In late December 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 (the Notice), providing guidance on key provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). SECURE 2.0, which was passed in December 2022,...more
The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Certain health and welfare plan limits...more
11/2/2023
/ 401k ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Health and Welfare Plans ,
IRS ,
Popular ,
Qualified Benefit Plans ,
Qualified Retirement Plans ,
Retirement ,
Retirement Plan
The IRS has long permitted sponsors of individually designed pension and 401(k) retirement plans qualified under Section 401(a) of the Code to obtain a favorable determination letter on the status of their tax-qualified...more
Earlier this year, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations on the use of forfeitures by tax-qualified retirement plans. The changes, published in the Federal Register,...more
Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections...more
12/14/2022
/ Benefit Plan Sponsors ,
Filing Deadlines ,
Income Taxes ,
IRA Rollovers ,
IRS ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Tax Forms ,
W-4 ,
Withholding Requirements ,
Withholding Tax
The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social...more
10/21/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Employees ,
ESOP ,
Flexible Spending Accounts ,
Health and Welfare Plans ,
HSA ,
IRS ,
Open Enrollment ,
Retirement Plan ,
Social Security Administration (SSA)
Retirement plan sponsors should be aware of a new Internal Revenue Service (IRS) pilot program, which permits plan sponsors to conduct a pre-examination “check-up” of retirement plan administration before the IRS begins a...more
The Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to...more
8/25/2021
/ Audits ,
Benefit Plan Sponsors ,
Corporate Counsel ,
Employee Benefits ,
EPCRS ,
Internal Revenue Code (IRC) ,
IRS ,
Overpayment ,
Retirement Plan ,
Revenue Procedures ,
Self-Correction Programs ,
Voluntary Correction Program
The Internal Revenue Service (IRS) recently issued Rev. Rul. 2020-24 and Rev. Proc. 2020-46 to provide direction with respect to qualified plan distributions paid to a state unclaimed property fund (i.e., an escheatment of...more
The Internal Revenue Service (IRS) recently issued practical and helpful guidance in a question-and-answer format for tax-qualified retirement plans and for an Individual Retirement Arrangement (IRA), regarding the...more
12/4/2020
/ Adoption ,
Business Taxes ,
Compensation & Benefits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
New Guidance ,
Part-Time Employees ,
Retirement Plan ,
SECURE Act ,
Small Employers ,
Tax Code ,
Tax Credits ,
Withdrawal Agreement
The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2021. Nearly all of the dollar limits...more
The Internal Revenue Service recently issued questions and answers regarding the special distribution, rollover and loan provisions for tax-qualified retirement plans under the Coronavirus Aid, Relief and Economic Security...more
The Treasury Department and the IRS recently finalized new hardship distribution rules applicable to defined contribution plans. Plan sponsors should prepare for operational changes to comply with the new regulations,...more
11/13/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Bipartisan Budget Act ,
Employee Benefits ,
FEMA ,
Final Rules ,
Hardship Distributions ,
IRS ,
New Rules ,
Plan Documents ,
Qualified Retirement Plans ,
Retirement Plan ,
Safe Harbors ,
U.S. Treasury
The IRS recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2020. Nearly all of the dollar limits currently in effect for 2019 will...more
11/7/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
Health Savings Accounts ,
IRS ,
Popular ,
Retirement Plan ,
Summary Plan Description
Diane M. Morgenthaler and Jeffrey M. Holdvogt recently presented the webinar “Student Loan Benefits and Other 401(k) Developments” at the Worldwide Employee Benefits Network Chicagoland program. In the presentation, they...more
Due to an Internal Revenue Service (IRS) change in course published in Notice 2019-18, plan sponsors may now offer retirees lump-sum windows as another pension “de-risking” option. Plan sponsors considering pension de-risking...more
QUALIFIED PLANS -
Student Loan Repayment Benefits -
? Qualified plan benefit tied to student loan debt repayment
? Special rules apply to these benefits when they are connected to the 401(k) plan
? IRS Private Letter...more
3/15/2019
/ 401k ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Employee Benefits ,
Fiduciary Duty ,
Healthcare ,
IRS ,
PBGC ,
Private Letter Rulings ,
Proposed Legislation ,
Qualified Health Plans ,
Student Loans
The IRS recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2019. Although some of the dollar limits currently in effect for 2018...more
On Friday, August 17, 2018, the IRS released a private letter ruling (PLR) which will help clear the way for employers to provide a new type of student loan repayment benefit as part of their 401(k) plans. By issuing the PLR,...more
On August 17, 2018, the IRS released a private letter ruling which will help clear the way for employers to provide a new type of student loan repayment benefit as part of their 401(k) plans. This ruling is important because...more
The Internal Revenue Service (IRS) recently released “Issue Snapshots” on a number of topics related to tax-qualified retirement plans, including both pension and savings plans. Historically, the snapshots have explained...more
On Monday, November 27, 2017, the Social Security Administration announced that the it is lowering the maximum amount of earnings subject to the Social Security tax for 2018 to $128,400. The Social Security Administration...more
The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2018. Although some of the dollar limits...more
The IRS recently issued new mortality tables for 2018, which will likely increase pension funding liabilities for many plan sponsors. Plan sponsors should consider options to delay the use of the new mortality tables for...more
The Internal Revenue Service (IRS) and the Department of Labor (DOL) conduct different types of benefit plan audits, such as retirement plans and health and welfare plans, and for various reasons. In a presentation, Jeffrey...more