COVID-19

The IRS on July 17 issued a reminder that under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the rules regarding required minimum distributions (RMDs) are different in 2020.   The CARES Act waives RMDs during 2020 for IRAs and retirement plans, including beneficiaries with... READ MORE

A surprising number of employers have opted NOT to offer the COVID-related distribution (CRD) relief under the CARES Act. But the employer’s decision is not the final word on this matter, because the statute grants participants specific tax benefits regardless of the sponsor’s choice. So what does... READ MORE

As plans contemplate changes to safe harbor plans in the midst of the COVID-19 pandemic, the IRS has provided some guidance and relief for certain plans.    The IRS on June 29 issued guidance that clarifies the requirements that apply to a mid-year amendment to a safe harbor 401(k) or 401(m) plan... READ MORE

The U.S. Small Business Administration, in consultation with the Treasury Department, has issued new guidance providing important clarifications for those taking advantage of the Paycheck Protection Program.     The Interim Final Rule released June 11 revises the SBA’s Interim Final Rule... READ MORE

We know that all parties involved in plan administration are struggling with the question of whether the employer or the participant have the right under the CARES Act to:   an extension of loan amounts (I think it’s the employer’s choice); the right to suspend loan repayments (I think it’s... READ MORE

Economic stress caused by the COVID-19 pandemic has led to new pressures on retirement plan sponsors, including consolidation. One result may be additional impetus for multiple employer plans and pooled plan arrangements, a recent blog post suggests.   In “Will COVID-Related 401(k) Plan... READ MORE

As the nation enters its third month under the constraints of the COVID-19 pandemic, it seems a dramatic understatement to say we are living in uncertain times.   Let’s face it, even as the nation begins to (re)open, concerns about the coronavirus remain widespread, and the markets, though... READ MORE

The House of Representatives has approved stand-alone legislation that seeks to alleviate complications small business owners encountered under the Paycheck Protection Program (PPP).    Introduced by Reps. Dean Phillips (D-MN) and Chip Roy (R-TX), the Paycheck Protection Program Flexibility Act... READ MORE

While the long-term implications of the Coronavirus pandemic on retirement security have yet to be fully realized, some cracks are starting to show in the retirement confidence of American workers.    “Retirement Security Amid COVID-19: The Outlook of Three Generations,” a new study by the... READ MORE