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October 27th, 2020 Information & Insights for the 403(b) Community Retirement Planning Needs of Private- and Public-Sector Employees More Similar Than Different Yes, public employees are more likely to have pensions, but some do not get Social Security, and health care costs are increasing for everyone. Contribution Limits Unchanged for 2021 Most contribution and benefit limits for employer-sponsored plans remain unchanged for 2021, according to the IRS. Ask the Experts Delay of Initial e-Disclosure Notice “I understand that the Department of Labor [DOL] recently announced that the one-time paper initial notice necessary to implement its new safe harbor on e-disclosure can be deferred due to COVID-19. Does that mean that I can just start sending covered documents electronically if I otherwise follow the new safe harbor?” IRS Issues Guidance About Retirement Plan Accounts Transferred to Unclaimed Property Funds A revenue ruling addresses income tax withholding and reporting, and a revenue procedure adds to the list of waivers of the 60-day rollover requirement. COVID-19’s Effect on Retirement Savings Could Be Long-Lasting Actions detrimental to employees’ long-term financial security have increased 50% since April, and illustrations show the effect of some of those actions on account balances at retirement. Groom Law Group Selects Litigators for ERISA Practice Groom Law Group, Chartered, has added two members to its ERISA [Employee Retirement Income Security Act] litigation and plan sponsor practices—Will Delany, principal, and Patrick DiCarlo, of counsel. Did someone forward you this newsletter? Sign up here to get (b)lines directly in your mailbox! Unsubscribe | Manage Subscriptions | Contact Us Copyright ©2024 Asset International, Inc. All rights reserved. No reproduction without prior authorization. Modern Slavery Statement 2022 | Do Not Sell My Personal Information | Privacy (including cookies), Social Media & Legal 702 King Farm Boulevard, Suite 400, Rockville, MD 20850