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Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more
For decades, both the federal and state governments have been working to tackle the coverage gaps in our retirement system. In the race for retirement readiness, dark horses like state plans with mandatory adoption...more
IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 - The IRS recently issued Fact Sheet 2024‑18 to highlight how...more
Any employers muddling through the most confounding labor shortage the construction industry has seen in decades probably have already seen dozens of articles with advice on how to best attract, incentivize, and retain...more
In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. Nearly all employers offer eligible participants the opportunity to make...more
The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more
Starting with tax years beginning after December 31, 2022, a small employer can take advantage of significant tax credits under SECURE Act 2.0 (the “Act”) for establishing a new retirement plan. Under the Act, the tax...more
This hybrid event offers two options for attendance: in-person or webinar. Both options will have an interactive experience and SHRM credit, so choose the method that works best for you. Topics include: > SECURE Act...more
California law requires that employers doing business in California that do not offer a 401(k) plan must register under the CalSavers Retirement Program (the “CalSavers Program” or “Program”) and provide employee census...more
The year 2021 continues the trend of increasing regulation of the workplace by state and local governments. Although it is not possible to discuss all state and local laws, this update provides an overview of recent and...more
In our May 2020 client alert, we addressed the possibility that COVID-19 layoffs could inadvertently cause a partial termination of a company’s qualified retirement plan. Recently issued IRS guidance provides that if...more
The holiday season is always a busy and eventful time, so you may have missed a new law that can impact how you plan for your retirement assets. On December 20, 2019, as part of a more comprehensive appropriations act, the...more
Generally, a 403(b) plan is a retirement planning program whereby a public school or tax-exempt 501(c)(3) organization (including churches) makes contributions for their employees (and certain ministers) to specific types of...more
The CalSavers Retirement Savings Program launched by the State of California is open for enrollment. California employers that have five or more employees and that do not otherwise offer a company retirement savings program...more
As Congress and the Department of Labor (DOL) still keep the status of open multiple employer plans in legal limbo, individual states are still going ahead with state-run programs....more
Employers in California should be ready for a big change in the retirement law to take effect over the next three years. This change comes in the form of a new California program called CalSavers (formerly known as Secure...more
Even though the Tax Cuts and Jobs Act made some changes to how the Internal Revenue Service (the “Service”) is to adjust retirement plan contribution limits late last year, the Service confirmed that the limits on retirement...more
In April, the Department of Labor (the “DOL”) issued controversial proposed regulations that would broaden the category of service providers who become fiduciaries under the Employee Retirement Income Security Act of 1974...more
The courts have been busy in 2014, addressing a variety of issues in the employee benefits field in decisions that impact everyone from union travelers to ESOP fiduciaries. This advisory summarizes a selection of the 2014...more