News & Analysis as of

457(b) Plans Individual Retirement Account (IRA)

Verrill

IRS Issues Guidance Addressing Matching Contributions on Student Loan Payments

Verrill on

Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more

Groom Law Group, Chartered

2024 Benefit and Contribution Limits

The IRS recently announced that many of the key retirement plan limits will increase next year. Notice 2023-75 (Nov. 1, 2023). These limit increases are more modest than the 2023 increases, with some limits remaining the...more

Williams Mullen

Benefit and Contribution Limits for 2024

Williams Mullen on

The Commissioner of Internal Revenue announced the 2024 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more

Pullman & Comley - Labor, Employment and...

Retirement Plans: Will January 1, 2024 Effective Date for Age 50 Catch-Up Contribution Changes Be Delayed?

Section 401(k) Plans, Section 403(b) Plans and governmental Section 457(b) Plans generally permit employees to defer compensation on a pre-tax basis. These plans may also provide the opportunity for employees to defer...more

Ballard Spahr LLP

Major Retirement Plan Changes in the SECURE 2.0 Act of 2022

Ballard Spahr LLP on

Summary - On December 29, 2022, President Biden signed into law the SECURE 2.0 Act of 2022 (the Act) as part of the Consolidated Appropriations Act, 2023. SECURE 2.0 features more than 350 pages of new laws affecting...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Provides Plan Amendment Deadline Relief

Earlier this year, the Internal Revenue Service (IRS) issued Notice 2022-23, which extended the deadline to make certain amendments pursuant to the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019,...more

Groom Law Group, Chartered

2023 Benefit and Contribution Limits

The IRS recently announced that substantially all of the key retirement plan and health and welfare plan limits will increase next year – some significantly due to higher inflation. Notice 2022-55 (Oct. 21, 2022); Rev. Proc....more

Eversheds Sutherland (US) LLP

The IRS CARES: Deadline extension for retirement plan amendments

​​​​​​​The IRS has extended the deadline for plan sponsors of qualified retirement plans and IRAs to make amendments under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Taxpayer Certainty and...more

Eversheds Sutherland (US) LLP

Three cheers for three years: IRS extends deadlines for SECURE and CARES amendments

​​​​​​​The IRS has extended the deadline for adopting qualified retirement plan and IRA amendments to reflect changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan...more

Groom Law Group, Chartered

IRS Revamps Minimum Required Distribution Rules

At long last, the Internal Revenue Service issued proposed regulations under Code section 401(a)(9) that take into account the major changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019...more

Tucker Arensberg, P.C.

IRS and SSA Announce 2021 Indexed Numbers

Tucker Arensberg, P.C. on

The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2022....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Announces 2022 Limitations for Qualified Retirement Plans: Prices Aren’t the Only Thing Going Up

On November 4, 2021, the Internal Revenue Service (IRS) released the 2022 dollar limitations that apply to tax-qualified retirement plans. With few exceptions, the 2022 limitations published in Notice 2021-61 have been...more

Groom Law Group, Chartered

2022 Round Up of Benefit and Contribution Limits

The IRS recently announced (Notice 2021-61, Nov. 4, 2021) that many of the key pension limits will increase next year – some significantly due to higher inflation. The Social Security Administration and PBGC also recently...more

Williams Mullen

Benefit and Contribution Limits for 2022

Williams Mullen on

The Commissioner of Internal Revenue announced the 2022 dollar limitations for benefits and contributions that apply to retirement plans. The Social Security Administration increased the Social Security taxable wage base....more

Groom Law Group, Chartered

Summary of Provisions in the Securing a Strong Retirement Act of 2021

Securing a Strong Retirement Act of 2021 as marked up by the House Ways and Means Committee on May 5, 2021....more

Fisher Phillips

2021 Limits for Benefit Plans

Fisher Phillips on

The IRS has announced the 2021 dollar limits impacting retirement plans and IRAs. The agency also issued welfare plan limits, as well as ACA penalties. The chart below summarizes these 2021 figures along with the...more

Dickinson Wright

IRS Guidance on Retirement Plan Qualified Birth or Adoption Distributions

Dickinson Wright on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) established a new in-service distribution known as a qualified birth or adoption distribution (“QBOAD”). ...more

Jackson Lewis P.C.

Guidance to Make Us Feel More SECURE

Jackson Lewis P.C. on

Notice 2020-68 from the IRS provides valuable clarification for sponsors of qualified plans, 403(b) plans, and 457(b) governmental plans, as well as IRA holders, related to certain provisions in the Setting Every Community Up...more

Burr & Forman

Five Common Questions for Qualified Plans and IRAs under CARES Act

Burr & Forman on

1. Do I have to take my required minimum distributions (RMD) in 2020? No. Required minimum distribution rules do not apply for 2020 for IRAs, Roth IRAs, qualified defined contribution plans, 403(b) plans and...more

Faegre Drinker Biddle & Reath LLP

CARES Act Required Minimum Distribution Rules: Helping Your Clients Deal with the Issues

This post outlines CARES Act provisions that affect your plan sponsor clients, plan participants and IRA clients, so you can help them navigate the new rules. This post addresses the rules on required minimum distributions...more

Best Best & Krieger LLP

PublicCEO: CARES Act Establishes Rules for Coronavirus-Related Distributions from 457(b) Plans

Public Employers Can Amend Plans to Allow Coronavirus-Related Distributions - One provision of the recently signed $2.2 trillion federal economic rescue package allows public employers to grant employees access to their...more

Constangy, Brooks, Smith & Prophete, LLP

Benefit Relief And Implications Under The CARES Act

The Coronavirus Aid, Relief, and Economic Security Act contains several forms of relief for plan sponsors and participants in employee benefit plans, as well a few additional plan obligations. Significant items in the CARES...more

McCarter & English, LLP

THE SECURE ACT: New Legislation Brings Major Changes To Retirement Plan Benefits And Administration

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), which was passed as part of two spending bills signed by President Trump on December 20, 2019, contains extensive changes affecting...more

Kilpatrick

Changes to Minimum Distribution Rules

Kilpatrick on

The Secure Act is the most significant legislation affecting qualified retirement plans in more than a decade. (See our prior post summarizing key changes.) Changes to the minimum distribution rules are among the most...more

Pullman & Comley, LLC

SECURE Act Modifies Retirement Plan Distribution Rules

Pullman & Comley, LLC on

New legislation impacting retirement plans and their participants was signed into law by President Trump on December 20, 2019. The Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) is one of the...more

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