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Participation and Plan Sponsor Relief under the CARES Act

Tuesday, April 7, 2020

Dear Valued Clients and Friends, This communication summarizes participant and plan sponsor relief related to IRAs and qualified retirement plans as defined in Internal Revenue Code § 402(c)(8)(B), 401(a), and 403(b). Participant Relief Qualifying conditions for relief apply to an individual: who is diagnosed with the virus via a test approved by the Centers for […]

The Consequences of Missing a Required Distribution

Wednesday, June 26, 2019

  When a business owner reaches age 70.5 (or an employee retires at a later age and deferred distributions are allowed by the plan document), minimum distributions from a qualified plan must commence by the end of that year. The initial distribution can be delayed to the next April 1, but distributions must be made […]

Cybersecurity Risks for Retirement Plans

Wednesday, June 26, 2019

  The Windes ERISA Group hosted a lunch seminar on Cybersecurity Risks for Retirement Plans, presented by Scott Lanigan of New York Life. This is a pressing subject for all business entities, but the nature of retirement plan accounts and investments presents a unique challenge for investment providers and plan administrators to protect sensitive plan […]

Compliance Spotlight: Defined Benefit Plan Distribution Restrictions

Wednesday, June 26, 2019

  As the name implies, defined benefit plans (including cash balance arrangements) are retirement vehicles that provide benefits defined by the plan. Participants earn benefits as they continue to provide service to the employer, with full benefits available at retirement. Plan sponsors are provided a range of allowable contributions to keep the plan funded for […]

403(b) Plans: Less Than 12 Months to Adopt Pre-Approved Plan Documents

Wednesday, June 26, 2019

  The deadline to adopt an IRS-sanctioned plan document is rapidly approaching. As we detailed in a previous newsletter (Spring 2017), the IRS set March 31, 2020 as the date by which plan sponsors must restate their plans to an IRS-approved document to replace the “good-faith” documents that were adopted in 2009. The restatement on […]