The SECURE (Setting Every Community Up for Retirement Enhancement) Act was passed in 2019, effective 2020. The act established a new 10-year rule, requiring certain beneficiaries to withdraw their entire inherited retirement account balance by Decemb...
No 2020 Form 5500 Needed for Retroactive Qualified Plans
The IRS has announced that, for qualified retirement plans adopted in 2021 retroactive to the 2020 plan year, a 2020 Form 5500 will not be required.
RMDs for Beneficiaries in Qualified Retirement Plans
When an employee in a qualified retirement plan dies, the employee’s account balance has to be distributed to the beneficiary at a certain rate over a certain timeframe. The money cannot stay in the plan forever. What is that timeframe? When do distr...
Catch-Up Contributions: A Good Thing for Both Men and Women
Back in 2001, a law called the Economic Growth and Tax Relief Reconciliation Act (EGTRRA) was passed. Some referred to it as the Bush Tax Cuts, Round One. The law had a number of provisions related to qualified retirement plans. Among these, in a sec...
In 2020, as part of the CARES Act COVID-19 relief bill, Congress waived the requirement to take a minimum distribution from certain retirement accounts. The waiver wasn’t enacted until March, though, and by then many investors had already taken some ...
This article is part of our continuing series on the coronavirus and its effects on qualified retirement plans. Recently, we wrote about ways employees affected by the coronavirus could access money from their retirement plans. Today, we are discus...
Options for Accessing Retirement Plan Money Amid COVID-19 Outbreak
Amid the coronavirus (COVID-19) scare, we are getting reports that our clients are imposing layoffs, furloughs, and temporary shutdowns. It makes sense; if people aren’t coming to your business, there’s no work for the employees to do and no money t...
Issues with Independent Contractors and Pension Plans
A number of our retirement plan clients have independent contractors performing services for them. There are often questions about whether these independent contractors can or should be covered in the company retirement plan. The answer can be boil...
What You Need to Know About the SECURE Act
By now you have likely heard about the SECURE Act recently passed by Congress. The Setting Every Community Up for Retirement Enhancement (SECURE) Act will increase access to workplace retirement plans and expand retirement savings, but what provision...
Five Best Practices to Protect Your Retirement Nest Egg from Cybertheft
I remember when I was 10, there was no such thing as a debit card. In fact, growing up in the ‘80s meant no internet, no PayPal, no direct deposit or any type of remote banking. While they make things extremely efficient and easy for us, these techno...