Periodic updates communicating important regulatory developments to plan sponsors, including those provided by ERISA and other governing bodies.
DOL Issues Missing Participant Guidance
The Department of Labor (DOL) has issued guidance regarding missing participants, including a list of best practices to reduce missing participant issues. Such practices include but are not limited to the maintenance of accurate participant census information, searches for missing participants, and implementation of effective participant communications. The DOL also outlined ways that plans should […]Read More
Securing a Strong Retirement Act of 2020
The Securing and Strong Retirement Act of 2020 (SSRA) has been re-introduced in Congress, increasing the minimum required distribution age from 72 to 75. The SSRA builds on the SECURE Act of 2019, which increased the minimum required distribution age from 70 ½ to 72. There is also inclusion of a provision to increase catch […]Read More
403(b) Plan Terminations
As provided for in the SECURE Act, the Treasury was issued a directive to provide guidance regarding distributions of assets in-kind in the event of 403(b) plan termination. On November 5, 2020, The IRS and U.S. Department of Treasury issued followed suit. Such retirement plans funded through individual or group 403(b)(7) custodial accounts can be […]Read More