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IRS Extends Deadline for Plan Amendments Under Certain Provisions of the CARES Act and the Relief Act

On September 26, 2022, the Internal Revenue Service issued Notice 2022-45, extending the deadline to amend eligible retirement plans (including nongovernmental qualified plans and 403(b) plans and individual retirement...more

SCOTUS ERISA Fee Litigation Update: Hughes et al. v. Northwestern University

On January 24, 2022, in a rare, unanimous 8-0 decision (Justice Barrett recused herself from the case), the Supreme Court of the United States (the “Supreme Court”) vacated a Seventh Circuit affirmation of the dismissal of...more

SECURE Act Update: IRS Issues Guidance with Respect to Safe Harbor Plans

On December 9, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-86 which provides guidance relating to certain changes to the safe harbor rules that apply to 401(k) plans made by the Setting Every Community Up...more

SECURE Act Update: Nondiscrimination Testing Relief Related to Frozen or Closed Defined Benefit Plans and Changes to Permissible...

As part of our series of continuing updates on different aspects of The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and related legislation that may impact (or provide opportunities...more

SECURE ACT Update: Lifetime Income Illustrations

The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules. As part of our ongoing efforts to summarize key provisions of the SECURE Act that may...more

SECURE ACT Update: Coverage and Plan Participation for Long-Term Part-Time Employees

Signed into law on December 20, 2019 as part of the Further Consolidated Appropriations Act, 2020, The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement...more

SECURE ACT Update: Changes to Safe Harbor Notice Rules, New Birth or Adoption Distributions, and Increased Penalties for Missed...

The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules. As described in our prior alert, certain provisions took effect immediately and were...more

COVID-19 Update: IRS Issues Guidance on Coronavirus-Related Distributions and Plan Loans Under the CARES Act

The IRS recently issued IRS Notice 2020-50 (“Notice 2020-50”) which provides guidance for retirement plan sponsors and administrators, as well as to individuals, relating to the application of coronavirus-related...more

COVID-19 Update: New Retirement Plan Guidance on Electronic Notarization

COVID-19 has made traditional notarization, where the notary is in the same physical location as the signatory, a potentially hazardous and often undesirable requirement. Many states have reacted to this by permitting remote...more

CARES Act – Retirement Plan Provisions for Employers and Plan Administrators

The Coronavirus Aid, Relief, and Economic Security Act (H.R. 748), known as the CARES Act, was enacted today. This legislation contains several important provisions for employers and plan administrators regarding their...more

Sweeping Changes to Retirement Plan Rules Passed Under the SECURE Act – Provisions Requiring Immediate Attention

On December 20, 2019, the Further Consolidated Appropriations Act, 2020 (the “FCAA”) was signed by the President after passing both houses of Congress. Within the FCAA, which was primarily a budget and spending law, a...more

Planning for 2020: Changes to Hardship Distribution Rules and Amendment Deadlines

On September 23, 2019, the Department of Treasury published the final regulations relating to changes to the hardship distribution rules that apply to qualified retirement plans and 403(b) plans, that were enacted under the...more

Additional Hurricane Relief for Retirement Plan Participants Makes Landfall

On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September...more

IRS Relaxes Rules for Plan Loans and Hardship Distributions for Hurricane Harvey and Hurricane Irma Victims

The IRS announced (through the two announcements 2017-11 and 2017-13) relief for victims of Hurricane Harvey, which struck Texas and surrounding areas in August 2017, and victims of Hurricane Irma, which struck Florida and...more

IRS Sets Deadline for Retroactive Fixes to 403(b) Retirement Plan Documents

In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more

Reminder: Ongoing Participant Fee Disclosure Obligations for Retirement Plan Sponsors

In 2011 and 2012, we alerted you to new requirements on plan administrators of participant-directed defined contribution retirement plans (e.g., 401(k) plans, 403(b) plans, profit sharing plans and money purchase plans) that...more

Supreme Court Ruling on Same-Sex Marriage: Impact on Employee Benefits

The United States Supreme Court’s landmark decision on June 26, 2013 in United States v. Windsor that struck down Section 3 of the Defense of Marriage Act (DOMA) as unconstitutional has far reaching implications for employee...more

IRS Relief for 403(b) Retirement Plans

Recognizing that the requirement to have a detailed written plan document for a 403(b) retirement plan was a new and arduous task for many non-profit entities who sponsored such plans, the IRS has now published favorable...more

3/22/2013  /  403(b) Plans , IRS , Retirement Plan
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