IRS Notice 2024-63, published Aug. 19, 2024, provides interim guidance for plan sponsors on the SECURE 2.0 Act provision permitting employers to offer matching contributions to their retirement plans — including 401(k) and...more
The IRS recently issued Notice 2020-52 providing flexibility to employers wishing to reduce or suspend safe harbor contributions to safe harbor 401(k), 401(m) and 403(b) plans in light of the economic and business challenges...more
The IRS recently issued Revenue Procedure 2019-19 (the 2019 RP) to provide revised procedures for its Employee Plans Compliance Resolution System (EPCRS) – the system through which plan sponsors can correct errors in the form...more
Earlier this month, the IRS proposed changes to existing rules governing distributions from 401(k) and 403(b) plans on account of certain financial hardships. The proposed regulations reflect several statutory changes enacted...more
Earlier this year, the IRS issued a memorandum setting forth substantiation guidelines for IRS auditors examining whether a 401(k) plan hardship distribution is “deemed to be on account of an immediate and heavy financial...more
In August 2014, GRQ Investment Management, LLC (GRQ) sued Financial Engines, Inc. and Financial Engines Advisors, LLC (collectively, Financial Engines), alleging that Financial Engines’ sale of account management and advisory...more