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week ending April 3rd, 2020
The Coronavirus Aid, Relief and Economic Security (CARES) Act offers help for both retirement plan sponsors and participants during this trying economic time. Plan sponsors need to know all the details to be able to make the best decisions for themselves and their participants. The help offered by the CARES Act extends beyond retirement plans. In this edition of PLANSPONSOR Weekend, you’ll find informative articles to help you with decision making and administration. We will continue to update our news coverage with more details. All our coverage can be found on our Coronavirus News for Plan Sponsors web page.
Editor's Choice
Compliance
DB Plan Relief Included in the CARES Act
The bill provides a delay for minimum annual required contributions and relief for plans that may have benefit restrictions triggered due to a drop in funding levels.
Administration
Administrative Considerations for CARES Act Transactions
Plan sponsors need to understand the details and ask themselves certain questions to make sure they are complying with the new law.
Ask the Experts
Coronavirus-Related Distributions From 403(b) and Governmental 457(b) Plans
“Our firm sponsors both a 403(b) and 457(b) plan and have already begun to receive questions from employees regarding the hardship distribution (403(b)) and unforeseeable emergency distribution (457(b)) provisions in our retirement plans and whether they would be able to access their funds in such plans due to expenses related to the COVID-19 pandemic. Will such distributions be permissible?”
Compliance
Important Considerations Before Waiving RMDs
Taking required minimum distributions (RMDs) is about shifting to a taxable account, not necessarily about liquidating investments.
Benefits
Employers Can Offer More Student Loan Repayment Help to Employees
The CARES Act allows employers to contribute toward employees’ student loan debt tax-free to employees, and employees need guidance on what they can and should do about deferring payments.
Popular Reads
Data and Research
Near-Retirees Flummoxed by Social Security Benefits
Respondents to a survey by MassMutual revealed certain topics they have questions about.
Investing
In the Future, the Bias Will Likely Be for Annuities
For now, sources say there needs to be more education and a change of thought to help 401(k) plan sponsors and participants accept the income-generation value of annuities.
2020 Recordkeeping Survey
Investing
What to Know Before Adding an SDBA to Your Plan
Self-directed brokerage accounts offer a multitude of options to the hands-on investor, but there are pros and cons of allowing retirement plan participants to use them.
2021 Virtual HSA Conference
April 13 - 14, 2021 | Virtual Conference
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