Blog

The SECURE Act was signed into law at the end of 2019. Among its many provisions was the extension of an important retirement plan deadline. The legislation allows employers the ability to adopt a new profit sharing or defined benefit plan (including a cash balance plan) after the end of the plan year. The deadline...Read More

The SECURE Act includes a new rule that will dramatically affect eligibility for 401(k) plans. Under this new rule, beginning in 2024, any eligible employee who works at least 500 hours in three consecutive years must be permitted to make 401(k) salary deferral contributions into the plan.   Long-term part-time employee eligibility changes Currently, a 401(k)...Read More

The hardship distribution rules for retirement plans have changed dramatically in recent years. The below FAQ addresses questions and answers based on the rules that are applicable now, in 2020.  What is a hardship distribution? A hardship distribution is an optional triggering event a plan sponsor can make available to employed participants. Plan sponsors can...Read More

Retirement plan documents are legal documents that outline a plan’s provisions and the regulatory requirements for the plan. Most qualified plans use what is known as a “preapproved” plan document. This is one the IRS has reviewed and approved for use. Alternatively, a plan can use an attorney-drafted document (known as an individually designed plan...Read More

New Electronic Disclosure Rules from the DOL The Department of Labor (DOL) released a final rule on electronic disclosure of retirement plan notices to plan participants on May 21, 2020. This new rule will allow disclosures to be delivered to certain employees via email or posted on a web site, as a default, rather than...Read More