To help address labor shortages, the IRS reminds employers that they won’t jeopardize the tax status of pension plans if they rehire retirees or permit distribution of retirement benefits to current employees who’ve reached age 59½ or a plan’s normal retirement age. Due to the pandemic, “many employers, including governmental employers (such as public school districts) are looking for ways to encourage retirees to return to the workforce to fill open positions and experienced employees to stay on the job,” the IRS explained. The tax agency is providing Q&As to help public and private employers in this situation that sponsor pension plans for employees. To read them: https://bit.ly/2ZtrQxi Call or visit our website for more information! www.mjscpa.com/
