Courtesy of IslerDare PC, we’re providing you a 2020 year-end compliance checklist with actions you may need to take now regarding your organization’s health, welfare and retirement plans.
Divorce and the nonqualified deferred compensation plan (NQDC) can be an issue that is challenging to navigate. Obviously, the plan participant who is in the thick of it is dealing with demands on time, money, and emotions. But the plan sponsor can also have a role that calls for much more than nodding their heads sympathetically and saying, “That must be very difficult for you.”
The IRS has published benefit and retirement plan contribution limits for 2021. Notice 2020-79 defines the updated dollar limitations for tax qualified benefit and defined contribution plans. Chart
As an Independent Member of the BDO Alliance USA, Fulcrum Partners is proud to provide our services to CPAs and CPA firms through the new BDO Alliance Marketplace. We partner flexibly with CPA firms, positioning them to expand their offerings and better support their clients in ways that are creative, customized and reliable.
A nonqualified deferred compensation plan (NQDC) is an unsecured promise made by an employer to pay compensation to key employees at a prespecified time in the future or upon the occurrence of a predetermined event. An NQDC plan is also one of the most powerful tools available to employers for recruiting, retaining, and rewarding key employees.
Since the coronavirus pandemic first began to reinvent life in the U.S., we’ve shared numerous updates directed to the topic of IRC Section 409A v. COVID-19.
Today, courtesy of our friends at Porter Wright, the Deferred Compensation blog addresses questions that employers first raised in March, regarding ways to get money out of their nonqualified plans to participants who may have suffered pay cuts or furloughs. This post also addresses questions regarding equity-based and incentive compensation. As you will see, good intentions could lead to serious consequences under Internal Revenue Code Section 409A.
Internal Revenue Code Section 457 provides tax-advantaged treatment for certain nonqualified deferred compensation plans. Included are both 457 plans and 457(b) plans. The focus of this update is the non-governmental 457(b) Top Hat plan.
Deferred Compensation News is pleased to provide this Fulcrum Partners report, prepared and originally published by Principal Life, a member of the Principal Financial Group®. With socioeconomic and regulatory landscapes changing day by day and sometimes hour by hour, both plan providers and plan participants are faced with new and unexpected issues.
Internal Revenue Code Section §409A (IRC 409A) regulations govern the design and administration of nonqualified executive benefit plans. Nonqualified executive benefit plans have very specific rules on the form and timing of participant distributions and, generally, offer little flexibility on changing the form or timing of the distributions following the submission of the election form. One of the exceptions in the 409A regulations for altering previously submitted distribution elections is addressed under the unforeseeable emergency provisions.
PONTE VEDRA BEACH, FL — (March 26, 2020) Fulcrum Partners, one of the nation’s largest executive benefits advisories, announces publication of “Rabbi Trust: An Important Element of a Nonqualified Executive Benefit Plan during Times of Financial Stress.” The whitepaper, which is available to view online or download as a PDF, provides an overview of nonqualified plan benefit security issues that are important to review during financial or economic turmoil, specifically looking at rabbi trusts as the primary benefit security tools available to nonqualified plan sponsors.