Blue Ridge ESOP Associates Industry News

Blue Ridge is proud to be a contributing sponsor for the OH/KY Chapter - 2022 Thoroughbred Conference on August 4, 2022 hosted by The ESOP Association for the OH/KY Chapter. Our professionals, Tom Roback and Mark Swanson will also be attending this conference in Lexington, KY.

You’ve spent countless hours and who knows how much money to provide meaningful benefits through your ESOP and/or 401(k) plan only to find that when you want to distribute the benefits, you can’t find the participant or beneficiary(ies). Distribution forms and statements come back “return to sender – that address unknown.” E-mails are flagged undeliverable or perhaps most frustrating are the situations where the participant is just non-responsive. It’s as if you’re knocking on their door knowing they’re home but they just don’t answer. Hence the dilemma of what we’ll lump together as missing participants.

Turnover

REMINDER - SECURE/CARES Act Amendments

It's time for the 2022 TEA National Conferenceand below are the professionals from Blue Ridge ESOP Associates who will be speaking.

May 3-6, 2022

On February 24, 2022, the Internal Revenue Service (IRS) published proposed regulations regarding the calculation and payment of required minimum distributions (RMD’s) under qualified retirement plans. The Proposed Regulations update existing regulations to account for the increase in a participant’s required beginning date to age 72. Specifically for our ESOP and 401(k) clients, these proposed regulations also provide helpful clarifications on the calculation of death benefits.

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:

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.