Expert answers to questions regarding the CARES Act and its effect on your 401(k) plan in 2020.
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LT Trust discusses the CARES Act and its effect on 401(k) plans.
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With the U.S. taking precautionary measures to control the spread of COVID-19, small businesses are rightfully concerned for their future. Although we pray for an end to this virus, there is a silver lining. Small business owners not adversely affected are finding that right now is a great time to add an important employee benefit – a retirement.
Why is now an opportune time to start a 401(k)? Read to find more.
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As we all personally and professionally deal with the unknowns surrounding the COVID-19 pandemic and our efforts to minimize the spread of this virus, many of us may need financial assistance. We want to remind you that a retirement plan is a long-term investment and before making any immediate changes you must consider the long-term effects. Our government is working to develop plans to stimulate our economy and many in our local communities have already started efforts to help those in need.
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We are all learning together to navigate uncharted waters as COVID-19 travels around the world. We must all be vigilant and exercise caution and preventative measures in order to slow the spread of the virus to something manageable. All of us are dealing with financial unknowns as we begin to adapt to a new environment of social distancing for the short-term future.
Many of you have questions regarding the ability to fund contributions in your 401k Plan. The funding requirements differ depending on the contribution.
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On March 9th, 2020, many Americans started the day wondering how, and if, the Coronavirus (COVID-19) pandemic would affect their 401(k) plan. As panic continues to spread further, the financial markets have been experiencing extreme volatility, which caused a market-wide stock trading circuit breaker to be triggered for the first time since 2008. Per the SEC market volatility regulations, the stock trading is halted for 15 minutes once the S&P 500 Index drops below 7%.
Let’s explore what effect the Coronavirus pandemic and the pandemic’s influence on the market will have on your 401(k) plan.
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LT Trust works with thousands of growing businesses in all 50 states to guide them through compliance testing for their retirement plans. You are engineers, innovators, healers, entrepreneurs – not experts on IRS regulations. That’s why we take pride in our professional expertise in guiding plan sponsors through the annual compliance testing process.
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