Articles

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.

Supreme Court Holds No “Presumption of Prudence” Exists for ESOP Fiduciaries

The Supreme Court held that fiduciaries of ESOPs are not entitled to a “presumption of prudence” when their decisions to buy or hold employer stock are challenged.

IRS Launches 409A Audit Initiative

Last month, the IRS announced that a Compliance Initiative Project (CIP) was underway, involving compliance with Internal Revenue Code Section 409A.

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Newport Group, Inc. and its affiliates provide recordkeeping, plan administration, trust and custody, consulting, fiduciary consulting, insurance and brokerage services. Fiduciary consulting services are provided through Newport Group Securities, Inc., an SEC-registered investment adviser and FINRA-registered broker-dealer, and Newport Group Consulting, LLC, an SEC-registered investment adviser. Newport Group Securities, Inc. and Newport Group Consulting, LLC are affiliates of Newport Group, Inc. All securities transactions are provided through Newport Group Securities, Inc., in its role as broker-dealer. All fiduciary consulting services are provided through the registered investment advisers. When offering variable insurance products, Newport Group Securities, Inc. acts solely in its capacity as a broker-dealer. Trust and custody services provided by Newport Trust Company, a New Hampshire state chartered trust company and wholly owned subsidiary of Newport Group, Inc.