The CARES Act extended the due date for making 2020 contributions to a defined benefit plan to January 1, 2021. In IRS Notice 2020-82, the IRS has now clarified that the 2020 contributions will be treated as timely if made by January 4, 2021, the first business day after January 1, 2021.
In response, the PBGC immediately adjusted its prior guidance ...
Many times, when faced with a possible compliance issue, plan sponsors will debate whether they should call their benefits attorney or not. While attorneys wish this wasn’t the case, it is understood. Fixing compliance issues costs money. No one likes to spend money. An attorney will tell you the risk depends on the circumstances and ask your ...
It is again time for plan sponsors to finalize and issue their annual notices to participants. We have experienced many legislative and economic changes since this time last year, so plan sponsors might have more to consider and update in this year’s annual notice outside of the normal changes to plan COLAs and investment expense ratios. As a ...