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3 Matching News Items |
| 1. |
Benefits Puerto Rico in Bloomberg Tax Management Memorandum
Oct. 2, 2025
"SECURE 2.0 Act § 107, Increase in Age for Required Beginning Date for Mandatory Distributions ... applies to dual-qualified plans but not to Puerto Rico-only qualified plans. And since SECURE 2.0 Act § 125, Improving Coverage for Part-Time Employees, amended ERISA ... all ERISA-covered retirement plans in operation in Puerto Rico must comply with this change.... [D]ual-qualified 401(k) plans can safely and validly limit catch-up contributions by their Puerto Rico participants to a maximum of $1,500 per year, always on a pre-tax basis."
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| 2. |
Carlos Gonzalez of BenefitsPuertoRico in Bloomberg Tax Management Memorandum
Aug. 20, 2025
"[Premiums for the short-term disability insurance program administered by the Puerto Rico DOL-HR (SINOT)] are relatively high vis-à-vis its covered benefits. As a result, many, if not most, companies doing business in Puerto Rico prefer to comply with the Mandate through their own STD plans ... This article provides an overview of the Mandate and SINOT; it then describes the process that employers should follow to comply with the Mandate through an STD plan."
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| 3. |
Carlos Gonzalez Law Office LLC in Bloomberg Tax Management Memorandum
Aug. 1, 2024
"Sponsors of retirement plans operating in Puerto Rico, particularly in the wake of an Infosys security breach last November ... have undertaken to evaluate the cybersecurity practices of local service providers that have access to sensitive information of plan participants. Pursuant to their fiduciary duties under [ERISA], plan sponsors can and have negotiated to pay lower fees to those providers, such as Puerto Rico trustees, recordkeepers, and, to a lesser extent, paying agents.
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