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2025 IRS & SSA Benefits Alert

IRS and SSA Announce 2025 Indexed Numbers - The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2025....more

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

Secure Act of 2022: Significant Changes Linked to Retirement Plans

New legislation commonly called “SECURE 2.0” was signed into law this past December. The new legislation includes almost 100 different changes that are linked to retirement plans....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 2023 Indexed Numbers

The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2023....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

IRS Extends Relief for Participant Signatures

Certain elections made by participants and spouses under retirement plans must be signed “in the physical presence of a plan representative or a notary public.”  The IRS provided relief from this physical presence requirement...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

Additional Flexibility for Required Minimum Distributions (RMDs) Taken During 2020

The CARES Act suspended the required minimum distribution (RMD) rules for DC plans and IRAs for 2020 for those past age 70½ (or those past age 72 under new rules). If you have already taken a RMD for 2020 from a DC plan and...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

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 Broadens Eligibility for COVID-19 In-Service Distributions and Participant Loans Under DC Plans

On June 19, the IRS issued Notice 2020-50.  It expounds on the rules for in-service withdrawals and participant loans for defined contribution (DC) plans for participants adversely affected by the COVID-19 pandemic. The...more

Cybersecurity for ERISA Retirement and Welfare Benefit Plans

Cybersecurity continues to be an important fiduciary responsibility as the threat for security breaches grows with fraud, hacking or phishing schemes.  During this COVID-19 pandemic, cybersecurity for your ERISA retirement...more

CARES Act Retirement Plan Update: Participant Loan Changes

As a result of the Coronavirus Aid, Relief and Economic Security (CARES) Act that was enacted on March 27, 2020 there have been changes to participant loans. Participant Loan Changes - For a qualified individual (as...more

CARES Act Retirement Plan Updates: In-Service Distributions

The Coronavirus Aid, Relief and Economic Security (CARES) Act was enacted on Friday, March 27, 2020, there have been changes to retirement plans. In-Service Distributions - The Act waives the 10% excise tax that...more

CARES Act Retirement Plan Updates: Temporary Waiver of Required Minimum Distribution Rules

As a result of the CARES Act enacted on March 27, 2020, the required minimum distribution rules that previously began at age 70½ and now begin at age 72 are waived for the 2020 calendar year for defined contribution plans...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 Rollover Rules For Participant Loans Can Help With Corporate Transactions

When a company is sold and its retirement plan is terminated, an employee with an outstanding participant loan under the plan may have a problem. If the buyer and seller work together, the employee can be offered a choice to...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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