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The final rule gives 401(k) plans a new, alternative way of satisfying the disclosure requirements authorized by the Employee Retirement Income Security Act (ERISA) of 1974. This final rule — which takes effect on July 27, 2020 — applies to ERISA-covered retirement plans, including 401(k) plans. Covered individuals.
The Employee Retirement Income Security Act (ERISA), a federal law that applies to many benefits offered to employees, requires that an employee benefits plan establish and maintain procedures that govern how a participant files a claim for benefits and how disputes over benefits are handled. Ekaterina79 / iStock / Getty Images Plus.
Notice 2017-1 amplifies elements of Notice 2002-1 and makes Notice 2011-86 obsolete, the IRS said in the notice. The IRS has said it will still issue determination letters after review under some circumstances, such as for newly established plans, terminating plans, and those seeking to confirm compliance with new laws.
They should consider extending that process to retirement plans. Make sure your retirement plan management priorities for 2017 include a cybersecurity risk assessment. Instead of establishing an individual retirement account (IRA) at a financial institution, the plan will be able to choose to send the money to the PBGC.
Previously the partner-in-charge of risk advisory services for the firm, Alyssa now leverages her rich experience to assist public and large private companies in managing risk, establishing governance and strategy, preventing fraud, ensuring compliance and improving operations. We made quite a team with divergent backgrounds and experience.
From rock-solid payroll to proactive compliance to managing employees across borders, ADP Workforce Now frees you from mundane administrative tasks so you can focus on your people and drive business results. We help businesses streamline their employment processes from recruiting to retirement and everything in between. VIEW DETAILS ».
Never forget an important date ever again—whether it’s a compliance deadline or ‘Take Your Kids to Work’ day. Simply click on this link to download our HR compliance calendar 2023 and integrate it with your Google Calendar. It was created in 2002 by the International Fund for Animal Welfare. Feed the stray cats.
Department of Labor (DOL) on October 22 released its proposal easing restrictions on open multiple-employer plans (MEPs) to encourage more small businesses to offer defined contribution (DC) retirement plans to their employees. The Notice of Proposed Rulemaking (NPRM) was published on October 23 (83 Fed. IRS Reviewing ‘One Bad Apple’ Rule.
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