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Remember back in March when retirement plan recordkeepers were panicking about the COVID-19 pandemic and the related stock market plunge, allegedly fielding record volumes of calls from frantic participants who not only wanted to flee equity investments, but also wanted to take out their money entir…Read more
The recent COVID-19 pandemic exposed a weakness in the retirement plan infrastructure when thousands of married retirement plan participants attempted to take loans and distributions from their plans and found out that, in order to do so, they had to have the written consent of their spouse and that…Read more
Forget About the CARES Act and SECURE Act: This New Regulatory Guidance Will Be the Real Game Changer!
While the CARES Act and SECURE Act have provided some meaningful changes to retirement plan law - most notably, relief from Required Minimum Distributions (RMDs) and provisions allowing for COVID-19 withdrawals and loans - there is nothing in either piece of legislation that is truly groundbreaking.…Read more
More than one month has passed since the enactment of the CARES Act, yet there are still many widely held misconceptions about the retirement plan-related provisions. In this week’s Top of Mind, we attempt to dispel some of those myths. Myth # 1: Anyone can take advantage of the new CARES Act loan …Read more
In a recent Top of Mind post, we discussed why plan sponsors should be wary of blindly adopting all of the CARES Act loan and distributions provisions. Well, it turns out that there is quirk in the CARES Act provisions regarding COVID-19 loans that is giving plan sponsors a reason to pause. This is…Read more
Having just finished reading an epic piece (30 pages!) from S. Derrin Watson on the CARES Act retirement plan and related provisions, I thought a CARES Act Q&A on the top the five questions that appear to be tripping people up the most might be in order. The answers are based on the collective wisdo…Read more
The new CARES Act retirement plan distribution and loan provisions for participants affected by the COVID-19 pandemic are apparently quite popular with retirement plan recordkeepers, so much so that at least one large recordkeeper told their plan sponsors that they had just five days to opt out, or …Read more
The Coronavirus Aid, Relief and Economic Security Act (CARES Act) signed into law last week makes it easier than ever to take distributions and loans from a retirement plan, with fewer tax consequences. Beyond this provision, employers may also voluntarily make it easier to take withdrawals and loan…Read more
I recently attended the That 401(k) Conference in Orlando, Florida, where conference moderator, Ary Rosenbaum (who runs the amazing and informative That 401(k) Site), conducted a session on the impact of the SECURE Act. In that session, he stated that one of the biggest administrative issues created…Read more
While the SECURE Act raised the commencement age from age 70½ to 72 for required minimum distributions (RMDs), there are actually a number of other ways that retirement plan participants can delay and/or avoid minimum distribution requirements if they plan ahead. Consolidate pre-tax retirement plan…Read more