News & Analysis as of

Defined Benefit Plans Internal Revenue Code (IRC)

Eversheds Sutherland (US) LLP

DOL Final Rule 4.0 - Correcting the historical record

From the 2010 outset of its project to extend ERISA fiduciary status broadly to financial intermediaries, including insurance agents, the US Department of Labor (DOL) has consistently relied on the evolution of the private...more

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more

McDermott Will & Emery

Weekly IRS Roundup April 24 – April 30, 2022

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 24, 2022 – April 30, 2022... April 25, 2022: The IRS issued a news release, soliciting...more

Woods Rogers

QDRO’s From The Plan Administrator’s Perspective

Woods Rogers on

A qualified domestic relations order (“QDRO”) is a state domestic relations order that assigns to an alternate payee (such as a former spouse or a child) the right to receive all or a portion of benefits payable to a plan...more

Morgan Lewis - ML Benefits

It’s (Really) Infrastructure Week

President Joseph Biden signed the Infrastructure Investment and Jobs Act (IIJA) into law on November 15, 2021. The IIJA will provide funding to overhaul the country’s physical infrastructure and will serve to give the...more

Morgan Lewis - ML Benefits

PBGC Modernizes De Minimis Distribution Rates

The Pension Benefit Guaranty Corporation (PBGC) published a final rule (Final Rule) on September 9 providing that effective January 1, 2021, it will use the interest and mortality assumptions under Internal Revenue Code...more

Holland & Hart - The Benefits Dial

Don’t You . . . Forget About Special Tax Notices

The Internal Revenue Code requires plan administrators of qualified retirement plans (e.g., 401(k) plans, defined benefit plans and ESOPs), 403(b) plans, and eligible 457(b) plans maintained by a governmental employer to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Temporary Relief for Spousal Consent and Notary

The Internal Revenue Service (IRS) is providing temporary relief from the physical presence requirement for witnesses and notaries for participant elections that must be witnessed or notarized. Notice 2020-42 provides relief...more

Vedder Price

The SECURE Act and Its Impact on Retirement Plans

Vedder Price on

On December 20, 2019, after months of uncertainty, the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act finally became law. The SECURE Act makes numerous changes to both the Internal Revenue Code (IRC) and...more

McDermott Will & Emery

Weekly IRS Roundup December 16 – 20, 2019

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of December 16 – 20, 2019. December 16, 2019: The IRS released a notice extending the phase-in...more

Ward and Smith, P.A.

Retirement Plan Contribution Limits Will Increase in 2020

Ward and Smith, P.A. on

The Internal Revenue Service announced on Wednesday, November 6, that several contribution limits in qualified retirement plans will increase next year. The IRS announced the increases as part of an annual adjustment for...more

Seyfarth Shaw LLP

You Can Save More in Your 401(k) in 2020

Seyfarth Shaw LLP on

Seyfarth Synopsis: Many of the limitations that apply to tax-qualified plans, including 401(k) plans, are subject to cost-of-living increases. The IRS just announced the 2020 limits. 401(k) plan contribution limits are...more

Williams Mullen

Benefit and Contribution Limits for 2020

Williams Mullen on

The Commissioner of Internal Revenue announced the 2020 dollar limitations for benefits and contributions that apply to retirement plans. Most limits have increased, while a few remained the same. The Social Security...more

McDermott Will & Emery

IRS Opens the Door to Lump Sum Payment Windows for Retirees in Pay Status

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

Holland & Hart - Employers' Lawyers

IRS Opens Window for Lump Sum Distribution Windows

Defined benefit pension plans can be troublesome for sponsoring employers to maintain. The long-term liability for funding pension benefits coupled with unpredictable investment returns creates volatility. Companies...more

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

Plan Sponsors: Don’t Miss These Retirement Plan Deadlines

Given that a variety of qualified retirement deadlines are approaching, we thought a refresher on the subject would be helpful, especially for plans that utilize a calendar plan year. This article is intended to alert plan...more

Proskauer - Employee Benefits & Executive...

IRS Reopens Opportunity to Cash Out Retirees in Pay Status—At Least For Now

One de-risking tool for employers with defined benefit pension liabilities is to allow participants to receive lump-sum distributions. Although lump sums result in a short-term cash drain, they reduce the plan’s long-term...more

Poyner Spruill LLP

IRS Announces Retiree Lump-Sum Windows Are Back On The Table

Poyner Spruill LLP on

Pension plan sponsors have been looking for opportunities to manage their growing pension liabilities for many years now. In 2015, the Internal Revenue Service (IRS) closed the door on sponsors who were considering offering...more

Bradley Arant Boult Cummings LLP

The New Principal (Purpose Organization) Question in the Ongoing Church Plan Litigation: Does the Committee “Maintain” the Plan? -...

Last year, in Advocate Health Care Network v. Stapleton, the U.S. Supreme Court decided that a special type of “church plan,” intended to be exempt from Title I of ERISA and many Internal Revenue Code requirements, does not...more

Williams Mullen

Selecting the Best Retirement Plan for Your Practice

Williams Mullen on

An independent physician practice that does not have access to a hospital’s retirement plans has several retirement plan options to consider. Doctors who are employed by hospitals will usually be able to participate in the...more

Akin Gump Strauss Hauer & Feld LLP

Tax Cuts and Jobs Act

On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its tax reform bill titled the Tax Cuts and Jobs Act (the “House Bill”). On November 6, 2017, Kevin Brady, Chairman of the...more

A&O Shearman

The Republican Tax Plan and the Revenue-Raising Assault on Employee Compensation

A&O Shearman on

On November 2, 2017, the Republican caucus of the House of Representatives unveiled its plan to overhaul the nation’s tax code. In an apparent effort to raise revenue, the “Tax Cuts and Jobs Act,” if adopted, would...more

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

Brady’s Bunch - Are Big Changes Coming for Employers Under the Tax Cuts and Jobs Act?

Having missed a historic opportunity to choose an exciting name for federal tax legislation, Texas Representative Kevin Brady and his fellow Republican tax drafters did not skimp on the substance of the Tax Cuts and Jobs Act...more

Skadden, Arps, Slate, Meagher & Flom LLP

Trump Tax Proposal Could Create Compensation-Related Opportunities

The Trump administration’s proposed overhaul of the federal income tax system includes a reduction of the maximum federal corporate income tax rate from 35 percent to 15 percent. If enacted, the proposal — a one-page outline...more

Dickinson Wright

New Cash Balance Retirement Plan Guidance

Dickinson Wright on

On April 7, 2017, the IRS issued a memorandum relating to cash balance retirement plans. A cash balance plan is a defined benefit pension plan which looks like a defined contribution plan because participants have individual...more

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