Topic: Retirement Plans

IRS Announces 2021 Retirement Plan Limits – Most Limits Remain Unchanged

The Internal Revenue Service announced the 2021 cost-of-living adjustments to the dollar ‎limitations for qualified retirement plans and other benefits, and the Social Security ‎Administration announced its own cost-of-living adjustments for 2021. Most of the dollar limits, ‎including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans and the ‎dollar limit for catch-up contributions (if age 50 or older), will remain unchanged from 2020 ‎limits.‎

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Has Your Retirement Plan Experienced a Partial Plan Termination?

The economic uncertainty of the COVID-19 pandemic has forced many employers to furlough or layoff a significant percentage of their workforce.  These workforce reductions may inadvertently cause a “partial termination” of the employer’s qualified retirement plan triggering a requirement that all affected participants become 100% vested in their plan accounts.

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Feeling Secure in Retirement: Changes Made by the Secure Act that may Affect Qualified Retirement Plans

We are now a few months into 2020 and we should all be feeling more SECURE in our ‎retirement, as a result of the “Setting Every Community Up for Retirement Enhancement Act of ‎‎2019” (“SECURE Act”). Below is a brief summary of the key changes that could impact ‎qualified retirement plans, depending on the terms of those plans and the desires of the plan ‎sponsors from a design perspective.‎

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U.S. Supreme Court Remands “Stock Drop” Case Back to Second Circuit

The United States Supreme Court, in a per curiam decision, declined to address whether plan ‎participants sufficiently alleged breach of fiduciary duty claims under the Employee Retirement ‎Income Security Act of 1974, as amended (“ERISA”) against fiduciaries of an employee stock ‎ownership plan for failing to disclose inside information that ultimately led to a declining stock ‎value, remanding the case to the Court of Appeals for the Second Circuit.‎

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