Topic: Regulatory Updates

Now May Be a Good Time to Talk About the “Maybe” Notice

Mid-year offers opportunity to check in with your 401(k) plan clients to see how their plans fared on mid-year testing. These test results don’t count against the plan in any way, but they are a helpful gauge of whether the plan could fail nondiscrimination testing at year end–when there are consequences for failed testing results. 

Hardship Distribution Rules are Changing and How a 3(16) Administrator Can Help

Most 401(k) plans allow plan participants to access their retirement savings while they’re still working if they have a significant financial hardship. Recent legislation and subsequent IRS guidance have changed the rules governing these hardship distributions.

Potential Tax Reform Implications for COLI and BOLI

Implications of the 2016 election relative to the taxation of life insurance, particularly the taxation of bank-owned life insurance (BOLI) and corporate owned life insurance (COLI).

IRS Reminds Sponsors to Keep Records for Hardship Withdrawals and Plan Loans

The Internal Revenue Service (IRS) recently reminded retirement plan sponsors to keep certain records in regards to hardship withdrawals and plan loans.

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