Jul 21, 2020 | Benefit Plans, Blog, Now You Know, Tax
The IRS recently issued guidance related to coronavirus-related distributions allowed under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Notice 2020-50 and Notice 2020-51 apply to qualified individuals, employers and eligible retirement plans. The...
Feb 11, 2020 | Benefit Plans, Blog, Now You Know
If you need a source of cash for an emergency, you might turn to your 401(k) plan. When you take a loan from a plan, you borrow money from your own account, pay yourself back with interest and continue making contributions at the same time. Assuming your 401(k) plan...
Nov 6, 2019 | Benefit Plans, Closely Held Businesses, Now You Know
Small employers* now have added certainty in knowing their time frame for transmitting employee 401(k) contributions to the plan. Compliance with deadlines is important, because holding on to employee contributions too long constitutes a prohibited transaction that...
Nov 6, 2019 | Benefit Plans, Now You Know
When your company sponsors a qualified retirement plan, you must comply with complex rules established by the IRS and the Department of Labor. Ignore the rules and your firm could face costly penalties from federal regulators — and plan participants might sue you for...
Jul 3, 2019 | Benefit Plans, Blog, Now You Know
For several years now, the responsibility for financing one’s retirement has increasingly shifted from the employer to the employee. According to the Bureau of Labor Statistics, over the 15-year period from 1985 to 2000, the primary retirement plan participation...
Mar 12, 2019 | Advisory, Benefit Plans, Now You Know, Tax
It may be easy to let a 401(k) plan run itself once it is set up. After all, the employees are responsible for most of the decision-making. But, there are two reasons to avoid lapsing into that routine: fiduciary responsibility and good business sense. When your...
