Practical perspectives for contemporary legal challenges.
The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) established a new in-service distribution known as a qualified birth or adoption distribution (“QBOAD”). Generally, a QBOAD is any distribution of up to $5,000 from an “eligible retirement plan” (other than a defined benefit plan), made to an individual during the one-year …
Continue reading “IRS Guidance on Retirement Plan Qualified Birth or Adoption Distributions”
The Coronavirus Aid, Relief, and Economic Security (“CARES”) Act became law on March 27, 2020. The Act includes important provisions that impact employer sponsored benefit plans. Consistent with its name, the Act provides participants enhanced access to retirement plan money, provides employers relief regarding defined benefit pension plan funding, aids employees by requiring payment of …
As it has done in past years, the IRS has extended the Affordable Care Act (“ACA”) deadline for health plan sponsors to furnish individuals IRS Forms 1095-B and 1095-C by 30 days (IRS Notice 2019-63). Under the extension, the deadline for providing individuals Forms 1095-B and 1095-C is March 2, 2020 instead of January 31, …
Continue reading “Early Holiday Gift for Employers – IRS Extends 2019 ACA Reporting Deadline”
I have recently had two separate employers tell me that they wanted to stop making safe harbor matching contributions to participants in their 401(k) retirement plans in the middle of a plan year. The employers had very different reasons for wanting to eliminate their safe harbor match mid-year, but they had identical stories about what …