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 fund and that it must report the payments on Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.). Read More
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 allowing them to estimate how their current savings in a 401(k)-type plan might translate into lifetime monthly payments. Read More
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
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