Blue Ridge ESOP Associates Industry News

SECURE ACT & CARES ACT Updates

Posted by Renee M. Stadtmueller, CPA, QPA

Mar 31, 2022 9:58:00 AM

The deadline to amend your retirement plans for the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Coronavirus Aid, Relief, and Economic Act (CARES Act) is the last day of the first plan year beginning on or after January 1, 2022 (December 31, 2022 for calendar year plans). Highlighted below are a few key changes that may need to be included in your amendment:

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Topics: RMD, CARES Act, Participant Loans

Becoming a Plan Participant and Earning a Contribution

Posted by Ray Mazurowski

Feb 23, 2022 2:06:00 PM

Did you know becoming a participant and earning a contribution are two separate events? An employee could become a participant and not earn a contribution. Plan eligibility and contribution requirements are different aspects of your plan document.

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Topics: Plan Document

Disability in an ESOP

Posted by Kim M. Thompson

Dec 22, 2021 10:03:58 AM

When an employee terminates employment with the company due to a disability, his or her ESOP account may be subject to certain procedures and additional benefits. Before these procedures and benefits can be applied, it is important to understand how your ESOP Plan Document defines disability and whether or not the employee’s circumstance meets that definition.

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December 2021 - IRS/DOL Corner

Posted by Scott J. Freund, QPA, QKC

Dec 22, 2021 10:03:18 AM

On November 4, 2021, the IRS announced cost of living adjustments affecting qualified retirement plans for 2022. Almost all of the limits increased from 2021 to 2022, some by greater amounts than we have seen in some time.

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What is diversification in an ESOP and what are your responsibilities as a Plan Sponsor?

Posted by Jessica Sinnen

Dec 22, 2021 10:02:13 AM

Internal Revenue Code Section 401(a)(28) allows employees to diversify a portion of their stock once they meet certain eligibility requirements. There are specific age and service requirements outlined by the IRS to determine who is a Qualified Participant, however your plan may allow for rules that are less restrictive.

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Topics: Diversification, Plan Document

Happy Holidays from Blue Ridge ESOP Associates 2021

Posted by Blue Ridge ESOP Associates

Dec 16, 2021 11:33:00 AM

 

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Employee Owned 2021

Posted by Blue Ridge ESOP Associates

Nov 1, 2021 4:30:28 PM

Employee Owned is next week in Las Vegas - November 10-12. Stop by our booth and plan to make plans to attend the following sessions with our professionals.

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ESOPATHON - Blue Ridge ESOP Associates

Posted by Blue Ridge ESOP Associates

Oct 7, 2021 8:44:41 PM

Blue Ridge is proud to support Employee Ownership efforts and is participating this month in ESOPATHON. "ESOPATHON is a month-long, activity-based, nationwide fundraising drive with a goal of raising one million dollars to support new and forward-leaning programming at the Employee Ownership Foundation."

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Expressing Defined Contribution Plan Balances as Annuity Payments on Participant Statements

Posted by Mark Swanson

Aug 31, 2021 10:12:47 AM

Provisions in the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) require defined contribution plans to include illustrations of estimated lifetime income stream of payments. The idea is to provide information to participants that if the account balance were converted to annuity payments how much income would be payable to the participant (based on various assumptions) in both the form of payments over the participant’s lifetime and payments over the joint lifetimes of the participant and survivor. The Department of Labor (DOL) published an Interim Final Rule (IFR) on September 18, 2020 that becomes effective September 18, 2021. On July 26, 2021 the DOL issued the Temporary Implementing Frequently Asked Questions (TIFAQ) to clarify some of the provisions in the IFR that, frankly, were a little confusing.

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Becoming a Plan Participant and Earning a Contribution

Posted by Ray Mazurowski

Aug 31, 2021 10:11:12 AM

Did you know becoming a participant and earning a contribution are two separate events? An employee could become a participant and not earn a contribution. Plan eligibility and contribution requirements are different aspects of your plan document.

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