Until recently, employer matching contributions under qualified plans were required to be conditioned solely upon employee contributions made to the plan. However, one of the many changes enacted by the Consolidated...more
Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...more
4/8/2024
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Contributions ,
Internal Revenue Code (IRC) ,
IRS ,
Pensions ,
Retirement Plan ,
SECURE Act
On January 24, 2022, in a rare, unanimous 8-0 decision (Justice Barrett recused herself from the case), the Supreme Court of the United States (the “Supreme Court”) vacated a Seventh Circuit affirmation of the dismissal of...more
3/3/2022
/ 401k ,
Benefit Plan Sponsors ,
Class Action ,
Duty of Prudence ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fees ,
Fiduciary Duty ,
Hughes v. Northwestern University ,
Plan Participants ,
Remand ,
Retirement Plan ,
Retirement Plan Providers ,
SCOTUS
On December 9, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-86 which provides guidance relating to certain changes to the safe harbor rules that apply to 401(k) plans made by the Setting Every Community Up...more
Signed into law on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020, The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement...more
The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), known as the CARES Act, was enacted today. This legislation contains several important provisions for employers and plan administrators regarding their...more
On September 23, 2019, the Department of Treasury published the final regulations relating to changes to the hardship distribution rules that apply to qualified retirement plans and 403(b) plans, that were enacted under the...more
On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September...more
10/25/2017
/ 401k ,
403(b) Plans ,
Distribution Rules ,
Employee Benefits ,
Hardship Distributions ,
Hurricane Harvey ,
Hurricane Irma ,
Hurricane Maria ,
Natural Disasters ,
Puerto Rico ,
Retirement Plan
The IRS announced (through the two announcements 2017-11 and 2017-13) relief for victims of Hurricane Harvey, which struck Texas and surrounding areas in August 2017, and victims of Hurricane Irma, which struck Florida and...more
9/27/2017
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Employee Benefits ,
Form 5500 ,
Hardship Distributions ,
Hurricane Harvey ,
Hurricane Irma ,
IRS ,
Natural Disasters ,
Retirement Plan ,
Tax Extensions ,
Tax Returns