IRS Announces Limits for 2020

View This Newsletter: IRS Announces Limits for 2020

IRS Announces Limits for 2020

On November 6, 2019, the IRS announced the cost of living adjustments affecting the dollar limitations for retirement plans. Contribution and benefit increases are based on a calculated change in the Consumer Price Index and are intended to allow participant contributions and benefits to keep up with the “cost of living” from year to year. Learn More

Safe Harbor 401(k) Plan Design

Being the bearer of bad news isn’t fun. When the third-party administration firm relays that aspects of the annual compliance testing have failed causing many of the company’s executives to receive taxable distributions from the plan, it isn’t a great day for the HR manager. Learn More

The Final Rule on Hardship Distributions

On Sept. 23, the IRS published a final rule that relaxes several existing restrictions on participant hardship distributions from defined contribution plans. Some of these changes are mandatory, requiring employers to make changes by Jan. 1, 2020, while others are optional. Though the IRS had issued the proposed regulations in 2018, the final regulations clarify a few key provisions. Learn More

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