The same IRS Notice (2020-68) that addresses Qualified Birth or Adoption Distributions (QBADs) also deals with how to handle the SECURE Act’s inclusion of long-term part-time employees and their eligibility for 401(k) plans.
Posted on September 23, 2020 By Gary B. Kushner, SPHR, CBP, President
Categories:
401(k),
Blog,
Defined Contribution Plan,
Profit Sharing,
Retirement Plans,
Total Rewards
While QBADs have been permissible since January 2020 under the SECURE Act, many employers have been waiting for some IRS guidance on how these distributions would be implemented before making a decision as to whether to include a QBAD as a plan feature. IRS Notice 2020-68 does that (and a bit more).
Posted on September 23, 2020 By Gary B. Kushner, SPHR, CBP, President
Categories:
401(k),
Blog,
Defined Contribution Plan,
Profit Sharing,
Retirement Plans,
Total Rewards
