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  • The CARES Act Applied (Session 1)

    2020 has been filled with new legislation that affects the retirement plan industry. From the SECURE Act to the CARES Act don’t miss TPA expert and ERISA Attorney Ilene Ferenczy explain how these changes affect your TPA compliance operations. These interactive training sessions are open to all TPAs for $395 for both sessions but are FREE to all PensionPros who have PROPASS. Evolve the way you work.

    Session 1 – October 21st 2:00pm – 4:00pm EDT (2 CE Credits)

    Coronavirus-Related Distributions (CRD) and Loans

    CARES Act provisions – Since Plan Sponsors were not required to implement all of the CARES Act provisions, this will present many challenges to TPAs in the upcoming compliance cycle. 

    • Which Plan Sponsors implemented which provisions? 
    • Which recordkeepers implemented an ‘opt-out” period? 
    • Alternatively, was the decision made by the Plan Sponsor and if so, which ones? 
    • What information do we need to collect this year in addition to our normal data request? 

     In this session, we will break down the CARES Act provisions in more detail and discuss the best practices for tracking and performing additional client outreach that may be required prior to year-end. Below is a summary of the topics that will be covered in Session 1.  

    • CRDs – What you need to know about optional repayments and tax relief. 
    • Government Reporting – Collecting the information you need to prepare the Form 1099-R. Who is responsible for preparing the Form 8915-E and our suggestions for tracking future repayments of CRDs? 
    • Loans – If loan payments were suspended, what information do you need to ensure no loan defaults occur? When are deferred loan payments due, what guidance has the IRS provided regarding re-amortization, and who is responsible for this calculation – the TPA, the recordkeeper?   
    • Required Minimum Distributions – Were RMDs taken prior to the CARES Act being enacted? According to recent guidance from the IRS, participants who took an RMD in 2020 had the opportunity to roll those funds back into a retirement account following the CARES Act RMD waiver for 2020.  
    • Normal distributions paid during 2020 prior to the CARES Act – Are there any special considerations for tracking and reporting of distributions that were taken prior to the CARES Act being enacted? 

    PensionPro Takeaways

    • CRD general web collection project
    • Using Distribution fields for targeted plan sponsor communications
    • CRD information request blast email template


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