News & Analysis as of

Retirement Plan Internal Revenue Service Safe Harbors

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

Mayer Brown on

As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

Davis Wright Tremaine LLP

SECURE 2.0 Medley – IRS and DOL Guidance for Plan Sponsors on Recent Changes

The Internal Revenue Service and U.S. Department of Labor recently issued guidance on various aspects of the Consolidated Appropriations Act of 2023, commonly referred to as SECURE 2.0. Below is a summary of key provisions...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

Miller Canfield

IRS Issues Grab Bag Notice Addressing Various SECURE 2.0 Provisions

Miller Canfield on

The IRS recently issued Notice 2024-02— dubbed the “Grab Bag Notice”— which addresses multiple provisions in SECURE 2.0. The guidance is 81 pages long, comes in the form of frequently asked questions and answers, and speaks...more

Bricker Graydon LLP

403(b) Plans - Not Your Average Salary Deferral Plan

Bricker Graydon LLP on

Congress continues to pass laws that move 403(b) plans ever closer to 401(k) plans, but 403(b) plans remain distinct. Understanding these differences allows you to maintain a compliant plan that best serves the needs of your...more

Bradley Arant Boult Cummings LLP

New IRS SECURE 2.0 Act Guidance

The Internal Revenue Service (IRS) recently published Notice 2024-2, which provides guidance on several sections of the SECURE 2.0 Act of 2022. This article highlights some of the more significant changes affecting retirement...more

Seyfarth Shaw LLP

The IRS’s Grab Bag of SECURE 2.0 Guidance is Here!

Seyfarth Shaw LLP on

Seyfarth Synopsis: Adding to the holiday joy of employee benefits practitioners nationwide, yesterday the IRS issued guidance on several outstanding questions related to SECURE 2.0. At this time of year, we are especially...more

Davis Wright Tremaine LLP

New IRS Guidance on Long-Term, Part-Time Employee Retirement Plan Participation

New proposed regulations clarify how employers should implement retirement plan eligibility rules for long-term, part-time ("LTPT") employees. While some questions remain, the proposed regulations provide a number of welcome...more

Seyfarth Shaw LLP

The Long Wait for the Long-Term Part-Time Guidance is Over

Seyfarth Shaw LLP on

Seyfarth Synopsis: It’s here for your post-Thanksgiving turkey hangover reading pleasure! The Department of Treasury and IRS released on Friday (in the middle of most people’s long holiday weekend) their proposed rules for...more

Foley & Lardner LLP

Diving into SECURE 2.0: More Changes That Will Help Make 401(k) Plan Administration Simpler and Other Possible Changes of Which to...

Foley & Lardner LLP on

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

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more

Houston Harbaugh, P.C.

Late Deposits of 401(k) Contributions: New DOL Procedures to Allow for “Self-Correction”

Houston Harbaugh, P.C. on

Under federal law, amounts withheld from employee paychecks as 401(k) plan contributions are required to be promptly deposited into the trust under the plan. Failure to do so requires correction by the employer and can also...more

Holland & Knight LLP

IRS Extends Deadlines to Adopt Plan Amendments for CARES Act, SECURE Act and More

Holland & Knight LLP on

The IRS on Aug. 3, 2022, issued Notice 2022-33, which extends the deadlines for qualified retirement plans, 403(b) plans and governmental retirement plans (including 457(b) plans) to adopt amendments reflecting certain...more

Kilpatrick

Secure Act 2.0 – Summary of Key Provisions

Kilpatrick on

The House and Senate are moving forward on several versions of legislation, which are collectively known as the “Secure Act 2.0” because they would build off of the Secure Act, the last major retirement plan legislation...more

Foley & Lardner LLP

401(k) Compliance Check #6: Have You Recently Checked Your 401(k) Plan’s Definition of Compensation for Deferral and Match...

Foley & Lardner LLP on

In last month’s Compliance Check, we discussed how to handle a situation where the 401(k) plan administrator is unable to reach a plan participant, i.e., a “missing participant.” In this month’s Compliance Check, we focus on...more

Foley & Lardner LLP

401(k) Compliance Check #4: Required Participant Notices

Foley & Lardner LLP on

In last month’s 401(k) Compliance Check, we discussed what to do if you inadvertently failed to enroll someone in your 401(k) plan. In this month’s Compliance Check, we focus on the variety of typical notices that are...more

Groom Law Group, Chartered

IRS Updates Safe Harbor Methods for “Substantially Equal Periodic Payment” Exception

Recent IRS Notice 2022-6 updates longstanding guidance on when a series of payments from an individual account under a tax-favored retirement plan is considered a series of “substantially equal periodic payments”. Under Code...more

Faegre Drinker Biddle & Reath LLP

Day of the Dead…lines: Updating Your Plan’s Safe Harbor Notice

As the end of year approaches, now is the time for safe harbor 401(k) plan sponsors to prepare their annual safe harbor notices. 401(k) Plans that satisfy nondiscrimination testing via the employer contribution safe...more

Foley & Lardner LLP

401(k) Plan Top 10 Year End Laundry List

Foley & Lardner LLP on

No one really appreciates laundry, but having a calendar year-end top 10 list may be exactly what plan sponsors and administration committees need in order to prevent operational or document compliance issues being raised by...more

Faegre Drinker Biddle & Reath LLP

Forced Rollovers of Small Retirement Account Balances: What to Do with Missing Participants

When a participant experiences a distribution event (e.g., terminating service with the employer), and when the participant does not affirmatively elect to take the distribution, a plan document may require that an account...more

Morgan Lewis

Considerations for Sponsors of Qualified Plans for Year Ending 2021, Year Beginning 2022

Morgan Lewis on

With summer winding down, there may be no better time for sponsors of individually designed qualified retirement plans to begin thinking about year-end requirements and preparing for changes in the new year. Thankfully,...more

Groom Law Group, Chartered

New DOL Safe Harbor for E-Delivery of Retirement Plan Notices

Plan sponsors and recordkeepers have long wished for updated electronic delivery or e-delivery rules that permit electronic delivery as the default form of distribution, and one that could be applied uniformly for all notices...more

Seyfarth Shaw LLP

How to SECURE Your Safe Harbor Plan

Seyfarth Shaw LLP on

Seyfarth Synopsis: The IRS issued Notice 2020-86, which provides guidance on the rules that apply to safe harbor plans that were changed by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE...more

Foley & Lardner LLP

IRS Guidance on SECURE Act Provisions that Affect Certain Safe Harbor Retirement Plans

Foley & Lardner LLP on

IRS Notice 2020-86 addresses in the form of questions and answers certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) affecting safe harbor retirement plans for plan...more

Morgan Lewis

‘Securing’ Your Safe-Harbor Plan: IRS Provides Guidance on SECURE Act Changes Affecting Safe-Harbor Plans

Morgan Lewis on

Notice 2020-86 (Notice) from the Internal Revenue Service (IRS) provides guidance to help interpret and apply certain Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) provisions that impact...more

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