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Sixth Annual BEI Golf Classic COVID-19 Update

Due to COVID-19 restrictions still in place, the Sixth Annual BEI Golf Classic is postponed until further notice.

We look forward to rescheduling this premiere event benefiting the Council on Aging Southern California sometime later this year or early in 2022.

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What Happens When You Terminate 20% or more of your Employees?

The recently enacted Consolidated Appropriations Act, 2021 (Act) is a massive, 5,593-page piece of legislation. The Act includes appropriations for the U.S. government for the upcoming fiscal year, as well as funding for Coronavirus emergency response and relief. If you have had a 20% or more reduction in staff, we strongly recommend you check with Benefit Equity Inc.’s knowledgeable team to explore if your company is required to fully vest terminated employees.

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Who’s an Employee?

October 19, 2020

Who’s an Employee?

As a business owner, are you certain your workers are classified correctly, as either employees or independent contractors? Do you know those who should be participating in your retirement plan or not?” If you’re a California employer, you are probably aware AB5, the law that makes gig workers such as Uber and Lyft, classify their drivers as employees. Currently on the November ballot is Proposition 22, that aims to exempt these ride-sharing and food-delivery firms from AB5.

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Distribution and Loans Under Covid-19 - Rules Expanded

The Internal Revenue Service (IRS) has announced it is extending relief to plan participants whose spouses are laid off and who take COVID-related distributions or loans from their retirement accounts. The IRS in Notice 2020-50 (Notice) expands the categories of individuals eligible for COVID-19 distributions and loans.

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What Did You Do with Your RMD?

In the past, the government has required anyone over the age of 70½ to withdraw a minimum amount of funds from their retirement plan. Beginning in 2020, you can suspend taking your Required Minimum Distribution (RMD), since this change in the law was contained in the CARES Act. When the CARES Act was signed into law March 27, 2020 many people had already taken their RMD and would not have withdrawn funds from their retirement accounts, if they had known this was not a requirement.

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