The IRS has announced a two-year “administrative transition period” for plan sponsors to implement the SECURE 2.0 Act provision requiring higher-income employees to make retirement plan catch-up contributions as Roth...more
8/29/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Comment Period ,
Employee Benefits ,
Employee Contributions ,
Individual Retirement Account (IRA) ,
IRS ,
Relief Measures ,
Retirement Plan ,
Roth IRA ,
SECURE Act
The IRS issued Notice 2022-53 on October 7, providing relief under the required minimum distribution (RMD) rules of Section 401(a)(9) of the Internal Revenue Code (Code). The Notice provides that excise taxes and tax...more
The IRS has extended the deadline for plan sponsors of qualified retirement plans and IRAs to make amendments under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and the Taxpayer Certainty and...more
9/27/2022
/ 403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
CARES Act ,
Individual Retirement Account (IRA) ,
IRS ,
New Guidance ,
Plan Documents ,
Qualified Retirement Plans ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Time Extensions
On March 11, 2021, President Biden signed the American Rescue Plan Act (the Act), which includes some notable changes and relief for employers and employee benefit plans. The Act expands the section 162(m) deduction...more
3/15/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Family and Medical Leave Act (FMLA) ,
Health Insurance ,
Pensions ,
Relief Measures ,
Section 162(m) ,
Tax Credits ,
Tax Deductions
On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (the Act), which impacts employee benefits in a number of respects. The Act provides additional relief for retirement and other benefit plans,...more
The Internal Revenue Service (IRS) recently issued a Revenue Ruling, a Revenue Procedure and a series of frequently asked questions (FAQs) posted on the IRS website addressing open questions regarding Paycheck Protection...more
On August 8, President Trump issued an Executive Memorandum (which has the same practical effect as an Executive Order), directing the Secretary of the Treasury to exercise his authority under section 7508A of the Internal...more
On June 19, 2020, the Internal Revenue Service provided additional guidance for plan sponsors implementing the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) retirement plan relief. Notice 2020-50 expands the...more
As the COVID-19 global pandemic continues to impact employers, the IRS has been looking for ways to provide some additional flexibility to employer-sponsored benefit plans. In the past week, the IRS released two notices aimed...more