There are various reasons a company decides to terminate their defined benefit retirement plan, but specific steps must be followed to properly terminate the plan. Our Defined Benefit Plan Termination Procedure provides a detailed overview of the termination procedures.
Please contact Watkins Ross if you are considering a plan termination to ensure all requirements and deadlines are met.
The 2024 Cost-Of-Living Adjustments affecting employee benefit plans include the annual limits for Social Security Taxable Wage Base.
Secure Act 2.0 has important updates for Defined Benefit Plans, including increased RBD age and reduced excise tax on missed RMDs. Stay up-to-date with these crucial changes to ensure your retirement plan is compliant.
The Bipartisan American Miners Act of 2019 allows in-service distributions for retirement plan participants to commence at age 59 ½. However, in a defined benefit plan, to receive in-service lump sum distributions at age 59 ½, the distribution must satisfy certain thresholds. Read on to learn more about defined benefit plan lump sum distribution requirements.