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Can We Allow a Distribution for a Coronavirus-Related Hardship?

DWC 03/31/20
DWC 401(k) Q&A Question of the Week: Can We Allow a Distribution for a Coronavirus-Related Hardship?
Facts Some of our employees are dealing with financial challenges due to the coronavirus situation, and they are asking whether they can access their 401(k) accounts. Our plan allows for loans and for in-service distributions at age 59 ½, but some of these employees are younger than that. As a plan sponsor, I’ve always felt strongly that our ...
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DWC News Update | The CARES Act: Federal Coronavirus Relief

DWC 03/30/20
DWC News Update: The CARES Act: Federal Coronavirus Relief
On Friday afternoon, March 27th, Congress passed, and the President signed, the Coronavirus Aid, Relief, and Economic Security (CARES) Act - sweeping legislation intended to provide much-needed relief due to the coronavirus public health emergency. At nearly 1,000 pages in total, the legislation covers a lot of ground in a many areas. With respect ...
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How Do We Stop Our Discretionary Matching Contribution?

DWC 03/26/20
DWC 401(k) Q&A Question of the Week: How Do We Stop Our Discretionary Matching Contribution?
Facts My company sponsors a 401(k) plan that provides for a discretionary matching contribution, which we deposit each pay period along with employee deferrals. Given the economic uncertainty, I’m focused on doing what I can to ensure adequate cash flow to maintain operations, including making payroll. That might mean we make the decision to ...
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Can We Suspend our Safe Harbor Contribution Mid-Plan Year?

DWC 03/24/20
DWC 401(k) Q&A Question of the Week: Can We Suspend our Safe Harbor Contribution Mid-Plan Year?
Facts Given the current uncertainty in the world economy and the unknown ongoing affects of coronavirus, I’m looking at all financial obligations for our company, and for opportunities to reduce risk. We currently sponsor a 401(k) plan for our employees and provide a safe harbor contribution equal to 3% of employee compensation.
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The views expressed in this blog are those of the authors and do not necessarily represent the views of any other person or organization. All content is provided for informational purposes only and is not intended to be tax or legal advice.

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