A Buckingham Advisors webinar shared details of the second round of Paycheck Protection Program loans and tax credits implemented with the new legislation.
In the six years since it was named the 2014 PLANSPONSOR Retirement Plan Team of the Year, the practice’s assets have grown five-fold to $25.6 billion.
The two items that may require an amendment relate to difficulty of care payments treated as compensation for 415 limits, and the application of cooperative and small employer charity pension plan rules.
Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
One scenario in the study predicts a 54% reduction in retirement account balances if a participant were to fail to repay a coronavirus-related distribution.
Officials say criminals have already gotten millions in PPP loans and unemployment insurance.
Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back.
The Internal Revenue Service is expanding the categories of individuals eligible for special loans and distributions and providing updated guidance on the tax treatment of these distributions and loans.
The tool takes into account the latest rules and resources from the CARES Act.
The draft of the legislation, which will likely be subject to debate and amendment, at this stage includes a number of retirement-focused provisions, including ‘special partition relief’ for struggling union pensions.