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At Issue - An Employee Benefits Regulatory Affairs Bulletin
Posted by Karen McLeese on Tue, Dec 29, 2020 @ 04:40 PM

After a somewhat torturous journey to becoming law, HR 133, Consolidated Appropriations Act of 2021, was signed late on December 27, 2020. It is a massive piece of legislation covering much ground. Notably, it includes both coronavirus relief as well as the appropriation portion to keep the government running for the next fiscal year. The law includes direct economic impact payments of $600/each as well as temporary extension of supplemental unemployment relief. Further, it includes Paycheck Protection Program (PPP) loan expansion.

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Topics: retirement plans, IRS, employee benefit plan, FSA, Employee Benefits, Paid Family and Medical Leave, Stimulus, cafeteria plan relief, educational assistance, mental health parity, pharmacy

Are You Ready for the Next Big Change in 401(K) Plans under the SECURE Act?
Posted by Diane Caron on Fri, Oct 30, 2020 @ 04:30 PM

401(K) PLANS REQUIRED TO PERMIT LONG-TERM, PART-TIME EMPLOYEES TO DEFER

The COVID-19 pandemic brought changes to the retirement plan industry in 2020 with the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The challenges brought on by the pandemic on both business and personal levels seem to have overshadowed the passing of the Setting Every Community Up for Retirement Enhancement (SECURE) Act on Dec. 20, 2019. However, it’s important not to lose sight of the SECURE Act, as proper planning is necessary in order to avoid operational errors and additional work in the future.

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Topics: retirement plans, Diane Caron

IRS Announces Benefit Plan Limitations for 2021
Posted by Bernard Kaplan on Thu, Oct 29, 2020 @ 02:37 PM

The IRS has announced the 2021 cost-of-living adjustments applicable to dollar limitations for retirement plans and other items. Most dollar limits remain unchanged for 2021.

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Topics: retirement plans, Bernard Kaplan, 403(b), 401(k), cost-of-living, 457 plan, 2021 retirement plan limitations

Will Retirement Plan Relief Be Part of the Coronavirus Response Effort?
Posted by Bernard Kaplan on Wed, Mar 25, 2020 @ 11:21 AM

As Congress looks for ways to help businesses and individuals with the financial repercussions from the COVID-19 virus, the American Retirement Association (ARA) is pushing for a solution that involves relief from certain plan provisions.

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Topics: retirement plans, Bernard Kaplan, 401(k), the SECURE Act, retirement planning, COVID19, Coronavirus, Families First Coronavirus Response Act, COVID-19

Understanding How the SECURE Act will Impact Retirement Plans and Individuals
Posted by Bernard Kaplan on Tue, Feb 4, 2020 @ 12:06 PM

While changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) are important, we expect considerable relaxation of the laws related to retirement plans once legislation is passed. We will keep you informed as we learn more. Recently, Congress passed SECURE Act) This Act makes a number of changes that impact retirement plans, IRAs, and individual retirement and estate planning strategies. The following highlights many of the provisions of the SECURE Act.

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Topics: retirement plans, Bernard Kaplan, 401(k), Required Minimum Distribution (RMD), defined contribution plans, the SECURE Act, retirement planning

IRS Announces Changes in Benefit Plan Limitations for 2020
Posted by Bernard Kaplan on Fri, Nov 8, 2019 @ 04:22 PM

The IRS has announced the 2020 cost-of-living adjustments applicable to dollar limitations for retirement plans and other items.

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Topics: retirement plans, Bernard Kaplan, 403(b), 401(k), cost-of-living, 457 plan, 2020 Benefit Plan Limitations

IRS Releases Hardship Withdrawal Rules
Posted by Diane Caron on Thu, Dec 6, 2018 @ 12:35 PM

Recently, the IRS made several changes to the rules related to hardship withdrawals. The changes may be adopted by plan sponsors as early as Jan. 1, 2019 or, if later, the first day of the plan year beginning after Dec. 31, 2018.

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Topics: retirement plans, Diane Caron, hardship withdrawals, QNECs, QMACs

IRS Announces Changes in Benefit Plan Limitations for 2019
Posted by Bernard Kaplan on Thu, Nov 1, 2018 @ 06:36 PM

The IRS has announced the 2019 cost-of-living adjustments applicable to dollar limitations for retirement plans and other items.

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Topics: retirement plans, Bernard Kaplan, 403(b), 401(k), cost-of-living, 457 plan, 2019 Benefit Plan Limitations

Retirement Plan Participant Contributions – Are Your Deposits Timely?
Posted by Diane Caron on Tue, Mar 6, 2018 @ 11:18 AM

One of the most common errors in retirement plan administration is the late deposit of participant contributions. The U.S. Department of Labor (DOL) defines participant contributions as amounts withheld from wages by an employer for deposit to the plan. This includes employee elective deferrals, employee after-tax contributions, and participant loan repayments.

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Topics: retirement plans, Diane Caron, participant contributions, Retirement Plan Participant Contributions

IRS Announces Changes in Benefit Plan Limitations for 2018
Posted by Bernard Kaplan on Thu, Oct 19, 2017 @ 03:10 PM

Minimal Changes in Dollar Limitations on Benefits and Contributions for Retirement Plans Announced for 2018

The IRS has announced the 2018 cost-of-living adjustments applicable to dollar limitations for retirement plans and other items.

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Topics: retirement plans, Bernard Kaplan, 403(b), 401(k), 2018 Benefit Plan Limitations, cost-of-living, 457 plan

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