401kTV, a resource for professionals who work with 401(k) plans, published the article, “SECURE Act Changes for Retirement Plan Sponsors,” which discusses the recent Cohen & Buckmann Insights blog written by co-founding partner Carol Buckmann titled, “I Sponsor – or Want to Sponsor – a 401(k) Plan – How Will the SECURE Act Affect Me?” The 401kTV article incorporates the points raised in Carol’s Insights blog post, which enumerates the changes that will affect current and prospective 401(k) plan sponsors as follows:
Plan Sponsors:
401(k) plans are no longer permitted to make plan loans available by credit card.
The SECURE Act gives plan sponsors more time to decide whether to adopt a safe harbor 401(k) plan with nonelective contributions.
Long-term part-time employees will be permitted to contribute to 401(k) plans.
Prospective Plan Sponsors:
Prospective plan sponsors will now have until the tax return due date to determine if they would like to adopt a 401(k) plan, which is the same deadline for IRAs.
The tax credit will increase for small employers establishing retirement plans.
Multiple or Pooled Employer Plan options, which have professional administration, will now be available to more employers. They will expand choices for smaller employer coverage.
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