Employee Benefit News

  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 […]

  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 […]

  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 […]

  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 […]

A loan default occurs when a retirement plan participant with a defaulted plan loan, following severance from employment or the termination of the plan, was subject to an offset against his or her account balance. Prior to 2018, a participant had only 60 days to come up with funds equal to the defaulted loan balance, […]