The U.S. Department of Labor (DOL) issued a revised Voluntary Fiduciary Compliance Program (VFCP), a long-awaited update by many in the industry. The most significant change is the introduction of a self-correction component,...more
1/16/2025
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Benefit Plan Sponsors ,
Compliance ,
Deferral Standard ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
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Reporting Requirements ,
Retirement Plan ,
Voluntary Correction Program
The IRS this past Friday issued proposed regulations regarding mandatory Roth catch-up contributions. SECURE 2.0 amended the catch-up contribution provisions of the Code....more
1/14/2025
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403(b) Plans ,
Benefit Plan Sponsors ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Employee Contributions ,
FICA Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Retirement Plan ,
SECURE Act ,
Tax Planning
We have noticed an increasing number of employers reaching out with questions about whether they should have their defined contribution plan join the auto-portability network. ...more
SECURE 2.0 provided employees better access to liquid assets during a major life crisis. We have previously discussed the domestic abuse victim distribution exemption and the emergency personal expense distribution exemption...more
A question that almost always arises when we consult on correcting retirement plan errors is, “Can we use the DOL (Department of Labor) calculator to determine earnings?” Compared to the alternatives, the DOL calculator...more
Beginning this year, plan sponsors may increase their qualified plan’s mandatory cash-out limit from $5,000 to $7,000. The increase was enacted by SECURE 2.0, and applies to distributions made after December 31, 2023....more