Practical HR Tips, News & Advice. Updated Daily.
Many employers searching for cost savings in the midst of the COVID-19 pandemic naturally have begun scrutinizing their contributions to benefits, such as retirement plans. The rules for making changes to retirement plan terms—and permit reductions in employer contributions—are complex, but new guidance temporarily permits you to reduce or suspend safe harbor contributions midyear.
The Bipartisan Budget Act of 2018 enacted in February relaxed certain restrictions on hardship withdrawals from 401(k) and 403(b) retirement plans (see, New Federal Budget Relaxes Hardship Withdrawals for Retirement Plan Participants), starting in 2019. But defined contribution (DC) retirement plan sponsors also should be aware that, in contrast, the federal Tax Cuts and Jobs […]
Class action settlements and court decisions related to 401(k) retirement plans in 2017 significantly affected the direction of ERISA litigation, according to the newest edition of an annual law firm report on workplace class action lawsuits.
Editor’s note: For purposes of this article, we are going to assume you know the basics. If you don’t, read BLR’s previous news coverage here and here. Sponsors of 403(b) plans, we really, really hope that by now you know whether or not you need to file Form 5500 for the 2009 plan year and […]