The Department of Labor (DOL) has provided relief for plan sponsors who have been late remitting employee contributions to their service providers because of the pandemic, but plan sponsors still have an obligation to accurately document what caused the delay.
Our special guest speaker, Ben Gibbons of Holland & Hart, discusses the latest retirement plan-related COVID-19 guidance and how it impacts plan sponsors and their retirement plans.
Join us for our next webinar with a special guest presentation from our colleague at Holland & Hart, Ben Gibbons. In this presentation, Ben will discuss the latest retirement plan-related COVID-19 guidance and how it impacts plan sponsors and their retirement plans. Ben Gibbons is an associate at Holland & Hart and counsels employers on a broad range of qualified retirement …
Based on IRS rules, a partial plan termination can occur if approximately 20 percent or more of plan participants are terminated by the plan sponsor as a result of an action, such as a plant closure, a decision to downsize, or the termination of a product line. The reduction can accumulate over one or more plan years and still be classified as a partial termination.