On June 20, 2024, the Internal Revenue Service (“IRS”) released Notice 2024-55 (the “Notice”) offering guidance on two (2) new types of distributions exempt from the 10% early withdrawal penalty: emergency personal expense...more
Two Texas federal court decisions have stalled the U.S. Department of Labor’s (“DOL”) “investment advice fiduciary rule” under Section 3(21) of the Employee Income Security Act of 1974, as amended (the “Fiduciary Rule”) from...more
On April 23, 2024, the U.S. Department of Labor (the “DoL”) released its final rule (“Fiduciary Rule”) titled Retirement Security Rule: Definition of an Investment Advice Fiduciary (an “Investment Advice Fiduciary”), which...more
In its latest attempt in a fourteen-year old quest to update the circa-1975 definition of a fiduciary who renders “investment advice for a fee or other compensation, direct or indirect” (an “investment advice fiduciary”)...more
In late December 2023, approximately one year after Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2022 (“SECURE 2.0”), the Internal Revenue Service (the “IRS”) released Notice 2024-2 (the...more
The Internal Revenue Service (“IRS”) recently released proposed regulations addressing the eligibility requirements for long-term, part-time (“LTPT”) employees to participate in employer-sponsored 401(k) plans. Rules...more
The Internal Revenue Service announced the 2024 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more
The Department of the Treasury and Internal Revenue Service recently issued proposed regulations (the “Proposed Regulations”) relating to forfeitures in 401(k) plans and other tax-qualified retirement plans. Forfeitures...more
Introduction -
On February 27, 2023, the Department of the Treasury (“Treasury”) and Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) relating to forfeitures in tax-qualified...more
In November 2022, the U.S. Department of Labor (DOL) proposed changes to its Voluntary Fiduciary Correction Program (VFCP). VFCP allows plan sponsors to voluntarily correct certain fiduciary breaches to avoid civil...more
The Securing a Strong Retirement Act of 2022 (“SECURE 2.0”) was signed into law by President Joseph Biden on December 29, 2022 as part of the Consolidated Appropriations Act of 2023. SECURE 2.0 expands upon the retirement...more
The Internal Revenue Service announced the 2023 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more
On September 26, 2022, the Internal Revenue Service issued IRS Notice 2022-45, which extends the deadline for amending retirement plans to reflect certain optional and required changes under the Coronavirus Aid, Relief, and...more
On August 3, 2022, the Internal Revenue Service issued IRS Notice 2022-33, which extends the deadline for amending certain plans with the applicable requirements of the Setting Every Community Up for Retirement Enhancement...more
Employers may consider offering medical travel and lodging reimbursement to enable employees who live in a state where abortion is no longer legal to travel out of state for such services. There are a number of ways to...more
In its June 3, 2022 Employee Plans Newsletter, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified plan sponsor by...more
According to Frequently Asked Questions (FAQs) recently issued by the Departments of Labor, Treasury and Health and Human Services (collectively, the Departments), group health plans and insurers must cover over-the-counter...more
On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury (the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group health plan coverage of over-the-counter...more
Beginning January 15, 2022, and continuing throughout the duration of the public health emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home COVID-19 tests (OTC Tests), including...more
The Internal Revenue Service announced the 2022 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more
The American Rescue Plan Act of 2021 provides a 100% COBRA premium subsidy for continuation coverage between April 1 and September 30, 2021 for certain assistance eligible individuals (AEIs). With the COBRA subsidy period...more
The IRS recently issued Revenue Procedure 2021-30, which updates the correction program under the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits plan sponsors to correct failures in the form and operation...more
On May 18, 2021, the Internal Revenue Service issued Notice 2021-31 (the “Notice”) providing much anticipated guidance on implementing the COBRA subsidy provisions under the American Rescue Plan Act (the “Act”). ...more
Under the American Rescue Plan Act of 2021 (ARPA), which was signed into law by President Biden on March 11, 2021, certain individuals who lost group health plan coverage due to an involuntary termination of employment or...more
As discussed in our prior post, under the American Rescue Plan Act of 2021, certain individuals who are eligible for COBRA coverage as a result of an involuntary termination of employment or reduction in hours may be...more