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Must I Complete the Upcoming Mandatory Plan Document Restatement Before Terminating My Plan?

DWC 07/14/20
Facts I currently sponsor a 401(k) plan for my employees. As I start to consider retirement myself and eventual dissolution of the business, I’m compiling a list of all the things I need to do to wind down. One of those to-do items is to terminate the 401(k) plan.
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DWC News Update | eDisclosures: Initial Notice and Notice of Internet Availability

DWC 06/29/20
Welcome to the exciting conclusion of our foray into the brave new world of eDisclosures. Today, in our final look at the DOL’s new eDisclosure ruling, we will breakdown the Initial Notice and the Notice of Internet Availability (NOIA – because we need a new acronym).
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DWC News Update | eDisclosures: Covered Documents

DWC 06/15/20
The Department of Labor’s new rules that expand the electronic distribution of plan-related notices is a long-overdue and welcome change.  We have provided a summary of the new eDisclosure rules and taken a closer look at the details on electronic addresses and internet websites. In this episode of eDisclosure, we explore which documents are now ...
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DWC News Update | eDisclosures: A Deep Dive into Electronic Addresses and Internet Websites

DWC 06/8/20
Although the Department of Labor’s new ruling on electronic disclosures doesn’t officially go live until the end of next month, it is already breathing new life into some fairly antiquated-sounding terms. In this episode of eDisclosures, we will dive into exactly what constitutes an acceptable e-address and internet website.
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DWC News Update | New eDisclosure Rules: Maybe This Whole Internet Thing is Going to Stick

DWC 05/29/20
Just before Memorial Day weekend, the Department of Labor published rules allowing plan sponsors to set electronic media as the default method to provide plan information to participants.  At more than 150 pages, there are a lot of details in the new rule.  We will provide a summary here and follow up with additional posts that explore some of the ...
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Can We Allow a Distribution for a Coronavirus-Related Hardship?

DWC 03/31/20
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
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 ...
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Am I Now Required to Include Part-Time Employees in my 401(k) Plan?

DWC 01/28/20
Facts As the owner of a beachside hotel, I sponsor a calendar year 401(k) plan for my employees.  In the summer we hire many part-time employees to assist with the uptick in guests and activities.  Our plan has always required employees to reach age 21 and complete a year of service before becoming eligible.  Traditionally, this has meant that ...
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DWC News Update | The SECURE Act Has Snuck Through

DWC 12/17/19
(Updated 12/23/2019) Late Friday evening (aboard Air Force One leaving DC for his holiday retreat), President Trump signed the spending bill that included the SECURE Act. In a bit of last-minute maneuvering in Washington, DC, the House of Representatives added the provisions from the SECURE Act to the spending bill that had to be passed by Friday ...
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Meet the MEPs: What's Next?

DWC 09/18/19
Welcome to the finale of our series on the Department of Labor’s new regulations, updating the definition of “Employer” under ERISA to extend the availability of multiple employer plans to more businesses. We’ve covered a lot of ground so far:
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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.