ERISA Consultants Blog

A library of knowledge for a better retirement plan.

Identifying Related Employers: Part II – Control Groups

Identifying Related Employers: Part II – Control Groups

There are two major types of Related Employers: Affiliated Service Groups and Control Groups. Part I of this series discussed the general purpose of Related Employer rules, how they affect plan testing, and explained Affiliated Service Groups.   Why are the...

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New 2021 Contribution Limits

New 2021 Contribution Limits

Each year, the IRS adjusts the contribution limits for qualified retirement plans to account for cost of living increases. On October 26, 2020, the IRS published contribution limits for 2021 in Notice 2020-79.   Cost of Living Increases While several limits...

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What Does E-Delivery Mean for My 401(k) Plan?

What Does E-Delivery Mean for My 401(k) Plan?

In May, the DOL passed a new regulation that allows plan administrators to deliver retirement plan documents to participants online. This is a significant departure from previous rules surrounding plan disclosures. So what does this mean for your 401(k) plan?...

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Electronic Delivery Updates for Retirement Plans

Electronic Delivery Updates for Retirement Plans

On May 21, 2020, the Department of Labor (DOL) announced a final rule for the electronic delivery of retirement plan documents. The new electronic delivery rules allow plan administrators to provide retirement plan disclosures to participants electronically, which...

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CARES Act Changes for COVID-19 Relief

CARES Act Changes for COVID-19 Relief

Congress passed the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act) Friday March 27, 2020. This 2 trillion dollar bill provides economic relief to Americans in the midst of the global COVID-19 pandemic. The provisions of the bill relating to retirement...

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SECURE ACT Safe Harbor Amendments and Retirement Plans

SECURE ACT Safe Harbor Amendments and Retirement Plans

How does the SECURE Act affect safe harbor retirement plans? Among the many recent changes to retirement plans, three provisions of the SECURE Act impact safe harbor plans. The provisions center around notice requirements and safe harbor 401(k) plan design to decrease...

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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 Department of Labor’s Fiduciary Rule RFI

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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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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ERISA CONSULTANTS BLOG DISCLAIMER

Articles posted on the ERISA Consultants Blog are provided for general informational purposes only. The materials and content are not intended to provide tax, legal, accounting, financial, or other professional advice. Readers are advised to seek out qualified professionals that provide advice for specific client circumstances. ERISA Consultants makes no warranties about the accuracy or completeness of the information contained in the published articles. While articles are generally published with the most up to date information, ERISA Consultants does not guarantee that the articles will be updated with the most recent information or reflect the most current laws and regulations. 

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Any articles or commentary included on the ERISA Consultants blog do not constitute a tax advice and cannot be used by any taxpayer to avoid penalties that may be imposed under the Internal Revenue Code on the taxpayer.

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