News & Analysis as of

Safe Harbors 401k Internal Revenue Code (IRC)

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

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

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

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

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

Groom Law Group, Chartered

IRS Guidance on SECURE Act Provides More Detail on Changes to Safe Harbor Plans

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) made several changes to the rules for certain safe harbor 401(k) plans. One change increased the cap on automatic enrollment safe harbor...more

Verrill

December 31 Sunset of Safe Harbor Correction Method for Certain Elective Deferral Failures Benefits Law Update

Verrill on

A special IRS-approved correction method available for elective deferral failures in 401(k) and 403(b) plans with automatic contribution features will sunset on December 31, 2020, meaning it will not be available to correct...more

Snell & Wilmer

Is Your Safe Harbor Section 401(k) Plan Required to Provide an Annual Notice?

Snell & Wilmer on

Sponsors of safe harbor Section 401(k) plans should consider whether they are required to provide their annual safe harbor notice in 2020 for the upcoming 2021 plan year. The Setting Every Community Up for Retirement...more

Holland & Hart - The Benefits Dial

Don’t You . . . Forget About Special Tax Notices

The Internal Revenue Code requires plan administrators of qualified retirement plans (e.g., 401(k) plans, defined benefit plans and ESOPs), 403(b) plans, and eligible 457(b) plans maintained by a governmental employer to...more

Bradley Arant Boult Cummings LLP

IRS Issues Helpful Guidance for Retirement Plans Under the CARES Act

The Internal Revenue Service (IRS) recently issued Notice 2020-50 to provide retirement plans with guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The extensive guidance provides helpful...more

Morgan Lewis - ML Benefits

The CARES Act and the 401(k) Safe Harbor Mid-Year Amendment Rule

The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law on March 27 contains several emergency measures affecting retirement plans....more

Troutman Pepper

The SECURE Act Brings Significant Changes for Retirement Plans and IRAs

Troutman Pepper on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act), signed into law on Dec. 20, 2019, will have a wide-ranging impact on tax-qualified retirement plans and individual retirement accounts,...more

Foley & Lardner LLP

The SECURE Act: Top 3 Issues to Consider Now

Foley & Lardner LLP on

Hundreds of articles have been published over the last two weeks about the SECURE Act (“Act”), which was signed into law in late December as part of the most recent budget bill. As you are certainly aware by now, the Act...more

Groom Law Group, Chartered

SECURE Act and Spending Bills – Impact on Plan Sponsors

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the largest package of retirement system reforms in over a decade, was enacted on December 20, 2019.  Many of the provisions in the...more

Vedder Price

The SECURE Act and Its Impact on Retirement Plans

Vedder Price on

On December 20, 2019, after months of uncertainty, the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act finally became law. The SECURE Act makes numerous changes to both the Internal Revenue Code (IRC) and...more

Flaster Greenberg PC

New Retirement Plan Hardship Distribution Rules: What You Need to Know

Flaster Greenberg PC on

The IRS recently amended the rules applicable to hardship distributions from 401(k) and 403(b) plans. The new hardship distribution regulation relaxes some of the restrictions on the availability of hardship distributions...more

Verrill

Final Regulations on 401(k) Hardship Withdrawals

Verrill on

In September, the Treasury Department issued final regulations governing hardship withdrawals from 401(k) plans. The final regulations update the existing 2004 regulations to reflect recent statutory changes made to the...more

Burr & Forman

Finally, Hardship Distribution Regulations are Final

Burr & Forman on

The Treasury Department and the Internal Revenue Service (collectively referred to hereafter as “IRS”) on September 23, 2019 published the final regulations on hardship distributions, finalizing the regulations proposed in...more

Bradley Arant Boult Cummings LLP

IRS Finalizes Revised Hardship Regulations - Employee Benefits Alert

The Internal Revenue Service (IRS) has finalized revisions to the regulations governing hardship distributions under 401(k) and 403(b) plans. The final regulations make some subtle but important changes to the regulations...more

Miller Canfield

Proposed Hardship Distribution Regulations Mean Changes for 401(k) and 403(b) Plan Sponsors

Miller Canfield on

Employer-sponsors of certain retirement plans have work to do prior to the end of 2019. Sponsors of Internal Revenue Code ("Code") section 401(k) and 403(b) plans must analyze their plan documents and associated...more

McCarter & English, LLP

IRS Proposed Regulations Relax Requirements For Hardship Distributions

The IRS recently issued proposed regulations relating to hardship distributions under 401(k) plans. The proposed regulations generally clarify or supplement recent statutory changes, including those made by the Bipartisan...more

K&L Gates LLP

New Flexibility for Hardship Withdrawals: Permissive Changes Starting 2019 and Required Changes by 2020

K&L Gates LLP on

On November 14, 2018, the Internal Revenue Service (“IRS”) released Proposed Regulations to implement and expand upon the changes to 401(k) hardship distribution rules, previously mandated by the Bipartisan Budget Act of 2018...more

Holland & Knight LLP

IRS May Allow Employer Contributions to 401(k) Plans for Employees Repaying Student Loans

Holland & Knight LLP on

• With growing student loan debt pushing employees to delay contributing to their employers' 401(k) plans, many employers have been looking for ways to help their employees save for retirement. • A recent Internal Revenue...more

Verrill

401(k) Plan Sponsors – Time to Revisit Your Hardship Withdrawal Provisions

Verrill on

The Bipartisan Budget Act of 2018 (“Budget Act”) includes several changes to the rules governing hardship withdrawals from 401(k) plans. Because the changes apply to plan years beginning after December 31, 2018, 401(k) plan...more

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