Many plan sponsors miss paying Required Minimum Distributions (RMDs) on time for reasons that may be out of their control. This Insight will provide a brief overview on how plan sponsors may self-correct when the plan does not make RMDs on time. You should discuss these options with your attorney…Continued
On June 13, 2019, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) issued a final rule that expands the usability of health reimbursement arrangements (HRAs). Effective in 2020, the final rule establishes two new types of HRAs:Individual Coverage HRA: A…Continued
On May 28, 2019, the IRS announced the inflation-adjusted contribution limits for Health Savings Accounts for 2020. The limit for self-only coverage will increase by $50 to $3,550 and the limit for family coverage will increase by $100 to $7,100. Contribution and Out-of-Pocket-Limit…Continued
Employers who choose to terminate their fully funded PBGC-insured single-employer pension plans must distribute all plan benefits to workers and retirees before completely ending the plan. If a participant cannot be located or is unresponsive, the plan administrator must either purchase an annuity…Continued
The Society of Actuaries’ Retirement Plans Experience Committee (RPEC) released an exposure draft of new private sector mortality tables on May 22, 2019. The so-called Pri-2012 Mortality Tables were developed based on data collected for 2010 – 2014. The Pri-2012 Mortality Tables update the RP-200…Continued
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act) is currently on the House floor and includes many of the innovative provisions from the always-a-bridesmaid Retirement Enhancement and Savings Act (RESA). The primary focus of both pieces of legislation is to enc…Continued
