The House of Representatives passed the Coronavirus, Aid, Relief and Economic Security (CARES) Act on March 27, 2020, two days after the Senate passed it in a unanimous vote. It is expected to be signed into law by the President momentarily. The $2 trillion dollar stimulus bill has far-reaching implications, including many items that directly...Read More
Workers who have been terminated or furloughed without pay during the COVID-19 crisis may have difficulty making ends meet. The most apparent source of relief for many is their 401(k) account. The government is helping people access their 401(k) accounts by providing legislation to make hardships and loans more accessible during this economic downturn. However,...Read More
With the economic downturn due to the COVID-19 epidemic, many 401(k) plan sponsors are considering suspending their safe harbor arrangements mid-year. But, is this the best course of action? Here are some things to consider. Is the plan top heavy? IRC Sec. 416 provides for certain requirements to be followed if a plan is “top...Read More