…Interim Final Rule on lifetime income disclosures under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) Act. The Interim Final Rule outlines how defined contribution plan sponsors governed by The Employee Retirement Income Security Act of 1974 (ERISA) would provide participants…
…to just what an issue cybersecurity has become. Information security research firm Cybersecurity Ventures estimates that by 2025, cyberattacks will cost businesses worldwide $10.5 trillion annually. In the meantime, EBSA estimates that, as of 2018, there were 34 million defined benefit plan participants in private…
…their exposure to sudden market downturns-such as in 2008, late 2018 and the first quarter of 2020? A well-known form of adjustment is known as rebalancing. I first posted a blog on this subject in the 2017 Current Thinking. Rebalancing can be defined as reducing…
…of plans (GoP), which the new proposed rules instead call a defined contribution group (DCG). That approach allows employers — whether affiliated or not — to file a single 5500 for multiple defined contribution plans, as long as the plans have the same trustee, administrator,…
…plan or vesting is adversely affected. In a defined benefit plan partial plan termination can occur when future benefits are reduced or ceased. The IRS adopted the 20 percent guideline in Rev. Rul. 2007-43 from a 2004 court case Matz v. Household International Tax Reduction…
…to a market-value based formula for additional efficiency and smoothing of contributions. The point is—there are so many plan design choices today to consider and, they continue to evolve. Historically, defined benefit (DB) plans were the dominant retirement benefit offering until 401(k) plans came on…
…Expands the definition of permissible distributions from retirement plans Increases plan loan limits Temporarily Waives Required Minimum Distribution Rules (RMDs) for calendar year 2020 Provides Funding Relief for Defined Benefit Plans Join us as we provide a summary of the changes impacting the retirement industry….
…Significant changes and revisions which may be beneficial to plan sponsors, participants and the retirement plan community. Highlights include: Overpayment correction options: Expanded correction principles to allow plan sponsors to fix operational failures when plan participants or beneficiaries receive payments from defined benefit plans that…
…need. Plan designs can vary in important ways. For example, depending on the plan: contributions can be discretionary or mandatory. They can favor older employees over younger ones. They can accumulate a balance like a 401k or a promised benefit as in defined benefit plan….
…prior year. We can help clients navigate the 80/120 rule based on their annual IRS Form 5500 filing information. For purposes of the 100 participant rule, a participant is defined as any employee of the sponsor who is eligible to participate in the plan, AND…
There are a variety of different types of employer contributions out there, and like everything else, they all have upsides and downsides. According to the Profit Sharing Council of America’s 61st Annual Survey, the average employer contribution made to a Defined Contribution retirement plan equals…
…eligible for consolidated filing, plans must: Consist of defined contribution plans Have the same Trustee Have the same Named Fiduciary/Fiduciaries Have the same Administrator Use the same plan year Provide the same investments or investment options to participants and beneficiaries Even so, GoPs will likely…