Tag Archives: corporateretirementplans

Earlier this year, the U.S. Department of Labor, Internal Revenue Service and Pension Benefit Guaranty Corporation issued final changes to the ways in which retirement plan sponsors must annually report critical information about their employee benefit plans in according with the Secure Act that was passed into law in 2021. These updates apply to employer’s […]

Congress passed the CARES Act on March 25, 2020, to provide immediate economic assistance to individuals, families and businesses struggling during the COVID pandemic. Among the law’s provisions was an opportunity for qualifying individuals to take penalty-free early withdrawals of as much as $100,000 from their 401(k), 403(b) and IRA retirement plans during calendar-year 2020. […]

The IRS released its annual cost-of-living adjustments for retirement savers in 2023, increasing the contribution limits and income eligibility requirements in the new year. One week previously, the Social Security Administration announced an 8.3 percent increase in Social Security and Supplement Security Income benefits, which it expects will help retirees weather higher consumer prices and […]

Businesses that offer their workers access to 401(k) retirement plans and similar defined-contribution plans have a July 31, 2022, deadline to file IRS Form 5500, reporting the details of their plan’s financial assets, its sources of funding, administrative expenses, number of active participants and benefits paid out to participants. Smaller plans with fewer than 100 […]

The pandemic and ensuing “Great Resignation” are accelerating an already concerning rate of leakage from employers’ 401(k) plans, negatively impacting both employers’ costs and plan participants’ retirement readiness. In this environment, it is especially critical for businesses to educate employees about the rules for early withdrawals and separations from service and the options available to […]

The ongoing consolidation of service providers in the 401(k) market can pose a significant risk to plan sponsors who have a fiduciary duty to act in the best interest of plan participants and their beneficiaries. Consequently, it is crucial for employers to stay abreast of industry changes and be prepared to take action, especially when […]