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Welcome to the MSL Blog! A resource that offers guidance and thought leadership on issues to help your organization navigate the financial landscape in an ever-changing environment
If you recently launched a business, you may want to set up a tax-favored retirement plan for yourself and your employees. There are several types of qualified plans that are eligible…
Read MoreAs you’ve probably heard, a new law was recently passed with a wide range of retirement plan changes for employers and individuals. One of the provisions of the SECURE Act involves a new requirement for employers…
Read MoreA significant law was recently passed that adds tax breaks and makes changes to employer-provided retirement plans. If your small business has a current plan for employees …
Read MoreElimination of 6-Month Suspension. Beginning January 1, 2020, plans may no longer impose a 6-month suspension on participants who take hardship distributions. In lieu of the 6-month suspension, effective as of January 1, 2020, plans must require participants to sign…
Read MoreOn September 19, 2019, the IRS issued final regulations updating the rules for hardship distributions from 401(k) plans. The final regulations provide:
Elimination of 6-Month Suspension. Beginning January 1, 2020, plans…
Read MorePBGC Missing Participant Program is Open for Defined Contribution Plans that Terminate in 2018 or Later
The Pension Benefit Guaranty Corporation (“PBGC”) has opened its missing participant program to permit defined contribution plans that terminate on or after January 1, 2018 to elect to transfer the benefit…
Read MoreNew Correction Fees for the Voluntary Correction Program (VCP)
Currently, there are three programs for correcting retirement plan errors with the IRS; the main two programs are the Self-Correction Program (SCP) and the Voluntary Correction Program (VCP).
Under the SCP you can self-correct an insignificant operational error at any time to preserve the tax-favored status of your plan. An operational error occurs when you don't follow the written terms of the plan. Even when the operational error is significant...
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