Log in

Trust But Verify...But Not For Hardship Distributions

Haden McDonald 10/12/23
Read More

Can I Convert a Coronavirus-Related Distribution to a Roth IRA?

DWC 02/25/21
Converting CRD to Roth IRA
Facts We added Coronavirus-Related Distributions (CRDs) to our 401(k) plan in 2020, and a number of our participants availed themselves of the new feature. I know they have the option to pay any applicable taxes all at once or spread them over three years, and I also understand they have up to three years to roll the money over to avoid taxes ...
Read More

Can We Tweak our 401(k) to Allow Additional Savings for Reasons More Immediate than Retirement?

DWC 10/6/20
DWC 401(k) Q&A Question of the Week: Tweaking Your 401(k) to Allow Additional Accessible Savings
Facts Our company takes a holistic approach to the benefits we offer. We want our employees to have access to benefits that assist them with their overall financial security. We offer several health insurance options as well as a 401(k) plan with company match. We would also like to make it easy for our employees to set money aside for other ...
Read More

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 ...
Read More

Can Employees from a Former Subsidiary Take a Distribution from our 401k Plan?

DWC 03/12/19
QOTW - 3.12.2019 - Can Employees from a Former Subsidiary Take a Distribution for our 401k Plan - Plan Distributions and MandA
Facts Our company has several wholly-owned subsidiaries, and each of them has signed onto our 401(k) plan as participating employers. We sold 100% of the stock of one of those subsidiaries – Glen’s Fiddich, LLC – to an unrelated company. As a result of the sale, Glen’s Fiddich is no longer related to us and has discontinued participation in our ...
Read More

Can a Participant Get a Jump on RMDs & Start Taking Them a Few Months Early?

DWC 11/6/18
QOTW - 11.6.2018 - Can a Participant get a Jump on RMDs and Start Taking Them a Few Months Early - Plan Distributions
This QOTW has been updated to reflect changes made by the SECURE Act, which was signed into law on December 20, 2019. Participants who were born on or before July 1, 1949, are required to start taking their RMDs in the year they turn 70 ½. Those born after that date are subject to RMDs on reaching age 72. Facts One of the non-owner participants in ...
Read More

Can In-Service Distributions be Taken Prior to Age 59 1/2?

DWC 10/23/18
QOTW - 10.23.2018 - Can In Service Distribtuions Be Take Prior to Age 59.5 - Plan Distributions
Facts One of the participants in our 401(k) plan heard from a friend that it is possible to take money out of a plan while still employed. I’ve always heard that age 59 ½ is the rule of thumb as to when in-service distributions are allowed, but this participant is only in her mid-40s. She has about $100,000 in the plan: $65,000 in employee ...
Read More

Can a Company Owner Withdraw More than the Required Minimum Distribution After Age 70 1/2?

DWC 09/5/17
Minimum_Distribution_Rules.png
This QOTW has been updated to reflect changes made by the SECURE Act, which was signed into law on December 20, 2019. Participants who were born on or before July 1, 1949, are required to start taking their RMDs in the year they turn 70 ½. Those born after that date are subject to RMDs on reaching age 72. Facts One of the owners of our company is ...
Read More

Categories

See all

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.

Certificate of Fiduciary Excellence

As Featured In

fl-wall-street-journal
fl-the-hill
fl-bloomberg-BNA
fl-US-News
fl-yahoo-news
fl-plan-sponsor
©   DWC - The 401(k) Experts | P.O. Box 241267, St. Paul, MN 55124

Sign up to receive insights from DWC