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403(b) Restatement Deadline Extended Due to COVID-19
Posted by Diane Caron on Tue, Apr 28, 2020 @ 08:38 PM

On March 27, 2020 the Internal Revenue Service (IRS) extended the mandatory 403(b) plan document restatement deadline from March 31, 2020 to June 30, 2020 due to the current COVID-19 pandemic. All organizations that sponsor 403(b) retirement plans must restate their plan documents by this new date using either the IRS’s pre-approved document or an individually designed plan document.

Not-for-profit organizations have an opportunity during the restatement period to align their retirement plan procedures with their written plan documents to help ensure that their retirement plans are following best practices. Changes may need to be made to the operations of the plan, the provisions in the plan documents, or both. The following can help organizations with their review process.

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Topics: not-for-profit, IRS, 403(b), NFP, nonprofit, 403(b) Plan Document Restatement, Department of Labor, DOL, Internal Revenue Service, COVID-19, extension, deadline

Not-For-Profits Should Prepare Now for the New Overtime Rule
Posted by Amber Duncan on Thu, May 26, 2016 @ 04:01 PM

The Department of Labor (DOL) recently finalized rules that will have a significant effect on which employees are due overtime for working more than 40 hours in a workweek. Most not-for-profit organizations must comply with the changes by December 1, 2016.

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Topics: not-for-profit, Regulatory Reform, DOL, Overtime

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