(Read time 0:53) Welcome to the latest edition of Tax Talk. In this issue, we highlight upcoming crucial compliance deadlines and also provide a quick reminder for plan participants. (Dates below are for calendar year plans and companies.) Upcoming Deadlines January...
Distribution
Roth plan distribution rules
Under current law, RMDs are required to begin prior to the death of the owner of a Roth account in employer sponsored retirement plans (e.g.: 401(k) plans), but RMDs are not required in Roth IRAs. Beginning January 1, 2024, the pre-death distribution requirement for...
Participant Distribution Fraud in the “New Normal”
The Coronavirus pandemic, without a doubt, has changed the way we do business. It has also created some unanticipated vulnerabilities. For instance, since the start of the “new normal,” there has been an increase of cyberattacks on retirement plans and participant...
Electronic Delivery Could Save Billions
On May 21, 2020, the U.S. Department of Labor and the Employee Benefits Security Administration (EBSA) announced the publication of a final rule that will allow employers to communicate the required retirement plan disclosures and other plan information...