Mar 30, 2021 5:03:37 PM
Before the SECURE Act was enacted, a 401(k) plan was permitted to exclude employees who did not work 1000 or more hours in a 12-month period. The SECURE Act will impose a new requirement for 401(k) plans to include employees in 401(k) plans for salary deferral contribution purposes if the employees 1) are at least age 21, 2) not in an excluded class of employees and 3) complete at least 3 consecutive 12-month periods with at least 500 hours of service in each 12-month period.
Topics: 401k Participation
Dec 16, 2019 10:32:18 AM
New Plan Limits for 2020
Topics: IRS, Plan Limits
Dec 16, 2019 10:24:15 AM
Final Hardship Regulations
Topics: ESOP & 401(k) Plans, IRS, DOL, Distributions
Dec 12, 2018 2:30:00 PM
As the result of the Bipartisan Budget Act of 2018, and the subsequent issuance of proposed Treasury regulations, hardship distributions should generally be easier for participants to obtain, assuming they are covered by a plan with a hardship provision and assuming that plan sponsors are on board with the hardship provision changes that are optional. Plan sponsors should be hearing from their recordkeepers and third party administrators regarding the default changes that will be occuring unless the plan sponsor:
Topics: Distributions
Dec 19, 2017 3:00:00 PM
2017 Form 5500 – No Big Changes
The IRS has released advance copies of the 2017 Form 5500 and instructions. The previous year’s optional compliance questions are gone, along with information about paid preparers. We don’t expect to see a major revision for several years.
Tax Reform
As of this writing, Congress is still working out tax reform legislation. The good news so far is that we’re not seeing anything that negatively impacts ESOPs.
Minimum Distributions and Missing Participants
