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Benefit Plan Sponsors › QNEC

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Safe Harbor Change for Non-Electives is Big

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

The SECURE Act created much-needed change to the safe harbor non-elective contributions, making it more of a weapon to combat failed discrimination testing. Previously, a plan sponsor could only adopt the non-elective...more

Snell & Wilmer

IRS Issues Final Regulations for Hardship Distributions

Snell & Wilmer on

We previously reported on the Bipartisan Budget Act (the “Budget Act”) hardship distribution rule changes for qualified retirement plans. On September 23, 2019, the IRS issued final regulations implementing certain statutory...more

Verrill

Final Regulations on 401(k) Hardship Withdrawals

Verrill on

In September, the Treasury Department issued final regulations governing hardship withdrawals from 401(k) plans. The final regulations update the existing 2004 regulations to reflect recent statutory changes made to the...more

McDermott Will & Emery

Hardship Distribution Changes: What's Next?

McDermott Will & Emery on

In 2018, the Treasury Department and the IRS issued new hardship distribution rules applicable to defined contribution plans, and many plans have begun administering these new rules. While plan sponsors may want to wait for...more

Holland & Knight LLP

Finalized Regulations Allow Forfeitures to Fund QNECs, QMACs to 401(K) Plans

Holland & Knight LLP on

The Internal Revenue Service (IRS) has ruled that forfeitures under 401(k) plans can now be used to make qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs) to 401(k) plans. This recent...more

Pillsbury Winthrop Shaw Pittman LLP

Recent and Upcoming Changes to 401(k) Plans

Pillsbury Winthrop Shaw Pittman LLP on

Legislation enacted in recent months should result in fewer operational errors and expanded participant opportunities. The Tax Cuts and Jobs Act extends the period a participant may make a tax-free loan rollover to an IRA...more

Proskauer Rose LLP

ERISA Newsletter - Fourth Quarter 2017

Proskauer Rose LLP on

Editor's Overview - For over two decades, federal law has required covered health plans and insurers to ensure that certain mental health benefits are in parity with offered medical/surgical benefits. The meaning of...more

McDermott Will & Emery

New IRS Guidance Allows Plan Sponsors to Use Forfeitures for Safe Harbor Contributions, QNECs and QMACs

McDermott Will & Emery on

Earlier this year, the IRS released proposed regulations which permit employers to use forfeitures to fund safe harbor contributions, QNECs and QMACs. ...more

Williams Mullen

IRS Announces Amendment Period for 403(b) Plans, Proposes to Allow Forfeitures to Fund QNECS and QMACs

Williams Mullen on

The Internal Revenue Service recently issued a long-awaited Revenue Procedure regarding compliance for 403(b) plans and also offered flexibility to employers to fund employer contributions to their 401(k) plans with...more

Bass, Berry & Sims PLC

The IRS Provides Updated Guidance on Hardship Distributions

Bass, Berry & Sims PLC on

The Internal Revenue Service (IRS) recently issued updated audit guidelines for its agents regarding the substantiation requirements for hardship withdrawals from 401(k) and 403(b) plans. This guidance is welcome news for...more

Seyfarth Shaw LLP

Newly Proposed IRS Rules Permit the Use of Forfeitures for QNECs and QMACs

Seyfarth Shaw LLP on

On January 18, 2017, the IRS issued proposed regulations that expand the permitted uses of forfeitures in a 401(k) plan. Under the proposed rules, the definitions of “qualified nonelective contributions” (QNECs) and...more

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