Some 401(k) plans require spousal consent whenever a participant takes a distribution. Others don’t require spousal consent for distributions or loans. Rather, it’s required only if a participant wants to designate a primary beneficiary other than his or her spouse. Such variations in plan design may leave an employer’s HR staff uncertain about when they […]

In Revenue Procedure 2021-36, the IRS recently announced an important indexing adjustment related to the Affordable Care Act (ACA). Now is a good time to review whether your organization is an applicable large employer (ALE) under the ACA and, if so, whether the health care coverage you offer employees will still be considered “affordable” next year. […]

Some organizations struggle to prevent cyberattacks because they rely on cybersecurity tools and techniques that protect only their perimeter. Perpetrators who make it past a single line of defense (such as with a username and password) can gain unfettered access to the company’s network. They can then use ransomware to block access to data or […]

“Vishing” may sound familiar, but unless you’re a fraud investigator, you probably haven’t encountered it. Unfortunately, that could change … soon. To foil a scam that increasingly takes advantage of remote workers, learn what vishing is and how your business can prevent it from infiltrating your network. Clarifying terms Vishing isn’t the same as “phishing.” […]

In Notice 2021-48, the IRS recently provided guidance on changes made under the American Rescue Plan Act (ARPA) to the funding rules for single-employer defined benefit pension plans. The guidance also addresses the funding-based limits on benefits. Here are some key details. Minimum funding standard Generally, sponsors of single-employer defined benefit plans must satisfy the minimum […]

The IRS has published new guidance on the Employee Retention Credit (ERC). The credit was created in March 2020 to encourage employers to keep their workforces intact during the COVID-19 pandemic. Notice 2021-49 addresses various issues, particularly those related to the extension of the credit through 2021 by the American Rescue Plan Act (ARPA). The […]

A critical deadline is approaching for many of the businesses that have received loans under the Paycheck Protection Program (PPP), which was created in March 2020 by the CARES Act. If these borrowers don’t take action before the deadline expires, their loans will become standard loans, and the borrowers could be responsible for repaying the […]

As weather-related events continue to occur with great frequency and severity across the country, it’s possible that one of your 401(k) participants might request a hardship distribution to pay for home repairs. Employers that sponsor 401(k) plans must be prepared to properly determine whether the damage to a participant’s home qualifies for the casualty loss […]