The IRS recently issued Notice 2024-2, which provides Q&A guidance on many provisions of the SECURE 2.0 Act, which had left employers and practitioners asking questions. We previously summarized several of the key changes...more
While amendments for the following changes under the SECURE Act and SECURE 2.0 Act are not yet required, retirement plan sponsors (especially 401(k) and 403(b) plan sponsors) need to be aware of the following operational...more
11/21/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Distribution Rules ,
Employee Benefits ,
Employer Contributions ,
Required Minimum Distributions ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Student Loans
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
2/7/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Contribution Limits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
Natural Disasters ,
Relief Measures ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Roth IRA ,
Safe Harbors ,
SECURE Act ,
Student Loans
Given the current market volatility, the U.S. Department of Labor’s (DOL) concerns related to the addition of cryptocurrencies in qualified retirement plans seems prescient. In Compliance Assistance Release No. 2022-01, the...more
5/20/2022
/ 401k ,
Benefit Plan Sponsors ,
Cryptocurrency ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Duty ,
Investment Opportunities ,
New Guidance ,
Plan Participants ,
Retirement Plan
On December 20, 2019, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was signed into law. The SECURE Act is one of the most significant pieces of legislation impacting retirement plans in...more
2/21/2020
/ 401k ,
Compensation & Benefits ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Planning
A number of changes and new legislation will be impacting your company’s employee benefit plans in 2020. Here is a summary of the highlights of what is to come in the new year....more
12/27/2019
/ 401k ,
Affordable Care Act ,
Amended Legislation ,
Benefit Plan Sponsors ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Hardship Distributions ,
Health Insurance ,
HRA ,
New Legislation ,
Retirement Plan ,
SECURE Act
Earlier this year, we summarized proposed Treasury regulations and the Bipartisan Budget Act of 2018, which made changes to the rules governing hardship distributions from 401(k) and 403(b) plans....more
10/14/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Bipartisan Budget Act ,
Employee Benefits ,
Final Rules ,
Hardship Distributions ,
IRS ,
New Rules ,
Plan Documents ,
Qualified Retirement Plans ,
Retirement Plan ,
Safe Harbors ,
U.S. Treasury
As we previously reported, Illinois is implementing the Illinois Secure Choice Savings Program (Program), under which private sector workers in Illinois who do not have access to an employer-sponsored retirement plan will be...more
Last month, the IRS issued a Private Letter Ruling in which it approved a company’s proposed program to condition employer contributions to a 401(k) plan on an employee making student loan payments....more