How Do 401k Plan Sponsors Administer the Plan From Home?
An excerpt from an article by FiduciaryNews.com featuring a quote from PEI partner and co-founder Attila Toth.
By Chris Carosa
“The biggest challenge is keeping up with the new legislation and making prudent decisions based on that information,” says Attila Toth, Partner and Co-Founder at Portfolio Evaluations, Inc. in Warren, New Jersey. “At the end of last year, the Trump Administration signed into law the SECURE Act. Plan administrators need to work closely with their recordkeeper to confirm compliance with many of these new requirements. Plan administrators also need to make decisions relating to their plan design (e.g., whether they would like to offer the penalty free withdrawal for birth or adoption expenses). They also need to be on the lookout for more guidance expected from the Department of Labor. In addition to the SECURE Act, the CARES Act was passed last Friday, March 27, to provide provisions related to withdrawals, loans and RMDs. What is the prudent decision on offering these penalty free distributions?”
To read the full article, as originally published on the FiduciaryNews.com website on March 31, 2020, click here.