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If your New Jersey business doesn’t sponsor a retirement savings program, it’s time for you to create a system allowing workers to sock away retirement money through automatic payroll deductions. Thanks to the New Jersey...more
On October 18, 2023, the Maine Retirement Savings Board adopted a final rule implementing Maine’s state-run retirement savings program, the Maine Retirement Investment Trust or MERIT. MERIT is intended to help employees who...more
Connecticut businesses have until August 31, 2023 to offer a retirement savings plan to employees. In 2016, the Connecticut General Assembly enacted Public Act 16-29, which created the Connecticut Retirement Security...more
New York State Employers - In October 2021, New York State (“NYS”) passed legislation, Senate Bill S5395A, amending the New York State Secure Choice Savings Program (the “Program”), a retirement savings plan. The...more
In 2016 California passed legislation that employers who do not sponsor an employee-retirement plan must participate in a state-run retirement program. This program became known as CalSavers....more
In an effort to close the gap in retirement savings across the state, Governor Phil Murphy signed the New Jersey Secure Choice Savings Program Act (Act) in March of 2019. The Act created the Secure Choice Savings Program...more
New Jersey employers with 25 or more employees that do not currently sponsor a retirement savings plan will soon be required to facilitate their employees’ enrollment in the New Jersey Secure Choice Savings Program Fund to...more
On January 10, 2022, teachers will be able to begin submitting applications to the Illinois Teachers’ Retirement System (TRS) to participate in TRS’s new Supplemental Savings Plan (SSP) which is a tax-deferred compensation...more
New York employers that don’t sponsor their own retirement plans will soon be required to automatically enroll employees in New York’s state-run savings plan. Lawmakers originally created the New York State Secure Choice...more
On May 11, 2021, the City Council of New York enacted a local law to establish a retirement savings program for certain employees of private entities. What are the Details? The new law creates a mandatory...more
The deadline for California’s largest private-sector employers to either register for, or opt out of, the CalSavers Retirement Savings Program is quickly approaching....more
On March 28, 2019 Governor Phil Murphy signed into law the New Jersey Secure Choice Savings Program Act (“Act”) which establishes a state-run retirement program in the form of automatic employee payroll deductions paid into...more
Many employers feel it is necessary, as part of a competitive recruitment process, to adopt a tax qualified retirement-savings plan for employees. Here are some forms of tax qualified retirement plans early stage companies...more
Leave donation program was extended to assist victims of Hurricanes Irma today. The new leave donation program permits an employee to donate his leave to a charitable organization that is eligible to receive charitable...more
On July 1, 2017, OregonSaves Retirement Program (“OregonSaves”) went into effect. OregonsSaves is sponsored by the State of Oregon, and is a state-run automatic Roth Individual Retirement Account (“IRA”) for private-sector...more
In 2015, Oregon passed legislation creating a state-based retirement savings program that has since been named “OregonSaves.” Implementation of the OregonSaves program was delayed pending the issuance of final rules by the...more
On April 18, 2017, the Oregon Retirement Savings Board adopted final rules to implement the Oregon Retirement Savings Program (known as “OregonSaves”) codified at 170-090-0001 et seq. OregonSaves establishes a...more
When I draft a new 401(k) plan for a client, I’ll recommend a loan provision even though it can be an administrative headache. The reason that I add it because I think participants need to have access to money if in their...more
In September 2016, the California legislature amended the California Secure Choice Savings Trust Act of 2012 (“Secure Choice”). This law will eventually require employers with at least five employees, and which do not offer...more
According to the U.S. Department of Labor (DOL), one-third of American workers do not have the option to participate in a retirement savings plan through their employers. To help employees save for retirement, more states are...more
In recent years, a number of states have explored the idea of establishing state-run retirement plans for private sector employees who do not have access to employer-sponsored retirement plans. The preemption concerns under...more
In This Presentation: - Davidson v. Henkel Corp. - The Parties - NQ Plan - The Plan’s Tax Clauses - Davidson’s Pre-Retirement Counseling - 2011 Compliance Review and Letter - Henkel’s Tax...more
On January 4, 2015, the governor of Illinois signed into law the Illinois Secure Choice Savings Program Act (S.B. 2758). This law—first of its kind in the nation—requires certain employers to provide an automatic payroll...more