Correcting Retirement Plan

Correct Retirement Plan Operational Failures and Other Issues

Fulcrum Partners Executive Benefits News, Fulcrum Partners News

The IRS recently made significant changes to its comprehensive guidelines on how retirement plans can correct operational and other failures. On July 16, 2021, the Internal Revenue Service (the IRS) released Rev. Proc. 2021-30, reflecting important changes to the Employee Plans Compliance Resolution System (the EPCRS) that the IRS previously established for correcting errors in tax-qualified retirement plans.

Top Hat Plans: What Executives and Organizations Need to Know

Top Hat Plans: What Executives and Organizations Need to Know…and Why

Fulcrum Partners. Deferred Compensation News

This past January, the U.S. Government Accountability Office (GAO) published its initial findings after conducting a review of executive retirement plans, specifically, top hat plans. The study came in response to a request filed by U.S. Senators Ron Wyden (Oregon), Bernie Sanders (Vermont), and Patty Murray (Washington).

This article looks at 1.) the GAO’s report; 2.) the final rulings by the U.S. District Court in the class action lawsuit of Berry v Wells Fargo & Co; and, 3.) the implications of both on Top Hat plans in general.

Woman office worker typing on the keyboard

Deadline for RMD Rollback Under CARES Act is August 31

Fulcrum Partners. Deferred Compensation News

Taxpayers who have already taken their required minimum distribution, RMD, for 2020, have the option for an RMD Rollback under the CARES Act if taken by August 31, 2020. The intention of this option is to provide tax relief for those who took their required RMD prior to the Coronavirus Aid, Relief, and Economic Security (CARES) Act becoming law on March 27, 2020 and wish to ‘undo’ their action.

Arrest Made in Retirement Plan Fraud Case

Arrest Made in Retirement Plan Fraud Case

Fulcrum Partners. Deferred Compensation News

Earlier this month, a federal grand jury indicted an Orange County, California man on charges related to retirement plan fraud. The U.S. Attorney’s Office for the Central District of California reported that the plaintiff has been charged with three counts of bank fraud and one count of aggravated identity theft after allegedly obtaining the personal information of an unspecified number of Boeing employees.

the publication explains the new provisions which allow enhanced access to plan loans and plan distributions. 

CARES Act Guidance for Plan Sponsors and Participants Updated

Fulcrum Partners. Deferred Compensation News

On June 19, 2020, the Internal Revenue Service (IRS) updated and clarified issues of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) guidance for plan sponsors and plan participants. Issued as Notice 2020-50 (“Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act,”) the publication explains the new provisions which allow enhanced access to plan loans and plan distributions. 

Close up of a snail in the countryside

Electronic Disclosure Safe Harbor for Retirement Plans

Fulcrum Partners. Human Resources

Last week, the Department of Labor (DOL) finalized regulations for the new “notice and access” safe harbor for retirement plans. Known as “NOA Safe Harbor,” the new guidelines permit plan administrators to send required disclosures to plan participants and beneficiaries via email or other electronic means, including allowing employers to post retirement plan disclosures online.

Does Furlough Constitute a Separation from Service Under IRC 409A

Does Furlough Constitute a Separation from Service Under IRC 409A

Fulcrum Partners. Deferred Compensation News

The COVID-19 pandemic has brought operational challenges and financial strain to businesses in every sector. While some organizations have terminated employees, other businesses have been able to furlough some of, or all, their workforce instead. How the employer handles the furlough is important for many reasons, including how the guidelines of Internal Revenue Code Section 409A (IRC 409A) impact decisions made by both employer and employee.

Impact of covid 19 on retirement

Impact of the COVID-19 Pandemic on Your Medical and Retirement Plans

Fulcrum Partners. Human Resources

IslerDare is a legal firm dedicated exclusively to the representation of management in all aspects of labor, employment and employee benefits law. We frequently share their insights here on the Deferred Compensation Blog, and are pleased to provide you this link to their timely newsletter, “The Impact of the COVID-19 Pandemic on Your Medical and Retirement Plans,” and the excerpt featured below, which specifically addresses current IRS positions on issues that could result from the COVID-19 Pandemic.