Skip to main content

Cobleskill Regional Hospital named 2020 Plan Sponsor of the Year

Congratulations to Cobleskill Regional Hospital on being named PLANSONSOR’s 2020 Plan Sponsor of the Year in the nonprofit defined contribution <$500 million category!

Cobleskill's 403(b) plan focused on employees’ wellness. This goes beyond physical wellness and influences the 403(b) plan’s design and approach to educating employees. “Retirement readiness and financial wellness are woven into the fabric of our culture,” says Christine Pirri, vice president, nonclinical operations.

As their plan adviser, HANYS Benefit Services meets often with Pirri and Cobleskill employees for a financial wellness check-up and to explain how a defined contribution plan gives an employee the ultimate responsibility for his own retirement outcome “Once people get that message, they’re much more interested in understanding, ‘How can I make this work?’” says Carol Idone, vice president, consulting, HBS.

The Plan Sponsor of the Year annual award program recognizes retirement plan sponsors that show a commitment to their participants’ financial health and retirement success.

HBS is proud to have worked with Christine Pirri and Cobleskill Regional Hospital to help develop a plan focused on the employee's overall financial well-being!

Popular posts from this blog

COVID-19: Retirement and Benefit Plan Resources

As the COVID-19 crisis continues to unfold, we are closely monitoring news and updates from top sources. We’ll be updating this section as new developments unfold. Here are several key articles and links to help plan sponsors and administrators navigate the COVID-19 impact to retirement and benefit plans: Retirement Plans 4 Key CARES Act Provisions for Retirement Plan Sponsors Markets React to Coronavirus   Important Considerations for Retirement Plan Sponsors during the Coronavirus Pandemic In Fed We Trust Participant Education Services: Timely Help from a Safe Distance CRDs 100% Taxable for New York State and Local Income Tax Purposes in 2020 IRS Permits Remote Notarization of Participant Elections   Employee Benefits CARES Act Expands Health Coverage Rules Understanding the Historic $2 Trillion Stimulus Package Employee Compensation and Benefits During Closures and Furloughs DOL Clarifies Exemptions to Coronavirus Paid Leave Laws Small Business Exemption to

Coronavirus-related distributions 100% taxable for New York state and local income tax purposes in 2020

The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27. Under the Act, participants affected by the coronavirus may be able to take distributions in 2020 of up to $100,000 from an employer-sponsored retirement plan or an IRA. Although allowing these distributions from a qualified retirement plan is optional, we have seen that a number of employers have chosen to amend their plans to permit such distributions. The Act provides that coronavirus-related distributions will not be subject to the mandatory 20% withholding nor the 10% early withdrawal penalty (for those younger than 59½) that would otherwise apply.

Timely Elections of 457(b) Distributions

If you sponsor a non-governmental 457(b) tax-exempt plan for your key management and highly compensated employees, perhaps the most significant administrative task occurs at the time participants sever employment.  Each 457(b) plan has a specified time period by which a participant may make an election to defer payment and timely postpone taxation by electing a future distribution date.  If no timely election is made by the end of the specified time period (“default date”), payment will commence within a generally brief period of time after the default date elapses, which may not be what the participant intended.