News & Analysis as of

Retirement Plan Proposed Regulation

McDermott Will & Emery

Weekly IRS Roundup July 15 – July 19, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of July 15, 2024 – July 19, 2024. ...more

Faegre Drinker Biddle & Reath LLP

IRS Proposed Regulations for Plan Forfeitures

Today, employees are more likely than ever to seek new employment opportunities and change jobs. These employees may leave a company before becoming fully vested in their qualified retirement plan benefits – which may result...more

Proskauer Rose LLP

Wealth Management Update - June 2024

Proskauer Rose LLP on

June 2024 Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split-Interest Charitable Trusts - The June Section 7520 rate for use in estate planning techniques such as CRTs, CLTs, QPRTs...more

Carlton Fields

Auto-Portability Providers Racing to Close Retirement Plan Gap

Carlton Fields on

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

Holland & Knight LLP

Relief Extended from Certain Required Minimum Distribution Requirements for Beneficiaries

Holland & Knight LLP on

The IRS on April 16, 2024, released Notice 2024-35, which extends previously issued temporary relief from certain required minimum distribution (RMD) requirements for beneficiaries under qualified defined contribution plans...more

Troutman Pepper

Long-Term Part-Time Employee Eligibility Rules Now in Effect — Troutman Pepper Podcast

Troutman Pepper on

In the companion podcast to our recently published client advisory, Troutman Pepper Partners Emily Zimmer and Constance Brewster delve into the intricacies of the SECURE Act, also known as SECURE 1.0, and its successor,...more

Morgan Lewis

IRS Proposes Long-Term, Part-Time Employee Regulations

Morgan Lewis on

On November 24, 2023, the Internal Revenue Service (IRS) proposed long-awaited regulations providing guidance on the required coverage of long-term, part-time employees (LTPTEs) under the Setting Every Community Up for...more

Troutman Pepper

Long-Term Part-Time Employee Eligibility Rules Now in Effect – Are You Ready?

Troutman Pepper on

The Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) requires plans to permit employees who work at least 500 hours but less than 1,000 hours in three consecutive 12-month periods to make elective...more

Fisher Phillips

Proposed Regulations Impact Retirement Plans for Certain Part-Time Employees: FAQs for Employers

Fisher Phillips on

Employers that sponsor 401(k) or 403(b) plans should be aware of eligibility and participation rules for their long-term, part-time (LTPT) employees. Historically, such plans could exclude employees who worked fewer than...more

McDermott Will & Emery

When It Comes to Vesting, IRS Says Once a Long-Term, Part-Time Employee, Always a Long-Term, Part-Time Employee

McDermott Will & Emery on

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more

McDermott Will & Emery

New Rules Make Tracking Long-Term, Part-Time Employee Service a Full-Time Job

McDermott Will & Emery on

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more

McDermott Will & Emery

IRS Confirms Same Hours-Counting Rules Still Add Up for Long-Term, Part-Time Employees

McDermott Will & Emery on

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Following the...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

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (10): What is An Investment? (Part 2)

The U.S. Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Verrill

Use of Retirement Plan Forfeitures: The IRS Proposed Regulations, Recent Litigation, and the DOL’s Position

Verrill on

In five recently filed class action lawsuits, 401(k) plan participants allege that plan fiduciaries violated ERISA by using plan forfeitures to offset employer contributions instead of paying plan expenses. The use of...more

Proskauer - Employee Benefits & Executive...

IRS Proposes 401(k) Plan Regulations Implementing Long-Term Part-Time Employee Eligibility Requirements

The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (9): What is An Investment? (Part 1)

The US Department of Labor has released its package of proposed changes to the regulation defining nondiscretionary fiduciary advice and to the exemptions for conflicts and compensation for investment recommendations to...more

Faegre Drinker Biddle & Reath LLP

The New Fiduciary Rule (8): Special Issues—Robo Advice and Investment Education

The U.S. Department of Labor has released its package of proposed changes to the regulation defining fiduciary advice and to the exemptions for conflicts and compensation for investment advice to plans, participants...more

Groom Law Group, Chartered

IRS Issues Long-Term, Part-Time Employee Proposed Regulations

On November 24, 2023, the IRS issued a Notice of Proposed Rulemaking, which provides long-awaited proposed regulations regarding the “long-term, part-time employees” rules under the SECURE Act of 2019 (“SECURE 1.0”) and the...more

Eversheds Sutherland (US) LLP

Department of Labor’s Fiduciary Rule 4.0 proposal

On October 31, 2023, following its announcement by President Biden, the US Department of Labor (DOL or Department) released its Proposal 4.0 regarding ERISA fiduciary investment advice, including amended exemptions for...more

McDermott Will & Emery

Changing the Rules of the Game for Retirement Plans

McDermott Will & Emery on

Earlier this year, the Department of the Treasury and the Internal Revenue Service (IRS) issued proposed regulations on the use of forfeitures by tax-qualified retirement plans. The changes, published in the Federal Register,...more

Jackson Lewis P.C.

IRS Gets Its Act Together For Forfeiture Rules

Jackson Lewis P.C. on

The February 24, 2023, issuance by the IRS of proposed regulations on the use of forfeitures in qualified retirement plans provides some welcome clarity, regulatory house cleaning, and relief for plan sponsors. With a...more

Locke Lord LLP

IRS Proposes Regulations on Using Forfeitures in Qualified Retirement Plans

Locke Lord LLP on

Introduction - On February 27, 2023, the Department of the Treasury (“Treasury”) and Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) relating to forfeitures in tax-qualified...more

Morgan Lewis - ML Benefits

IRS Proposes One-Year Limit on Use of Forfeitures in Defined Contribution Plans

The Internal Revenue Service (IRS) recently issued proposed regulations that would require forfeitures in defined contribution plans—i.e., unvested benefits forfeited by terminating defined contribution plan participants—to...more

Ballard Spahr LLP

Proposed Treasury Regulations on Forfeitures Would Require Changes to Tax-Qualified Retirement Plans

Ballard Spahr LLP on

The U.S. Treasury Department issued proposed regulations regarding the treatment of forfeited amounts in tax-qualified defined benefit and defined contribution retirement plans. The February 27, 2023 proposed regulations, if...more

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