News & Analysis as of

Employee Contributions

The Wagner Law Group

District Court Grants Motion to Dismiss Forfeiture Complaint

The Wagner Law Group on

Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by using forfeitures to reduce employer...more

Patterson Belknap Webb & Tyler LLP

Interim Guidance on Matching Qualified Student Loan Payments

Until recently, employer matching contributions under qualified plans were required to be conditioned solely upon employee contributions made to the plan. However, one of the many changes enacted by the Consolidated...more

Groom Law Group, Chartered

Student Loan Match – Repay Student Loans and Save For Retirement

On August 19, 2024, the Internal Revenue Service (“IRS”) issued Notice 2024-63 (the “Notice”) for retirement plan sponsors that provide, or may wish to provide, matching contributions based on qualified student loan payments...more

McGuireWoods LLP

IRS Gives Guidance on Student Loan Payment Matching Contributions

McGuireWoods LLP on

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

Adler Pollock & Sheehan P.C.

The IRS Delays RMDs for Inherited IRAs

The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this...more

Jackson Lewis P.C.

Conflicting Decisions Foreshadow Upcoming Disputes in ERISA 401(K) Forfeiture Class Actions

Jackson Lewis P.C. on

Conflicting orders on motions to dismiss from two California courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions that challenge the reallocation of...more

Jackson Lewis P.C.

Use of Plan Forfeitures Not the Slam Dunk It Used to Be

Jackson Lewis P.C. on

A recent rash of class action lawsuits in California claim that using forfeitures to reduce future employer contributions to tax-qualified retirement plans runs afoul of the Employee Retirement Income Security Act (ERISA)....more

The Wagner Law Group

District Court Denies Motion to Dismiss Forfeiture Complaint

The Wagner Law Group on

In December, we suggested, contrary to popular opinion, that serious attention should be given to the filing of several class action lawsuits alleging that plan fiduciaries violated ERISA by applying forfeitures to reduce...more

Jackson Lewis P.C.

Minnesota’s Paid Leave Law: New Guidance, Higher Payroll Taxes, Amendments

Jackson Lewis P.C. on

Under Minnesota’s Paid Leave Law (PLL) that goes into effect in January 2026, employers must provide covered employees up to 20 weeks of leave to care for themselves and their family members with paid leave benefits available...more

Jackson Lewis P.C.

More Changes to Maryland Family and Medical Leave Insurance Program

Jackson Lewis P.C. on

Maryland Governor Wes Moore has signed a bill that further delays implementation of the Family and Medical Leave Insurance Program (also known as the Time to Care Act). In 2022, the Maryland General Assembly passed the...more

Morgan Lewis

Final 417(e) Regulations Add New Requirements and Offer Design Flexibility

Morgan Lewis on

The US Internal Revenue Service (IRS) recently issued final regulations concerning “minimum present value requirements” for tax-qualified defined benefit plans (DB plans). There are three primary changes for sponsors of DB...more

Bricker Graydon LLP

Too Little, Too Late? Plan Contribution Timing Requirements and How to Correct Delays

Bricker Graydon LLP on

One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more

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

Reminder: Dependent Care Assistance Is Now Excludable in Pennsylvania, Retroactive to 2023 Tax Year

With tax day quickly approaching on April 15, 2024, employers in Pennsylvania may want to take note of a December 2023 state tax law that might have flown under the radar. The law made employee contributions to...more

Foley & Lardner LLP

Don’t You Forget About Me: Terminating Employees and Benefits to Think About

Foley & Lardner LLP on

No matter the size of your organization, at some point in time employees leave. As we noted previously, it behooves human resources and other departments to provide departing employees with an exit letter that includes...more

Whiteford

Employment Law Update: FAQs Released for Maryland’s Paid Family and Medical Leave Insurance Program

Whiteford on

The Maryland Department of Labor’s Division of Family and Medical Leave Insurance (FAMLI) has released a detailed FAQ document addressing 59 questions surrounding the new paid family and medical leave system that is (now)...more

Faegre Drinker Biddle & Reath LLP

Roth Employer Contributions

On December 20, 2023, the IRS issued Notice 2024-2, which provides question-and-answer guidance on various aspects of the SECURE 2.0 Act. This post focuses on the ability to make employer contributions (match or nonelective)...more

Holland & Knight LLP

IRS Issues Notice 2024-2 Outlining Guidance on SECURE 2.0 Provisions

Holland & Knight LLP on

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

Kilpatrick

Student Loan Benefits for Employees

Kilpatrick on

Total student loan debt in the country is estimated to be over $1.7 trillion.  These loans are often a great source of worry for employees and their families.  Student loan repayments may be one of the largest regular...more

Woodruff Sawyer

Q4 2023 International Benefits Update

Woodruff Sawyer on

In the final quarter of 2023, South Africa issued guidance on the new two-pot retirement system, Peru launched a new holiday starting in 2024, Singapore doubled its paid paternity leave, and Costa Rica reformed its pension...more

Littler

Canada Entered Last Phase of CPP Enhancements on January 1, 2024

Littler on

All Canadian employers other than those in Quebec are required to: Deduct Canada Pension Plan (CPP) contributions from their employees’ pensionable earnings if the employee meets certain conditions; Contribute an...more

Groom Law Group, Chartered

Final IRS Regulations Update Present Value Calculations for Defined Benefit Plans and Expand Anti-Cutback Relief

Generally, a defined benefit plan provides an accrued benefit commencing at a participant’s Normal Retirement Date that pays a flat benefit over the lifetime of the participant. If a plan provides for a distribution as a...more

Bricker Graydon LLP

The Gift That Keeps on Giving: New IRS Guidance on Roth Employer Contributions

Bricker Graydon LLP on

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

Miller Canfield

Federal Agencies Issue PLESA Guidance

Miller Canfield on

The IRS and the U.S. Department of Labor recently issued guidance which addresses the newly created Pension Linked Emergency Savings Accounts (“PLESAs”), a novel plan design option authorized under SECURE 2.0. PLESAs are...more

Lerch, Early & Brewer

Maryland Family Leave Contributions Start This Year – What You Need to Know

Lerch, Early & Brewer on

With required contributions to the Family and Medical Leave Insurance (FAMLI) Fund starting this fall, Maryland employers should make sure employees have advance notice of the new deductions they will be seeing from their...more

Conn Kavanaugh

New Year’s HR Housekeeping: Update Your Policies To Comply With Recent Changes To The Massachusetts Paid Family Leave Law

Conn Kavanaugh on

The new year is an excellent time for businesses to take a fresh look at their policies to ensure they are up-to-date. This article highlights recent updates to the Massachusetts Paid Family Medical Leave law (PFML) to be...more

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