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Safe Harbors 401k Employee Benefits

Mayer Brown

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

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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

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

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

Kaufman & Canoles

ESOPs & Employee Benefits - SECURE 2.0 Provisions Taking Effect in 2024

Kaufman & Canoles on

As many surely recall, the SECURE 2.0 Act of 2022 included nearly 100 provisions affecting retirement plans. While a number of the new rules became effective immediately, another portion is scheduled to take effect in 2024....more

Bricker Graydon LLP

The Who, the When and the “Oh, No” of 401(k) Plan Notices

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It’s that time of year again when calendar year 401(k) plans must send annual retirement plan notices. As you work with your service providers to make sure all notices are sent, now may be a good time to reacquaint yourself...more

Faegre Drinker Biddle & Reath LLP

The SECURE Act 2.0: The Most Impactful Provisions #13 — Starter 401(k) Plans and Safe Harbor 403(b) Plans

Most employees who work for large and mid-sized employers have the opportunity to defer money from their paychecks into a savings-based retirement plan. That is not the case with many small employers, though, where large...more

Laner Muchin, Ltd.

SECURE 2.0 Makes Several Key Changes for Employer Sponsored Retirement Plans

Laner Muchin, Ltd. on

On December 29, 2022, as part of the Consolidated Appropriations Act of 2023, President Biden signed into law the SECURE 2.0 Act of 2022 (“SECURE 2.0”). SECURE 2.0 makes many significant changes to the employer sponsored...more

Venable LLP

SECURE 2.0 Has Arrived - Here's What You Need to Know

Venable LLP on

On December 29, 2022, President Biden signed into law the Consolidated Appropriations Act, 2023. This legislation includes the highly anticipated SECURE 2.0 Act, which expands and supplements the original SECURE Act of 2019....more

Fisher Phillips

10 Most Significant Employee Benefits Law Changes in 2023’s Federal Spending Bill

Fisher Phillips on

Besides ensuring the federal government remains fully funded, President Biden’s signature Thursday on the Continuing Appropriations Act, 2023 (CAA 23) contains several provisions that will directly impact health and...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

Williams Mullen

2022 Annual Employee Benefits Compliance Checklist for Plan Administrators

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Plan administrators should review actions to be taken before the end of 2022 and focus on what to expect for 2023. This checklist addresses plan amendments, notices and other considerations for qualified retirement plans,...more

Alston & Bird

Do You Need to Send an Annual Notice to Plan Participants?

Alston & Bird on

Our Employee Benefits & Executive Compensation Group reviews the multiple year-end notices that defined contribution plans must issue to participants....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 #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

Kaufman & Canoles

ESOPs & Employee Benefits Update – Q1 2022 Client Update

Kaufman & Canoles on

Happy Spring from the K&C ESOPs & Employee Benefits practice group. We’ve compiled a short list of employee benefits updates from the first quarter of 2022....more

Woodruff Sawyer

US Safe Harbor 401(k) versus UK Defined Contribution Pension Scheme

Woodruff Sawyer on

Our multi-national clients often ask us about the differences between US 401(k) plans and UK Defined Contribution schemes. In the US, Defined Contribution plans are governed by Section 125 of the Internal Revenue Code. While...more

Snell & Wilmer

Group Health Plans Must Provide Free Over-the-Counter COVID-19 Tests Effective January 15, 2022 – Six Takeaways

Snell & Wilmer on

On January 10, 2022 the Departments of Labor, Health and Human Services, and Treasury (collectively the “Departments”) issued Affordable Care Act FAQs Part 51 which addresses, in relevant part, payment for over-the-counter...more

Alston & Bird

Do You Need to Send an Annual Notice to Plan Participants?

Alston & Bird on

Our Employee Benefits & Executive Compensation Group reviews the multiple year-end notices that defined contribution plans must issue to participants....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

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

Faegre Drinker Biddle & Reath LLP

Reminder: The SECURE Act’s Safe Harbor for Lifetime Annuity Options Opens New Possibilities for Defined Contribution Plan Sponsors...

The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act made a number of changes designed to increase the availability of lifetime income options in defined contribution retirement plans, such as 401(k)...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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