This is a duplicate posting from March 23.  If you’re having a sense of deja vu, that’s why.  Because of the urgency of this message and the chaos of the last two weeks we thought it prudent to bring it to your attention once more.

CASH BALANCE/DEFINED BENEFIT PLANS:  If your practice has one, contact your Third Party Administrator (TPA) immediately to ask for a freeze on the plan.  You can re-evaluate it in the fall and make an informed decision at that time after the dust settles from COVID-19.  Because of the downturn in the markets, if proper precautions are not taken the required contribution in 2021 could be PAINFULLY high.  Additionally there are major penalties for non-funding or underfunding which would add to the burden if you are unable to meet the required contribution amount.  Do not let this slip your mind in the chaos of the current situation.