Coronavirus Aid, Relief, and Economic Security Act or the “CARES Act” President Trump signed the CARES Act making it effective March 27, 2020. Certain provisions of the CARES Act may affect your 401(k), Profit Sharing or 403(b) Plan. These new provisions are optional changes you may make to your
403(b) Tax Sheltered Annuity Plan Document Amendments
Does your organization sponsor a 403(b) Tax Sheltered Annuity Plan? Did you know that your organization must have a written plan document? Organizations that can sponsor 403(b) Plans include 501(c)(3) tax-exempt organizations, schools, hospitals, churches, and some governmental entities. Your
2019 Dollar Limitations
2019 DOLLAR LIMITATIONS The IRS has announced the retirement plan limitations for 2019. Limitations which apply to Pension Plans (including Profit Sharing and 401(k) Plans) for the Year 2019 are: Annual Compensation Limit for Plan purposes $280,000 (increased from $275,000) Highly
Changes to 401k Plan Hardship Distributions
On 11/9/2018 the IRS released proposed amendments to the 401(K) Plan Hardship Distributions regulations. These amendments result from the Tax Cuts & Jobs Act of 2017 (Tax Act) and the Bipartisan Budget Act of 2018 (Budget Act). The proposed regulations include revisions to the rules for
More Great news for Safe Harbor 401(k) Plans!
On January 18, 2017, the IRS released proposed regulations to allow the use of forfeitures for funding Safe Harbor Matching, QNEC or QMAC contributions. The IRS is accepting comments through April 18, 2017. The proposed regulations would be effective for taxable years on or after the regulations