Blog

A library of knowledge for a better retirement plan.

IRS Finalizes New Hardship Distribution Rules

IRS Finalizes New Hardship Distribution Rules

In October 2019, the IRS responded to the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 through its release of the final amendments to the hardship distribution regulations.  Thanks to these newly-amended regulations, plan sponsors will now have...

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SECURE Act Changes for Part Time Employees

SECURE Act Changes for Part Time Employees

Some Payroll Solutions Could Cost Employers Thousands Because of the SECURE Act  Beginning on January 1st, 2021, employers who do not track how many hours their employees work every year risk incurring hundreds, if not thousands of dollars in unexpected costs. These...

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Revenue Provisions of SECURE Act

Revenue Provisions of SECURE Act

Penalties for IRS Forms 5500 and 8955-SSA You may be familiar with the SECURE Act, but chances are you may not be familiar with revenue provisions that affect employers, employees, and retirement funds. A lesser discussed section of the SECURE Act is the Revenue...

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The Danger of One Size Fits All Investment Solutions

The Danger of One Size Fits All Investment Solutions

Choosing a Retirement Investor When picking an investment advisor, many plan administrators (e.g. employers) ask about firms’ fees, available funds, and participant outreach, but they often miss another important factor: the investment selection process. Even though...

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401k Plan Eligibility Best Practices

401k Plan Eligibility Best Practices

On the surface, 401k plan eligibility seems simple enough.  However, there are several rules and factors that trip many plan sponsors up in this area.  One of the most common compliance failures can be on the first day an employee becomes eligible for the plan, and...

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The Department of Labor’s Fiduciary Rule RFI

The U.S. Department of Labor recently released a Request for Information (RFI) regarding its Fiduciary Rule. According to the Department, this RFI “seeks public input that could form the basis of new exemptions or changes/revisions to the rule and PTEs.” They are...

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Hardship Withdrawals from 401(k) and 403(b) Plans

On February 23, 2017, the Internal Revenue Service released its Substantiation Guidelines for Safe-Harbor Distributions from Section 401(k) Plans. And on March 7, 2017 they released a similar memorandum regarding section 403(b) plans. These two statements outlined the...

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Nevada’s New Fiduciary Standard

As discussed in a previous article, the Department of Labor’s Fiduciary rule, which went in to effect on June 9, could have its final applicability date pushed back beyond January 1, 2018 to allow firms more time to come up with more cost-efficient, long-term...

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A Look at The New Fiduciary Rule’s First Month

The Department of Labor’s Fiduciary Rule went in to effect less than a month ago, and already new concerns surrounding it are arising. The first of these is the struggle of the SEC and DOL to come to an agreement on the technical definition of a “fiduciary.” For the...

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The New Fiduciary Rule’s Important Take Aways

On April 7, 2017, just three days before the original set applicability date, the Department of Labor announced they will be postponing the applicability dates originally stated in the Fiduciary Rule from April 10, 2017 to June 9, 2017, and certain provisions in the...

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