HC2020 Posted March 10, 2021 Posted March 10, 2021 Our interpretation of the CARES/SECURE act enables the adoption of a DB (or CB) plan effective 1/1/2020 as long as it is adopted no later than their tax filing. Does this also apply to a retroactive amendment increasing benefit formula or unfreezing plan? Adopt as late as tax filing rather than the "normal" 2.5 months?
Popular Post C. B. Zeller Posted March 10, 2021 Popular Post Posted March 10, 2021 Nope. And there may be issues with a 412(d)(2) amendment as well. If you have an hour, Kevin Donovan did an "Actuarial Grab Bag" webcast a few weeks ago that covers these and other issues and goes through some creative solutions. I highly recommend it. It's on ASPPA's web site. Lou S., ugueth, Luke Bailey and 2 others 5 Free advice is worth what you paid for it. Do not rely on the information provided in this post for any purpose, including (but not limited to): tax planning, compliance with ERISA or the IRC, investing or other forms of fortune-telling, bird identification, relationship advice, or spiritual guidance. Corey B. Zeller, MSEA, CPC, QPA, QKA Preferred Pension Planning Corp.corey@pppc.co
CuseFan Posted March 10, 2021 Posted March 10, 2021 5 hours ago, C. B. Zeller said: "Actuarial Grab Bag" webcast a few weeks ago that covers these and other issues and goes through some creative solutions. I highly recommend it. It's on ASPPA's web site. Agreed - it was time well spent. Kenneth M. Prell, CEBS, ERPA Vice President, BPAS Actuarial & Pension Services kprell@bpas.com
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