IRS provides tax relief with increased flexibility in Cafeteria Plans

To assist with the nation's response to the COVID-19 pandemic, new provisions were released on Tuesday, May 12, 2020, by the IRS to allow Cafeteria Plan … [Read more...]

Coronavirus-related Distributions

The Coronavirus Aid, Relief, and Economic Security (CARES) Act (HR 748) was signed into law on March 27, 2020, providing support to individuals, businesses, and … [Read more...]

Who are qualified individuals?

Below are the guidelines under the CARES Act for "qualified individuals" relating to Coronavirus-related Distributions. “Qualified individuals” include any of … [Read more...]

CARES Act – Special Rules for Retirement Accounts

Section 2202. Tax Favored Withdrawals from Retirement Plans The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows participants to receive up to … [Read more...]

401k Hardship Distribution Changes

The Bipartisan Budget Act of 2018 will modify the way your 401k hardship distributions are handled after January 1, 2019. Plan Amendments will be needed to … [Read more...]

5500 Filing Deadline Reminder

Cafeteria/Retirement Plan 5500 Filing Deadline: July 31 (for plans with 12-31 year ends) ERISA, the federal law that governs retirement and welfare plans (e.g. … [Read more...]

Protecting Your Plan Assets with an ERISA/Fidelity Bond

To comply with ERISA, every fiduciary of an employee benefit plan and every individual who handles plan funds must be bonded. Being bonded protects plan assets … [Read more...]