This blog post addresses retirement plans that are intended to be tax-qualified under Section 401(a) of the Internal Revenue Code (Code). Specifically, this post will provide information related to: Quite often, we see employers, particularly smaller employers, design and implement tax-qualified retirement plans without a basic understanding of how these rules apply to their plans. … Continue Reading
Coronavirus disease 2019 (COVID-19), commonly known as the “coronavirus” has raised many challenges for businesses. Among those challenges are the variety of employee related issues being raised. In addition to complying with various employment laws, including the new emergency leave laws and tax credits (see our blog), employers also have to consider the impact on … Continue Reading
The U.S. House of Representatives passed the “Tax Cut and Jobs Act” (H.R. 1) last Thursday without, unsurprisingly, any Democratic support. The retirement plan provisions in the bill haven’t changed. No eleventh-hour revenue-grabbing effort to convert all 401(k) plan contributions to Roth contributions or to place substantial limits on pre-tax plan contributions. But there are … Continue Reading
Just as they appeared to survive round one of the House tax reform bill released last week, retirement savings programs, such as 401(k) plans and Individual Retirement Accounts, seem to emerge relatively unscathed from the Senate’s tax reform deliberations. Nonetheless, the Senate Finance Committee’s proposal does include a few changes to these programs.… Continue Reading
For the last few weeks, U.S. tax reform deliberations put 401(k) retirement plans on a roller coaster ride. Rumors abounded, including, for example, whether legislators would impose new contribution caps, or eliminate pre-tax contributions altogether. Legislators often have targeted the tax-advantaged status of retirement savings plans as a revenue raiser to pay for federal programs … Continue Reading
With U.S. tax reform on the horizon, there are some reports that lawmakers are considering limiting annual pretax contribution limits to 401(k) plans to $2,400. The current tax code allows most workers to contribute up to $18,000 on a pretax basis to 401(k) plans. At this time, it is uncertain whether there will be any … Continue Reading
The U.S. Department of Labor’s revised proposed rule for defining a fiduciary has been delayed … again. Most recently expected in August, the Labor Department is now predicting January 2015. And, the rule has a new name: The Conflict of Interest Rule for Investment Advice. As a refresher, the proposed rule would broaden the definition … Continue Reading
