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 to company-sponsored retirement plans, the relief focuses on four areas:
Topic Archive: News
(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 to avoid a government shutdown. Although the provisions that were problematic before are still part of the mix, the political climate is such that both parties wanted political wins and neither wanted to risk being branded as the one that “allowed” or “forced” another government shutdown.
Written by Keith Clark, Managing Partner
The end of the year is a time for reflection, and this year we have a lot to look back on.
We entered our 20th year of business this past May. Eleven years ago, we started our TPA practice with the goal of differentiating ourselves from the standard industry model. Our emphasis was understanding that we are a professional services firm, and that means providing consistently excellent service. Our clients, advisors, and recordkeeping service providers must always come first.
I never understood why I had to sit in a waiting room when I visited a doctor or dentist when I had a pre-established appointment. The old school service model where their time is more important than mine does not work anymore! We know our clients’ time is valuable and they should never have to wonder when we will respond to them or be in doubt about the status of their deliverables. This is why we developed the DWC Way - our service expectations and basic tenets:
- As originally published in our Q4 2019 newsletter. Didn't get it? Sign up here.
It’s been a while, but we finally have them! Late last month, the IRS published the final hardship distribution regulations, nearly two years after Congress passed the Bipartisan Budget Act and the Tax Cuts and Jobs Act. The good news is that this final version follows the proposed version very closely. So closely in fact, that the IRS outright states in the final version that any plan that followed the proposed regulations will satisfy the final regulations.
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:
All of us here at DWC thrive on the really geeky stuff, and some of the best discussions start with our pontifications about how different topics impact our clients and our industry. We decided to bring the best of those conversations to you, still with a touch of geekiness but also distilled into easily digested, bite-sized pieces.
What are some potential unknown risks plan sponsors may face with respect to their plans? This quarter our experts have broken down some of the most common risks facing retirement plans, and what you can do to protect yours.
- As originally published in our Q3 2019 newsletter. Didn't get it? Sign up here.
The Department of Labor’s new regulations that expand the availability of multiple employer plans cover quite a bit of ground. In previous posts, we’ve explored Association MEPs, PEO MEPs, Corporate MEPs, and working owners.
Though not technically part of the regulations themselves, the Department of Labor also addresses a grab bag of questions that came in through the comment process in the preamble. In this post, we will run through some of those items.
Thanks to the Department of Labor’s recently published regulations, we went from just having multiple employer plans top having several different types of MEPs. We’ve already covered association MEPs and PEO MEPs, so now it is time to take a quick look at what the DOL calls “corporate MEPs.”
The next item up for bids in our series on the Department of Labor’s new regulations on multiple employer plans is on professional employer organizations, more commonly referred to by their acronym: PEOs. These organizations have an interesting history when it comes to retirement plans.
Just about anyone who has dealt with a 401(k) plan – either as a plan sponsor or a service provider – for any amount of time has had to deal with the issue of participants not timely cashing plan distribution checks. There are all sorts of potential concerns that range from tax implications to fiduciary responsibilities, but neither the IRS nor the DOL have been especially forthcoming with guidance.