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IRS Notice Clarifies SECURE 2.0 Automatic Enrollment, Tax Credits ...
WEBDec 28, 2023 · Section 101 of SECURE 2.0 requires defined contribution plans that are created after the law was enacted on December 29, 2022 to have automatic enrollment and deferral features starting on January 1, 2025. Specifically, plans must enroll participants at contribution levels of between 3% and 10% of salary …
IRS Publishes Revised Form 8881 - PLANADVISER
WEBDec 18, 2023 · Last week, the IRS issued a revised form for small businesses to apply for an enhanced tax credit for starting an employee retirement plan, effective from 2023 onward. The simple, Form 8881 marks a symbolic step for a key part of the sweeping SECURE 2.0 Act of 2022 passed at the end of last year. That policy increased the three-year startup tax ...
DOL Updates Guidance on Audit Independence Rules
WEBSep 2, 2022 · The U.S. Department of Labor has issued new guidance for retirement plan fiduciaries, technically referred to as Interpretive Bulletin 2022-01, that addresses the rules about audit independence that apply to retirement plans governed by the Employee Retirement Income Security Act. Want the latest retirement plan adviser news and insights?
PAi Enhances Small Market 401 (k) Plan Solution - PLANADVISER
WEBJun 15, 2020 · PLANADVISER Staff. ShareBuilder 401k, a provider of low-cost digital retirement plans, is aiming to help more businesses and their employees save for the future in a 401 (k) by offering free setup on all new plans. From now until July 3, companies with employees can save $495 to $995 in setup costs by starting a 401 (k) plan.
Magazine Issues - PLANADVISER
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The ABCs of Special Situations Funds - PLANADVISER
WEBSep 15, 2015 · Braitberg says special situations funds share several characteristics. First, there are alignments of interest that exist between the fund’s general partners and the investors. “First and foremost,” he says, “the special situations fund is primarily created for the general partners. They see a great investment opportunity for the ...
A Reminder to Avoid Fraudulent Hardship Withdrawals
WEBFeb 10, 2022 · In United States v. Barringer, the defendant was convicted by a jury of wire fraud, among other charges, for transmitting a fraudulent hardship withdrawal form to her company’s 401 (k) plan provider to obtain a distribution from her account. However, the court in that case reversed course and granted the defendant’s motion for judgment of ...
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IRS Issues How-To Guidance for Prorating Short Plan Years
WEBMay 31, 2018 · The prorated short-year limit is $137,500—i.e., $275,000 x (6/12) = $137,500. The IRS also provides examples for initial short plan years and plan termination. The agency notes that the compensation limit is not prorated for employees who enter or leave the plan mid-year, provided the plan continues to …