECURE 2.0 Act of 2022. The goal of automatic portability transactions is to help workers keep track of their retirement savings accounts and improve retirement security by reducing cash-outs when they change jobs. Read More

IRS Provides Guidance for Pension-Linked Emergency Savings Accounts (PLESAs)

Saturday, January, 13, 2024 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022, PLESAs are individual accounts in defined contribution plans. Read More

Long-Term, Part-Time Employees Proposed Regulations

Friday, December, 22, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service issued a Proposed Rule that would amend the rules applicable to plans that include cash or deferred arrangements under section 401(k) to provide guidance with respect to long-term, part-time employees. Read More

DOL Releases 2023 Audit Quality Study

Tuesday, December, 05, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The DOL released its 2023 Audit Quality Study based on the plan year 2020 Form 5500 filings. This is the 4th Audit Quality Study performed. The previous studies were performed by in 1997, 2004 and 2015. Read More