Posted By: Christopher Ciminera, CPA In the last blog, we covered the storm that COVID-19 brought and the CARES Act legislation that Congress provided to help individuals obtain needed access to retirement funds. The storm clouds dissipated slightly and the IRS brought a little more sunshine with some positive changes to the EPCRS correction program. We’ll now cover EPCRS changes. … Continued
Posted By: Christopher Ciminera, CPA Act 3 – The CARES Act In the last blog, we covered the remainder of the SECURE Act provisions. By itself, it changed the landscape of our play. But an unexpected storm came in the form of the COVID-19 pandemic creating a major cloud of uncertainty. The COVID-19 pandemic created the need for expanded legislation … Continued
Posted By: Christopher Ciminera, CPA Act 2 – The SECURE Act…Continued In our last two blogs, we discussed the beneficial changes of the Bipartisan Budget Act of 2018 and Title 1 of the SECURE Act. But it doesn’t stop there because there were more changes included in the SECURE Act, which we will now discuss in this blog. The SECURE … Continued
Posted By: Christopher Ciminera, CPA Act 2 – The SECURE Act In Act 1 of our play, Retirement Plan Legislative Update: Act 1 – Bipartisan Budget Act, we covered the Bipartisan Budget Act of 2018. This was positive legislation, but a major change to legislation was yet to come – the Setting Every Community Up for Retirement Enhancement Act, or … Continued
Posted By: Christopher Ciminera, CPA The world has gone through many sudden and unpredictable changes in the last few years. The retirement plan industry has seen many changes, as well, which has had impactful legislation and guidance that changed the retirement landscape in many positive ways. With all these changes, it seems the world and retirement plan industry is part … Continued
Posted By: Maria Hurd, CPA There is Always Room for Improvement: Proposed Revisions to Form 5500 On September 14, 2021, the U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) (together “Agencies”) jointly announced a tri-agency notice of proposed forms revisions to the Form 5500 Annual Return/Report forms filed for employee pension … Continued
The SECURE Act’s Long Term, Part-Time Employees Eligibility Rules: the Good, the Bad, and the Questions
Posted by Maria T. Hurd, CPA, RPA The SECURE Act’s provisions that encourage retirement savings and increase coverage and participation could reduce an estimated retirement savings shortfall of $3.8 trillion dollars by 3%, which does not sound like much percentage-wise, but it amounts to more than one hundred billion dollars: an unquestionably good result. However, just as bad situations tend … Continued
How do the new Required Minimum Distribution rules under the SECURE Act affect financial statement audits?
Posted by Maria T. Hurd, CPA, RPA The New Law The SECURE Act (Setting Every Community Up for Retirement Enhancement) changed the age at which non-5% owners who have terminated employment with a retirement plan sponsor must take required minimum distributions (RMD). Participants who reach age 70½ after 2019 must take their first RMD by the April 1 of the … Continued
How does the SECURE Act allow Penalty-Free Distributions from Retirement Plans for Childbirth or Adoption Expenses?
Posted by Maria T. Hurd, CPA, RPA Updated 3.26.2020 Children are a financial hardship!!! The IRS has finally recognized it by adding a new type of penalty-free distribution from defined contribution retirement plans: the Qualified Birth or Adoption Distribution (QBOAD), effective January 1, 2020. The new provision is optional, so plan sponsors will need to amend their plans to permit … Continued