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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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Do We Need to Continue Paying RMDs for a Deceased Participant?

DWC 02/18/20
Facts The CEO (and 5% owner) of our company passed away earlier this year at the age of 73.  He started taking his required minimum distributions right on time after reaching age 70 ½.  At the time of his passing, he was not married and had no children.  He also had not designated a beneficiary under the plan.
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DWC News Update: House Passes the SECURE Act

DWC 05/24/19
-A breakdown of breaking news from DWC's Managing Partner, Keith Clark If you are reading the mainstream press, the SECURE Act being signed into law is just around the corner.  While the overwhelming bi-partisan approval in the House of Representatives is an important (and increasingly rare) development, there are still a number of steps that must ...
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Are RMDs Required for a Retiree Turned Independent Contractor?

DWC 11/27/18
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 We have an employee who attained ...
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Can We Suspend RMDs for a Rehire?

DWC 11/13/18
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 We have a non-owner participant in ...
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Can a Participant Get a Jump on RMDs & Start Taking Them a Few Months Early?

DWC 11/6/18
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 ...
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Can a Charitable Organization be Named as a Plan Beneficiary?

DWC 09/25/18
Facts Our company sponsors both a 401(k) plan and a cash balance plan.  One of our employees is a strong supporter of a local charity.  She does not have a spouse or children, so she would like to name the charity she supports as her beneficiary for both of our retirement plans.
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Q3 Pension Pontifications

DWC 09/13/18
All of us here at DWC thrive on the really geeky stuff, and some of the best discussions start with Adam and Keith’s 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. ...
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How Should a Plan Sponsor Handle Required Minimum Distributions For Missing or Nonresponsive Participants?

DWC 01/16/18
Facts One of our employees retired on July 31, 2017 at age 73.  During her tenure with the company she was an active participant in the 401(k) plan, accumulating a balance while having never taken a distribution to date.  Now that she’s terminated, I understand she’s subject to required minimum distributions, with the first one due by April 1, ...
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Can a Company Owner Withdraw More than the Required Minimum Distribution After Age 70 1/2?

DWC 09/5/17
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 ...
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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.