It’s not often that business owners get good news from the government, but small and even some medium-sized businesses with 401(k) plans got a helping hand from the U.S. Department of Labor (“DOL”) earlier this year when the...more
As part of its mammoth 2022 year-end spending bill, Congress passed Secure 2.0, which makes dozens of modifications to the laws governing retirement savings. These revisions, almost all of which were driven by concerns that...more
The Internal Revenue Service (“IRS”) announced today (October 21, 2022) the following dollar limits applicable to tax-qualified plans for 2023: Additional information regarding benefit plan dollar limits can be obtained in...more
The Internal Revenue Service (“IRS”) announced yesterday (November 4, 2021) the following dollar limits applicable to tax-qualified plans for 2022...more
A federal appeals court recently ruled that an employer was entitled to a former employee’s 401(k) plan funds as restitution for that employee’s embezzlement. However, writes Dan Morgan of Blank Rome, the court failed to...more
The great majority of 401(k) plans allow participants to borrow against their plan benefits. These loans are secured by the borrowing participant’s plan account and are typically repaid by withholding amounts from the...more
The Internal Revenue Service (“IRS”) announced yesterday (October 26, 2020) the following dollar limits applicable to tax-qualified plans for 2021...more
The Covid-19 pandemic and its shock to the country’s economy have been felt particularly hard by small employers, who are also likely to face a number of looming problems with their 401(k) plans. This article discusses three...more
Now that it has become clear that the Covid-19 health crisis will result in significant economic disruption, including furloughs and job losses, employers should expect to confront challenges related to their 401(k) plans....more
In this second of a four-part series providing an overview of some key provisions of the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act of 2019, I summarize the Act’s liberalization of the 401(k) plan...more
One of the spending bills signed by President Trump to avert a government shutdown late last year had attached to it the Setting Every Community Up for Retirement Enhancement Act of 2019, or as it’s known by its acronym, the...more
For many individuals, one of the most significant assets that gets transferred when they die is their benefits under an employer-sponsored retirement plan. A case recently decided by the Alabama Supreme Court, Moore v. Estate...more
The Internal Revenue Service (“IRS”) announced today (November 6, 2019) the following dollar limits applicable to tax-qualified plans for 2020:
The limit on the maximum amount of elective contributions that a person may make...more
The Bankruptcy Code contains a number of exemptions that an individual who has filed for bankruptcy can use to exclude property from the individual’s bankruptcy estate and shelter the property from the individual’s creditors....more
A problem faced by the administrators of 401(k) and other retirement plans is what to do about plan participants who fail to cash distribution checks. This problem arises most commonly in connection with a plan that is...more
For many years, the Internal Revenue Code has had in place a set of rules, in Code Section 413(c), which govern tax-qualified retirement plans that cover the employees of unaffiliated employers. These plans, which go by the...more
The Issue before the Supreme Court -
On June 10, 2019, the Supreme Court granted certiorari in a case from the 9th Circuit Court of Appeals involving the statute of limitations applicable to claims under the Employee...more
INTRODUCTION -
Now that §401(k) plans have replaced traditional pension plans as the overwhelming type of employer-sponsored type of retirement plan, there is a growing concern that many employees are not equipped to make...more
Increasingly, 401(k) plans have become the primary retirement savings vehicle for workers in U.S. private industry, and according to the Investment Company Institute, at the end of 2015, 87 percent of 401(k) plan participants...more
The Internal Revenue Service (“IRS”) announced on November 1, 2018, the following dollar limits applicable to tax-qualified plans for 2019:
- The limit on the maximum amount of elective contributions that a person may make...more
The Internal Revenue Service (“IRS”) announced today, October 19, 2017, the following dollar limits applicable to tax-qualified plans for 2018: -
The limit on the maximum amount of elective contributions that a person may...more
Action Item: On August 24, 2016, the Internal Revenue Service (“IRS”) issued new guidance that allows individuals who inadvertently fail to complete the rollover of a distribution from an individual retirement account (“IRA”)...more