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SECURE Act 2.0: Hold My Beer

Seyfarth Synopsis: The SECURE Act, passed just before the onset of the COVID-19 pandemic at the end of 2019 (“SECURE 1.0”), significantly altered the retirement plan landscape. For a reminder on how the SECURE Act changed the...more

SECURE 2.0: Here We Go Again

Seyfarth Synopsis: The SECURE Act, passed just before the onset of the COVID-19 pandemic at the end of 2019, significantly altered the retirement plan landscape. For a reminder on how the SECURE Act changed the retirement...more

IRS Issues Highly Anticipated Update to Qualified Plan Correction Procedures

On July 16, 2021, the IRS issued Revenue Procedure 2021-30, updating its Employee Plans Compliance Resolution System (“EPCRS”), which permits retirement plan sponsors and administrators to correct compliance failures that may...more

Lights, Camera, Action! Another Extension to the Relief For Remote Plan Elections: Is Permanent Relief On Its Way?

Seyfarth Synopsis: The IRS has extended its relief from the physical presence requirement related to certain plan elections through June 30, 2022....more

Protecting your Nest Egg From Cyber Criminals

Seyfarth Synopsis: Retirement plans hold millions (sometimes, hundreds of millions) of dollars in assets, and participants’ personal information is increasingly maintained and accessible online. With such large amounts of...more

Pension and Executive Compensation Provisions in the American Rescue Plan Act

Seyfarth Synopsis: On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 ("ARPA"), the $1.9 trillion COVID-19 relief bill. ARPA includes various forms of multiemployer and single employer...more

How to Sign Your Life Away… Electronically

Seyfarth Synopsis: Electronic signatures may be the wave of the future for the IRS, and are more necessary now as a result of the remote work environment. The IRS issued some recent guidance, allowing two authorization forms...more

Fate of EEOC Wellness Regulations Remains Unknown

Seyfarth Synopsis: Unpublished U.S. Equal Employment Opportunity Commission (EEOC) proposed regulations regarding incentives offered under wellness programs are set to be withdrawn and reviewed after the Biden White House...more

How to SECURE Your Safe Harbor Plan

Seyfarth Synopsis: The IRS issued Notice 2020-86, which provides guidance on the rules that apply to safe harbor plans that were changed by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE...more

Happy New Year! The IRS Grants Permission to Celebrate New Year’s Eve

Seyfarth Synopsis: The IRS has announced that the due date for contributions to a single-employer defined benefit pension plan due in 2020, previously extended to January 1, 2021 by the CARES Act, will be considered timely if...more

IRS Provides Additional Clarity on Key SECURE Act Provisions

On December 20th, before the outbreak of COVID-19 and the resulting pandemic, President Trump signed into law the Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan...more

Hybrid Plan Filing Reprieve…. Sort of

Seyfarth Synopsis: The IRS published guidance in its Employee Plans newsletter on August 24, 2020, allowing incomplete determination letter applications to be filed by August 31, 2020, with an opportunity to supplement the...more

Show Me the (Monthly) Money!

Seyfarth Synopsis: On Tuesday, August 18, 2020, the Department of Labor’s Employee Benefits Security Administration (EBSA) released an interim final rule related to a new disclosure that will need to be provided as a part of...more

PBGC Issues Q&As Related to the Pandemic and the CARES Act

Seyfarth Synopsis: With the background of the COVID-19 pandemic, the PBGC published unofficial guidance for plan sponsors of single-employer plans on certain reportable events, PBGC premium payments and plan termination...more

Finally! DOL Issues Final Regulations for the E-Delivery of Retirement Plan Disclosures

After a long process, which stretched on for over a decade, on May 27, 2020, the Department of Labor (“DOL”) published final regulations regarding the electronic delivery of required disclosures under the Employee Retirement...more

The IRS Speaks: Coronavirus Distributions From Retirement Plans

Seyfarth Synopsis: The IRS has issued some initial guidance on the coronavirus-related relief for retirement plans (and IRAs) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the form of Q&As on...more

The IRS Speaks: Retirement Plan Coronavirus Loan Relief

Seyfarth Synopsis: The IRS has issued some initial guidance on the coronavirus-related relief for retirement plans (and IRAs) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the form of Q&As on...more

IRS Repurposes Military and Disaster Relief For COVID-19 Deadline Extensions

Seyfarth Synopsis: On April 9, 2020, the IRS issued Notice 2020-23, extending federal tax filing deadlines and payment obligations to July 15, 2020 for certain items otherwise due to be performed from April 1, 2020 through...more

CARES Act Relief: Defined Contribution Plan Provisions

Seyfarth Synopsis: On March 27, 2020, the House of Representatives followed the Senate’s lead in voting overwhelmingly to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”), which the President...more

401(k) and 403(b) Hardship Distributions and COVID-19 Declared Disaster Areas

Seyfarth Synopsis: The Federal Emergency Management Agency (FEMA) has declared several disaster areas around the United States as a result of the spread of the coronavirus (COVID-19)....more

Whistleblowing Hits Employee Benefits World

Seyfarth Synopsis: Recently a “whistleblower” leaked that the IRS had internally announced an upcoming modification to the very popular voluntary correction program (“VCP”) that would have been a significant disincentive for...more

Proposed Regulations for Electronic Delivery of Retirement Plan Disclosures: The DOL Modernizes the Disclosure Rules

On October 22, 2019, the Department of Labor (DOL) issued proposed regulations providing guidance for retirement plan administrators using electronic delivery for required disclosures, including a new safe harbor....more

Welcome To The 21st Century—The DOL Proposes Changes To Antiquated Electronic Disclosure Rules Under ERISA

Synopsis: The Department of Labor (“DOL”) just issued proposed rule changes governing the disclosure of ERISA-required notices via an electronic format (e.g., emails, intranet sites, etc.). These proposed rules update final...more

Qualified Plan Uncashed Check Guidance Issued Related to Tax Obligations

On August 14, 2019, the IRS issued Revenue Ruling 2019-19, providing guidance to both tax-qualified plan administrators and participants on the tax treatment of plan distribution checks that are not cashed. ...more

Ninth Circuit Rules that a Domestic Partner Under California State Law Was a Spouse for an ERISA Plan

In an unpublished decision dated May 16, 2019, the Ninth Circuit held that a plan administrator abused its discretion by denying surviving spouse benefits under an ERISA retirement benefit plan to a participant’s domestic...more

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