In this virtual program, we discuss "What's New With Employer Retirement Plans." Below are some takeaways from our discussion.
- Employers should talk to their record keepers now to understand whether and what kind of CARES Act-related distributions their retirement plans allow, and to verify that new procedures are in place to properly report the distributions on the 2020 IRS Form 1099-R.
- Employers with long-term part-time employees should coordinate with their payroll providers and implement internal administrative procedures to collect and retain hours of service data each year for those employees.
- California employers that don't already offer an employer-sponsored retirement plan and have five or more employees are required by California state law to facilitate CalSavers. The registration deadline was 9/30/2020 for California employers with more than 100 employees, is 6/30/2021 for California employers with more than 50 employees, and is 6/30/2022 for California employees with five or more employees.
The full presentation is available to watch below.