Consider the Impact of COVID-19 on Higher 401(k) Refunds The economic impact of the COVID-19 pandemic has likely reduced 401(k) contributions this year. And as a result, the ERISA required nondiscrimination testing that occurs…
Should you have a Fixed Crediting Rate option in your Deferred Compensation Plan?
With interest rates at historically low levels, and the Federal Reserve recently indicating rates will remain at these levels through 2024 in their September policy statement, plan sponsors have begun to question what effect this may have…
Implications of the Treasury Department’s Final Regulations on Reportable Policy Sales for 1035 Exchanges Made by Businesses
On October 31, the Treasury Department released its final regulations on Reportable Policy Sales (RPS). In addition to clarifying the tax implications for company-owned life insurance (“COLI”) and bank-owned life insurance (“BOLI”)…
Impact of Final Regulations on Reportable Policy Sales for COLI/BOLI Policies
Background The Tax Cuts and Jobs Act of 2017 (the “TCJA”) modified the prior-law exemptions of the Transfer for Value Rules (“TFV Rules”) to include new Reportable Policy Sale (“RPS”) requirements that apply to all transfers…
Two Commonly Asked Questions Regarding Hardship Withdrawals From Deferred Compensation Plans
The uncertainty of the coronavirus has wreaked havoc on markets, causing unprecedented volatility and financial strains to all Americans. This environment may lead to our Plan Sponsors fielding two commonly asked questions from…
Hardship Withdrawals No Longer Limit Non-Qualified Plan Deferrals
Hardship Withdrawals No Longer Limit Non-Qualified Plan Deferrals Pre-2019 Rule (Old Rule) Up until this year, before the Bipartisan Budget Act of 2018 was signed into law, a participant in a non-qualified deferred compensation plan was…
Non-Qualified Deferred Compensation Plans – Draft Carefully
The WRMarketplace is created exclusively for AALU Members by the AALU staff and Greenberg Traurig, one of the nation’s leading tax and wealth management law firms. The WRMarketplace provides…
How Do the New 2017 Tax Provisions Impact Executive Benefits?
INCOME TAX PROVISIONS OF THE TAX AND JOBS ACT Specifically – How do the new tax provisions impact executive benefits? On December 20, 2017, Congress enacted the most comprehensive tax reform measure since 1986.
IRS Enhances Defined Benefit Plans
Below is a good review of the IRS final regulations to enhance DB plans, which allows participants to elect annuity payments inside of their defined benefit plan. We hope you find this information useful. Feel free to contact us if we may be of…
Leaving One State for Another, Don’t Get Stuck In Between
Each state has unique rules for establishing or terminang income tax residency. See below for more informaon about common residency guidelines and potenal obstacles. We hope you find this informaon useful. Feel free to contact us…