No matter the size of your organization, at some point in time employees leave. As we noted previously, it behooves human resources and other departments to provide departing employees with an exit letter that includes...more
3/29/2024
/ 401k ,
COBRA ,
Employee Benefits ,
Employee Contributions ,
Employer Contributions ,
Enforcement ,
Excise Tax ,
Health Insurance ,
Hiring & Firing ,
Human Resources Professionals ,
Internal Revenue Code (IRC) ,
Life Insurance ,
Long Term Disability Insurance ,
Non-Compete Agreements ,
Penalties ,
Post Employment Notice Pay (PENPs) ,
Severance Agreements ,
Termination
...Emergency Savings Accounts and Distributions -
Brief overview. As reported previously, SECURE 2.0 permits but does not require plans to add emergency savings accounts beginning with the 2024 plan year, but only...more
SECURE 2.0 Act of 2022 (the “Act”) was signed into law by President Biden on December 29, 2022 (the date of enactment), as part of the larger government funding bill. The Act makes numerous changes affecting retirement plans....more
1/3/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Amended Rules ,
De Minimis Claims ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Excise Tax ,
Interest Rates ,
Internal Revenue Code (IRC) ,
IRS ,
Overpayment ,
PBGC ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Student Loans
No one really appreciates laundry, but having a calendar year-end top 10 list may be exactly what plan sponsors and administration committees need in order to prevent operational or document compliance issues being raised by...more
10/21/2021
/ 401k ,
CARES Act ,
Corrective Actions ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
IRS ,
QACA ,
Required Minimum Distributions ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Summary Plan Description
Following up on changes to flexible spending accounts (FSAs) implemented by the December 2020 budget bill (the Consolidated Appropriations Act, 2021), the IRS provided interpretative guidance of its own in Notice 2021-15. ...more
3/3/2021
/ Cafeteria Plans ,
COBRA ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Employer Group Health Plans ,
Flexible Spending Accounts ,
Health Insurance Portability and Accountability Act (HIPAA) ,
Health Savings Accounts ,
IRS ,
New Guidance ,
Tax Benefits
To the extent plan sponsors of 401(k) or 403(b) safe harbor plans have not yet reduced or suspended safe harbor contributions for the 2020 plan year, they may now find it easier to do so under IRS Notice 2020-52, issued on...more
Outside of death, beneficiary provisions and designations under qualified plans (see ERISA Section 3(8)) tend to receive little attention. Unfortunately, death may spotlight or uncover less desirable provisions and...more
Employers commonly make payments to former employees for a number of reasons. Two of the more routine payments are those from a non-qualified deferred compensation plan (such as payments from a supplemental executive...more
7/10/2018
/ 1099s ,
401k ,
Deferred Compensation ,
Employee Benefits ,
Employer Group Health Plans ,
Employer Liability Issues ,
FICA Taxes ,
Former Employee ,
Income Taxes ,
IRS ,
Payroll Taxes ,
Retirement ,
Severance Agreements ,
Severance Pay ,
W-2
Impact of Tax Reform on Employer-Provided Retirement, Welfare, and Fringe Benefits -
The recently enacted Tax Cuts and Jobs Acts (the “Tax Reform Act”) made significant changes to the Internal Revenue Code. Although there...more
1/8/2018
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Employee Benefits ,
Fringe Benefits ,
Hardship Distributions ,
Health and Welfare Plans ,
Individual Mandate ,
Individual Retirement Account (IRA) ,
Retirement Plan ,
Roth IRA ,
Tax Cuts and Jobs Act
Generally speaking, many employers do not think about the Employee Retirement Income Security Act (ERISA) when it comes to severance, whether at the front end, when employment agreements or policies are negotiated and...more