Posted By Maria T. Hurd, CPA, RPA Our first blog about the CARES Act titled Unsaving for Retirement in Pandemic Times discussed the original definition of a Qualifying Individual eligible to take the additional Coronavirus-related loans and distributions. The original definition of a qualified individual applied if the participant in the plan experienced a financial impact, but it made no … Continued

Posted By Christopher J. Ciminera, CPA, QKA Throughout the COVID-19 pandemic, the Employee Benefits Security Administration (EBSA) had been relatively quiet on retirement plan compliance relief. That changed with Disaster Relief Notice 2020-01 issued on April 29, 2020. This notice provides guidance and relief for employee benefit plans due to the COVID-19 outbreak. Time Period Covered The notice applies from … Continued

Posted By Maria T. Hurd, CPA, RPA Coronavirus-Related Distributions are NOT “Eligible Rollover Distributions,” but They Can be Rolled Over: What Withholding Rate Applies? To address the novel Coronavirus, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) has created a novel type of distribution from retirement plans: the Coronavirus-Related Distribution (“CRD”). It is a “rolloverable” distribution that … Continued

Posted by Maria T. Hurd, CPA, RPA Every year, retirement plan audit season starts in early April, shortly after discrimination tests are complete and audit packages for the more straightforward plans become available. Human resources managers, payroll managers, and chief financial officers at the plan sponsor collaborate to provide the auditor with payroll, personnel data, and financial backup needed for … Continued