Although the SECURE 2.0 Act of 2022 (SECURE 2.0) was enacted nearly two years ago, and many of its changes have already been implemented, some SECURE 2.0 provisions have yet to take effect. This article provides an overview...more
11/20/2024
/ 401k ,
403(b) Plans ,
Automatic Enrollment ,
Deadlines ,
Employee Benefits ,
Employees ,
Full-Time Employees ,
IRS ,
Part-Time Employees ,
Retirement ,
Retirement Plan ,
SECURE Act
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
1/10/2024
/ 401k ,
403(b) Plans ,
Automatic Enrollment ,
Compensation & Benefits ,
Employee Benefits ,
IRS ,
Regulatory Reform ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
U.S. Treasury
The SECURE 2.0 Act of 2022 sets forth a number of changes affecting retirement plans that go into effect over several years. This article focuses on key changes for 2024 that may be implemented....more
The SECURE 2.0 Act of 2022 was enacted at the end of last year as part of the Consolidated Appropriations Act of 2023. The act sets forth a number of changes affecting retirement plans that go into effect over several years....more
1/11/2023
/ 401k ,
403(b) Plans ,
Collective Investment Schemes ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employees ,
Employer Contributions ,
EPCRS ,
Hardship Distributions ,
Internal Revenue Code (IRC) ,
New Legislation ,
Overpayment ,
QLAC ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Self-Correction Programs
On January 24, the U.S. Supreme Court issued a short unanimous opinion in Hughes v. Northwestern University. The importance of the opinion will likely be modest. At a basic level, all the Supreme Court did was reinstate a...more
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 required, for the first time, that administrators of defined contribution plans (such as 401(k) plans) provide participants with disclosures...more
The Internal Revenue Service has issued Notice 2020-52 to clarify the requirements that apply to a mid-year amendment of a safe harbor 401(k) plan that reduces only contributions made on behalf of highly compensated employees...more
The Department of Labor (DOL) has issued proposed regulations to revise the DOL's existing investment duties regulation regarding environmental, social, and governance (ESG) investments (sometimes referred to as “socially...more
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
6/24/2020
/ 401k ,
Benefit Plan Sponsors ,
CARES Act ,
Certifications ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Popular ,
Repayment Options ,
Retirement Plan ,
Safe Harbors
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
9/25/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
Filing Deadlines ,
Hardship Distributions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Natural Disasters ,
New Regulations ,
Notice Requirements ,
Retirement Plan ,
Safe Harbors ,
Tax Planning
The Internal Revenue Service (IRS) has issued a private letter ruling approving of an employer’s program to provide employees a retirement plan contribution conditioned on student loan repayments. Specifically, the IRS found...more
Earlier this year, Congress passed, and the President signed into law, H.R. 1892, the Bipartisan Budget Act of 2018. In addition to providing a continuing resolution to fund the federal government, the Act includes a change...more
401(k) plans may allow an employee to receive a distribution of elective contributions (employee deferrals) on account of a hardship. The regulations provide that a distribution is made on account of hardship only if the...more
The Internal Revenue Service (IRS) has issued Revenue Procedure 2016-47, which provides for a new self-certification procedure for participants who receive retirement plan distributions but inadvertently miss the 60-day time...more
8/30/2016
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Distribution Rules ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
Plan Administrators ,
Private Letter Rulings ,
Retirement Plan ,
Self-Certification ,
Tax Code ,
Waivers
Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more
Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more
The Internal Revenue Service (IRS) recently updated its “Nonqualified Deferred Compensation Audit Techniques Guide.” The Guide provides a framework for the IRS to audit nonqualified deferred compensation (NQDC) plans. Since...more
7/20/2015
/ 401k ,
Audits ,
Deferred Compensation ,
FICA Taxes ,
FUTA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Payroll Taxes ,
Section 162(m) ,
Section 409A ,
Vesting ,
Voluntary Correction Program ,
Wage Withholding
As a result of the U.S. Supreme Court’s decision in Tibble v. Edison Int'l, it will now be easier for participants in 401(k) and other participant-directed plans to bring lawsuits challenging investment options added to the...more
The Internal Revenue Service (“IRS”) has issued Notice 2014-37 to provide guidance on amendments to reflect the outcome of United States v. Windsor, which invalidated Section 3 of the Defense of Marriage Act regarding the...more
The U.S. Department of Treasury and the Internal Revenue Service have issued final regulations providing guidance on permitted midyear reductions or suspensions of safe harbor nonelective and safe harbor matching...more