When the SECURE Act was passed in late 2019 and the CARES Act in Spring 2020, retirement plans were expected to adopt appropriate amendments by the end of 2022. While the IRS in Notice 2022-33 and Notice 2022-45 extended the...more
The just-signed American Rescue Plan Act (ARPA) contains several provisions to help multiemployer and single employer plans fund retiree benefits. Two less-noticed provisions greatly increase the child care tax credit and...more
Fueled by concerns regarding investments made for environmental, social and corporate governance, or similar considerations (ESG) in retirement plans, the U.S. Department of Labor (DOL) has proposed amendments to the...more
The Internal Revenue Service (IRS) has issued temporary relief for sponsors of safe harbor retirement plans considering reduction or suspension of safe harbor contributions due to COVID 19. ...more
The IRS has significantly expanded the categories of "qualified individuals" who can receive distributions and loans with favorable tax treatment to include individuals who have suffered a pay cut and those whose spouses and...more
The Internal Revenue Service (IRS) has issued temporary relief with respect to the requirement that certain retirement plan participant elections must be witnessed in the physical presence of a plan representative or notary...more
This advisory summarizes key provisions in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) applying to employee benefit plans. We provide a summary of key items and more detailed FAQs relating to...more
3/30/2020
/ 401k ,
CARES Act ,
Coronavirus/COVID-19 ,
Defined Contribution Plans ,
Employee Benefits ,
Employer Group Health Plans ,
Hardship Distributions ,
Payroll Taxes ,
Relief Measures ,
Retirement Plan ,
Student Loans ,
Tax Credits ,
Telehealth
The recently passed spending bill to keep the federal government operating included a last minute addition: the SECURE Act, almost identical to the bill passed by a nearly unanimous House in May 2019. ...more
In a previous blog, we discussed the potential changes under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of interest to plan participants. ...more
In a rare bipartisan display, the House passed the Setting Every Community Up for Retirement Enhancement (SECURE) Act by a vote of 417-3. The Act now goes to the Senate for reconciliation with similar bills and hopefully...more
A D.C. federal district court struck down DOL rules allowing expanded Association Health Plans (AHPs), effectively putting that new insurance market on hold. ...more
Our previous Advisory on the Tax Cuts and Jobs Act reported that it made few changes that affected retirement plans. However Congress got another chance in the recent Bipartisan Budget Act of 2018, and included changes to...more
The recent well-publicized announcement of lawsuits against 403(b) plans of Duke, Yale, NYU, Vanderbilt, and other universities opens a new chapter in ERISA litigation over excessive plan fees. We have reported on this type...more
The IRS has issued new guidance giving sponsors of Safe Harbor 401(k) plans much greater flexibility to amend their plans during a plan year. This is welcome relief from the previous IRS position that had hobbled such plans....more