CARES Act – Retirement Plan Distributions and Loans: Troutman Sanders and Pepper Hamilton COVID-19 Issues for Employers Podcast Series
Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more
The IRS issued Notice 2024-2 (Notice), which provides guidance in a question and answer format concerning certain provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). The following is a brief overview of key provisions in...more
The Internal Revenue Service (IRS) gave plan sponsors an early Christmas gift with the release of new guidance late last year addressing several key provisions contained in SECURE 2.0. A welcome portion of the notice was...more
The IRS released long-awaited guidance under the SECURE 2.0 Act on December 20, 2023. Notice 2024-2 (Notice) provides clarification of various provisions, including several optional features that plan sponsors have been...more
Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2 (the “Notice”) providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post...more
While amendments for the following changes under the SECURE Act and SECURE 2.0 Act are not yet required, retirement plan sponsors (especially 401(k) and 403(b) plan sponsors) need to be aware of the following operational...more
Introduction - On December 29, 2022, the President signed into law the SECURE 2.0 Act of 2022 (“SECURE 2.0”). As its name suggests, SECURE 2.0 expands on actions taken by the original SECURE Act of 2019 (“SECURE 1.0”). ...more
The long-awaited sequel to the SECURE Act enacted in 2019 is finally here. On December 29, 2022, President Joe Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022 (“SECURE 2.0”...more
As we approach the end of 2021, it’s again time for sponsors of 401(a) and 403(b) plans to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements. While...more
Notice 2020-68 from the Internal Revenue Service provides clarifications for sponsors and administrators of 401(k) plans and other qualified retirement plans, 403(b) plans, and 457(b) governmental plans on certain provisions...more
IRS Notice 2020-68 (Notice) provides the first round of guidance on a number of provisions under the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of...more
The Internal Revenue Service (IRS) recently issued Notice 2020-50 which provides helpful guidance for plan sponsors and plan participants who wish to take advantage of the enhanced distribution and loan provisions under the...more
The IRS has issued IRS Notice 2020-50 (the Notice) providing guidance implementing the retirement plan provisions of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) that was enacted on March 27, 2020. A...more
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
Employers that offer their employees individual account retirement plans such as 401(k) and 403(b) plans should know that participants affected by the coronavirus have new options to access funds in their retirement plan...more
Many of the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) do not apply to non-electing church plans, but some do, notably those dealing with certain 403(b)(9) plans and...more
This article focuses on 401(k) and 403(b) plans that are in one of the following situations: 1. The plan failed ADP or ACP testing and must distribute excess amounts to its higher-ranking employees or make additional...more
As part of the year-end government funding legislation, on December 20th, President Trump signed into law the Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act” or the “Act”). The Act contains...more
The IRS recently issued final regulations to standardize the administration of hardship distributions. Plans that permit hardship distributions must implement operational changes for hardship distributions by January 1, 2020,...more
As we wrote in November 2018, the Treasury Department issued proposed regulations that significantly relaxed many rules governing hardship distributions from qualified plans, including eliminating requirements that employee...more
On September 23, 2019 the Internal Revenue Service (“IRS”) issued final regulations amending the rules for hardship distributions from 401(k) and 403(b) plans (the “Final Regulations”)....more
The IRS has issued new model notices for recipients of rollover distributions from qualified retirement plans. The updated notices reflect changes from the 2017 tax reform act, as wells as regulatory changes enacted since...more
Since 2016, the Internal Revenue Service Tax Exempt and Government Entities Division (TE/GE) has followed a practice of posting “issue snapshots” – technical summaries of tax issues provided for reference purposes – from time...more
Sunday, April 1, 2018, is the deadline for tax-qualified retirement plan participants who had reached at least age 70 ½ and retired in 2017 to commence receiving required minimum distributions (RMDs) of their plan benefits....more
On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September...more