As employers consider the financial impact of COVID-19, some are considering eliminating employer contributions to 401(k) and 403(b) plans. Notice 2020-52 addresses many employer concerns regarding mid-year amendments to safe...more
In a prior blog post, we discussed the changes for retirement accounts coming from the CARES Act. The IRS recently released Notice 2020-50 and Notice 2020-51 to provide guidance and clarify some of those changes. The guidance...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES) made short-term changes to the rules for withdrawals from 401(k), 401(a), 403(b) and 457(b) plans and IRAs for qualifying emergencies and adverse financial...more
In an effort to support American workers, Congress passed the new federally funded Coronavirus Aid, Relief, and Economic Security Act (CARES Act). Here’s what employers need to know about how this will affect their health and...more
Many employers are looking at their financial sustainability for the near future as COVID-19 impacts our economy and are looking at ways to cut costs. A common question we are receiving - can we stop matching our employees’...more
Many businesses, families, and individuals are seeing personal financial impacts from the COVID-19 pandemic. Individuals facing difficult choices about paying their bills are asking their employers if they can withdraw from...more
Each year, the IRS calculates cost of living and inflation adjustments and determines how much certain limits and thresholds should be adjusted, if at all, for the upcoming tax year. The IRS released Revenue Procedure 2015-53...more
The IRS has recently modified the Employee Plans Compliance Resolution System (EPCRS) to encourage employers to adopt automatic contribution features, and to detect and correct errors in retirement plans quickly. Revenue...more
Every year, about this time, the IRS calculates the cost of living increases, and determines whether the change is enough to trigger an adjustment to the statutory limit/threshold for various areas, including retirement...more