News & Analysis as of

Retirement Plan Pensions Internal Revenue Service

Proskauer - Employee Benefits & Executive...

Reminder: Is Your Individually Designed 403(b) Plan Eligible for a Determination Letter?

Plan sponsors of Code Section 403(b) tax-sheltered annuity plans (“403(b) plans”) that have not already done so may want to consider applying for an IRS determination letter or planning and budgeting for the process next year...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

Patterson Belknap Webb & Tyler LLP

Does Your Retirement Plan Need a 'PLESA'?

Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...more

Brownstein Hyatt Farber Schreck

Employee Benefits-Related Limits For 2024

This chart sets forth some of the annually adjusted dollar limits that impact employee benefits, as published by the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation....more

Dickinson Wright

Mastering Retirement Plan Forfeitures: A Deep Dive into IRS’s 2023 Proposals & Fiduciary Litigation Trends

Dickinson Wright on

When a participant terminates employment without being fully vested in their qualified retirement plan account, the non-vested portion of the account is a “forfeiture.” While forfeitures are a common element of most...more

Proskauer - Employee Benefits & Executive...

IRS Releases Annual Increases to Qualified Retirement Plan Limits for 2024

On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant...more

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Increase in 2024

Seyfarth Shaw LLP on

Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more

Freeman Law

Malta Pension Funds

Freeman Law on

Amplifying its efforts to crack down on U.S. taxpayers’ use of Malta pension funds to attempt to achieve federal income tax savings, the IRS recently has issued proposed regulations identifying these funds as listed...more

Morgan Lewis - ML Benefits

Reminder: Form W-4P Withholding Certificates on Periodic Pension or Annuity Payments Must Be Valid and Up to Date

Recipients of periodic or annuity retirement plan distributions provide a Form W-4P to payors of pension or annuity payments for the correct amount of federal income tax to be withheld from these distributions. (While...more

Faegre Drinker Biddle & Reath LLP

Final Changes Announced to Forms 5500 and 5500-SF

The Department of Labor (DOL) announced that it has finalized, together with the Internal Revenue Service (IRS) and Pension Benefit Guarantee Corporation (PBGC), the third and final round of revisions to the Form 5500 Annual...more

Lerch, Early & Brewer

10% Tax for Early Withdrawal from IRA is not a Penalty Requiring an IRS Supervisor’s Approval

Lerch, Early & Brewer on

Grajales v. Commissioner - In Grajales v. Comm’r of Internal Revenue, the United States Court of Appeals for the Second Circuit addressed whether the ten percent exaction under Section 72(t) (Exaction) is considered a...more

Groom Law Group, Chartered

IRS Rules That Payment of 401(h) Account Benefits to Pension-Eligible Active Participants Won’t Jeopardize Plan Qualification

A recent IRS letter ruling provides helpful clarification on the interaction of in-service distributions to active employees (Code section 401(a)(36)) and the requirement that Code section 401(h) accounts provide only retiree...more

Proskauer - Employee Benefits & Executive...

IRS Opens Determination Letter Program to Individually Designed 403(b) Plans

On October 21st, the IRS announced changes to its qualified plan determination letter program. Most notably, the program has been expanded to include section 403(b) tax-sheltered annuity plans (“403(b) plans”). Although...more

Proskauer - Employee Benefits & Executive...

IRS Announces 2023 Increases to Qualified Retirement Plan Limits

On October 21st, the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. Perhaps most notably, the annual limit for pre-tax and Roth contributions...more

Groom Law Group, Chartered

Surplus Plan Assets Continue to Puzzle IRS and Frustrate Plan Sponsors

Over the years, many plan sponsors have accumulated surplus assets in their pension and welfare benefit programs for various reasons. Typically, surplus assets have been generated in these mature programs through some...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

Holland & Hart - The Benefits Dial

Bye Bye Bye . . . Or Not. Rehiring Retirees in Pay Status

If your qualified pension plan does not provide for in-service distributions and has commenced benefit distributions to a retiree who experienced a bona fide retirement, the IRS says your plan may be able to rehire that...more

McDermott Will & Emery

Weekly IRS Roundup February 20 – February 26, 2022

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of February 20, 2022 – February 26, 2022... February 22, 2022: The IRS issued a correction to...more

Fox Rothschild LLP

Qualified Retirement Plan Distributions and the Impact of COVID-19

Fox Rothschild LLP on

Under the terms of most qualified retirement plans, distribution is available only upon separation from service (whether voluntary or involuntary) or attainment of a specified age. The possibility of rehire after such a...more

Morgan Lewis - ML Benefits

IRS Guidance Clarifies Pandemic Rehiring Need Not Always Affect Retirement Benefits

The IRS recently issued FAQs to address workforce issues and labor shortages resulting from the COVID-19 pandemic. The guidance seems to be in response to well-publicized labor shortages affecting schools and the education...more

McDermott Will & Emery

Weekly IRS Roundup October 18 – October 22, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of October 18, 2021 – October 22, 2021... October 18, 2021: The IRS announced that beginning...more

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

IRS Lifts Barriers to Help Address Labor Shortage Due to COVID-19

As employers across the country are facing critical labor shortages, the Internal Revenue Service (IRS) has stepped in, attempting to help by removing barriers that may have previously stopped employers from rehiring retirees...more

McDermott Will & Emery

Weekly IRS Roundup July 12 – July 16, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 12, 2021 – July 16, 2021... July 12, 2021: The IRS issued a news release announcing the...more

McDermott Will & Emery

Weekly IRS Roundup July 5 – July 9, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 5, 2021 – July 9, 2021... July 6, 2021: The IRS—in conjunction with the US Department of...more

McDermott Will & Emery

Weekly IRS Roundup June 21 – June 25, 2021

McDermott Will & Emery on

Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of June 21, 2021 – June 25, 2021. Additionally, for continuing updates on the tax impact of COVID-19,...more

88 Results
 / 
View per page
Page: of 4

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide