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
In response to the unprecedented public health emergency caused by the Coronavirus Disease 2019 (COVID-19) pandemic, and the related social distancing that has been implemented, this notice provides temporary relief from the physical presence requirement in Treasury Regulations § 1.401(a)-21(d)(6) for participant elections required to be witnessed by a plan representative or a notary public,
As expected, the Department of Labor (DOL) has issued a final rule for a new, additional safe harbor for employee benefit plan administrators to use electronic media, as a default, to furnish information to participants and beneficiaries of plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). Read More
As expected, the effective dates of seven private company auditing standards, including SAS No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA , were delayed for one year as the result of a vote by the AICPA Auditing Standards Board (ASB). Read More