The SECURE Act extended the adoption deadline for new plans, but what about the IRS Form 5500 series filing?? For the first time, current law allows the adoption of a qualified plan after the end of the plan year. The … Continue reading
Independent Actuaries Blog
IAI Is On The Move!
What a different world we live in now that things are starting to get back to “normal.” This new “normal” has many businesses returning to the office with a hybrid work model and the spaces that we work in will … Continue reading
Pension Funding Relief Funds Coronavirus Relief
There is a lot of spending in the American Rescue Plan Act of 2021 (ARPA), which was signed into law on March 11, 2021. To offset that spending there are also revenue raising provisions, with a major one coming in … Continue reading
A Second Bite at the Apple
Last December was a bit quieter than usual at IAI, and it wasn’t just due to the fact that almost all of us were working from home. We’re usually really busy with getting new retirement plan documents in place for … Continue reading
IRS Announces Retirement Plan Limits for 2021
The IRS has announced the new retirement plan limits for 2021. Most limits stayed flat, but a few increased from 2020 to 2021. Highlights include: The compensation limit used in determining benefits and contributions for both defined benefit and defined … Continue reading
Ripple Effect of Delaying DB Contributions
The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020. The most prominent pension funding relief provision is an automatic extension for cash contributions due during 2020. All defined benefit plan contributions originally … Continue reading
A Cautionary Tale of Low Interest Rates with Lump Sum Distributions
Defined benefit plans can offer lump sum distributions to participants when they terminate employment. This option is common as a method for plan sponsors to lessen administrative costs and offer portable benefits. The lump sum is equal to the present … Continue reading
Expanded Access to Retirement Funds for Plan Participants
The Corona virus Aid, Relief, and Economic Security (CARES) Act became law on March 27. 2020. The Act contains retirement plan provisions to provide relief for participants affected by the current crisis. See below for a general summary of the … Continue reading
PPP Loans and Retirement Contributions
The hugely popular Payroll Protection Program (PPP) provides loans to small businesses that are ultimately forgivable if the funds are used to cover payroll costs and other specified expenses within the eight weeks following receipt of funds, so long as … Continue reading
DB Plans – Close vs. Freeze vs. Termination
In a recent blog we discussed concerns that defined benefit (DB) plan sponsors may have in the face of the COVID-19 outbreak. One of those concerns regards near-term contribution requirements that may be overly burdensome when coupled with severely reduced … Continue reading
