Many plan sponsors face the issue of what to do with uncashed checks. Even if the check is sent to the correct address, the participant or former participant may not cash the check. The IRS issued a Revenue Ruling (Revenue Ruling 2019-19 – Failure to Cash a check From a Qualified Plan) which might influence […]
401k, distributions, IRS, uncashed checksThe IRS has noted on its website page Hardship Distribution Tips from EP Exam that despite the growing trend for plans to grant hardships to participants who electronically apply for hardship distributions using their PIN and self-certifying that they meet the hardship criteria, the IRS examiner will still look for the documentation to ensure that […]
401k, hardship withdrawals, IRS examiner408(b)(2) disclosures for retirement plans have been in effect for a few years. It is important to remember that the final regulations reserved a section for welfare plan disclosure. The preamble to the final regulations noted that commenters to the regulations supported disclosures specifically tailored to welfare plans. Although somewhat dated, the Employee Benefits Security […]
401k, 401k fees, fee disclosure, Form 5500, health & welfareJune 2009 Suspension or Reduction of Safe Harbor Nonelective Contributions Proposed Regulations On May 18, 2009 the IRS issued proposed regulations which will allow employers with safe harbor 401(k) plans who incur a substantial business hardship to reduce or suspend the nonelective contribution (QNEC). Currently, only the safe harbor matching contribution (QMAC) can be reduced […]
401k, defined contribution, safe harbor, suspension non-electiveNovember, 2007 Focusing on the administrative and procedural implications of the QDIA regulations By now you have received numerous bulletins from your consultants and attorneys regarding the new qualified default investment alternative (QDIA) rules. In this ErisaALERT we will try very hard not to repeat everything you have already received, but rather focus on the […]
401k, defined contribution, QDIA(c) 2015 Erisa Diagnostics - We focus on benefits, so you can focus on business