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Benefits Alert - November 2023

The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2024....more

New Legislation Commonly Called “SECURE 2.0” was Recently Passed by Congress

New legislation commonly called “SECURE 2.0” was passed by Congress last week and signed into law on Tuesday by President Biden. The new legislation includes almost 100 different changes that are linked to retirement plans. ...more

IRS and SSA Announce 2021 Indexed Numbers

The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2022....more

Survey of 401(k) Participants

A recent survey shows that more participants are more positive this year about meeting their retirement objectives than last year. This may be due in part to a renewed commitment to save more by almost half of those surveyed....more

New Rule For Tracking Part-Time Hours for 401(k) Plans

Beginning this year, employers that sponsor 401(k) plans must satisfy a new requirement. 401(k) plans must allow certain part-time employees to make voluntary 401(k) contributions....more

IRS Notice Provides Temporary Relief for Freezing Safe Harbor 401(k) Plans

On June 29, the IRS issued Notice 2020-52.  It permits plan sponsors to adopt a mid-year amendment between March 13, 2020 and August 31, 2020 to freeze their safe harbor contributions under their 401(k) and 403(b) plans. The...more

Questions About In-Service Withdrawals for Child Birth/Adoption Expenses

The SECURE Act of 2019 permits in-service withdrawals from 401(k) and 403(b) plans for expenses incurred for the birth or adoption of a child of up to $5,000.  The 10% excise tax is waived for these “qualified birth or...more

DOL Proposes Rules for ESG Investments

On June 23, the DOL released proposed regulations for retirement plans for “socially responsible” investments that are also called environmental, social and governance (ESG) investments. The proposed standards require plan...more

IRS Confirms Ability To Rely On Proposed Hardship Regulations

The IRS has updated its Operational Compliance List that highlights changes to retirement plans. The updated list affirms the ability of plan sponsors to rely on proposed 401(k) hardship regulations until the IRS finalizes...more

New Hardship Withdrawal Rules for 401(k) and 403(b) Plans

On November 14, 2018, the IRS issued proposed regulations about the new hardship withdrawal rules that generally became effective January 1, 2019. The proposed regulations...more

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