Are you a benefit plan administrator for a public school district, hospital group, or 501(c)(3) organization? 403(b) plans provide retirement benefits for employees in these specific nonprofit business sectors. Like a 401(k), 403(b) plans allow participants to diversify their investment allocations and tailor their portfolios to meet their long-term retirement goals. Unlike 401(k) plans, 403(b) plans incur limits in terms of investment options and employer matching potential. Leveraging a 403(b) plan to meet your nonprofit business goals can be tricky and complicated. Expand your 403(b) plan knowledge by exploring our 403(b) articles on the Watkins Ross blog. From minimum distribution requirements to IRS updates, Watkins Ross has everything you need to customize your retirement plan and ensure your benefits align with your long-term objectives. Contact us here to learn more about 403(b) plan designs and administration features.
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.
On June 29, 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-52 that provides temporarily relief to plan sponsors that amend their safe harbor Section 401(k) or 401(m) plans (“Safe Harbor Plans”) mid-year to reduce or suspend employer safe harbor...
The 2020 Cost-Of-Living Adjustments affecting employee benefit plans include the annual limits for Social Security Taxable Wage Base.
The 2019 IRS Operational Compliance List has been posted! This guide helps plan sponsors understand the compliance changes effective in the upcoming year.
Are you meeting the initial required minimum distributions of your contribution plan? Learn more about what conditions need to be met with Watkins Ross!
A beneficiary form determine who is entitled to the defined contribution retirement plan benefits upon the death of a participant. Is your form current?
A qualified retirement plan must meet various requirements throughout the year, check out our defined contribution compliance calendar today!
Regulatory changes as a result of the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget Act of 2018 may impact certain provisions of your 401(k) Plan.
Failure to take your required minimum distribution could result in tax penalties, such as a 50% excise tax on the amount that was not withdrawn.
Your plan document will dictate if bonuses are excluded from the definition of compensation and special rules for the treatment of deferrals on bonuses.