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Five years ago, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) made several significant changes to certain distributions required pursuant to Internal Revenue Code (“Code”) Section...more
On August 25, 2023, the IRS announced a two-year delay for the Roth catch-up contribution requirement for employees making $145,000 or more in the prior calendar year that would have applied in 2024. The Roth catch-up...more
The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more
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
With SECURE Act 1.0 (officially titled “Setting Every Community Up for Retirement Enhancement Act”) still being implemented by many plan sponsors, Congress is now considering a new package of laws designed to help close the...more
Seyfarth Synopsis: The IRS released final regulations, under T.D. 9937, that generally adopt the proposed rules relating to qualified plan loan offsets issued last year, with one modification relating to the applicability...more
When people ask my wife what I do for a living, she says she doesn’t know. Half the time I think she’s joking and half the time I think she’s serious that she doesn’t know what an ERISA attorney does. The same thing goes with...more
As the 2020 year draws to a close, families should review with their tax advisers the CARES Act tax-related provisions in their tax and financial planning. Tax provisions that apply to individuals include the following: ...more
Seyfarth Synopsis: Many of the limitations that apply to tax-qualified plans, including 401(k) and 403(b) plans, are subject to cost-of-living increases. The IRS just announced the 2021 limits. The annual employee salary...more
On October 26, 2020 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below have increased from last year while others remained...more
Several Republican senators have introduced legislation that would allow plan participants who are unable to make contributions to their tax-advantaged retirement accounts in 2020 to make catch-up contributions to these...more
The SECURE Act of 2019 made three statutory changes to ERISA regarding lifetime income benefit payments from defined contribution plans (e.g., 401(k), 403(b), profit sharing, and money purchase pension plans). This blog will...more
The SECURE Act increased the age at which Required Minimum Distributions (RMDs) must be made from 70-1/2 to 72. The CARES Act waived RMDs for 2020 (including initial RMDs that would have normally been required by April 1,...more
The CARES Act suspended the required minimum distribution (RMD) rules for DC plans and IRAs for 2020 for those past age 70½ (or those past age 72 under new rules). If you have already taken a RMD for 2020 from a DC plan and...more
The U.S. Department of Labor (the “DOL”) on June 29, 2020 issued a release (the “Release”) proposing an important new initiative for retirement accounts (“Plans”) that are subject to the Employee Retirement Income Security...more
Proposed ERISA Restrictions on ESG Investing - On June 23, 2020, the U.S. Department of Labor (the “DOL”) issued a proposed rule that would limit when and how fiduciaries of plans subject to the U.S. Employee Retirement...more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), enacted on March 27, 2020, to provide relief from the coronavirus pandemic, allowed defined contribution plans, participants in those plans, and owners of...more
On June 23, the Internal Revenue Service (“IRS”) issued Notice 2020-51, which provides much-needed guidance on how defined contribution plans (including 403(b) and governmental 457(b) plans) and IRAs implement the waiver of...more
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
Originally posted on March 27, 2020. This post has been updated to reflect guidance published by the Internal Revenue Service (IRS) on May 4, 202...more
Troutman Sanders and Pepper Hamilton are producing a series of podcasts to discuss employee benefits, executive compensation, and labor and employment issues that employers are confronting in light of the COVID-19 pandemic,...more
In a previous post, we covered the impact of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on employee welfare benefit plans, programs, and arrangements. This post explains how this new law affects...more
The Coronavirus Aid, Relief, and Economic Security Act (the ‘‘CARES Act’’) was passed into law earlier today. The CARES Act provides additional flexibility for participants affected by the coronavirus (COVID-19) to (1)...more
As a continuation to our earlier article entitled “Dividing Retirement Accounts as Part of a New Jersey Divorce” published on May 21, 2019, the following is a more in-depth review of the specific criteria that should be...more
Pepper Hamilton partner Paul L. Porretta and Troutman Sanders partner Mamta K. Shah recently hosted a webinar to discuss the Setting Every Community Up for Retirement Enhancement Act of 2019, better known as the SECURE Act,...more