On January 30th, President Biden announced his intention to end both the COVID-19 national emergency and the COVID-19 public health emergency (together, the “Emergency Declarations”) effective May 11, 2023. The Emergency...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
To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article includes some tips for drafting a best-in- class...more
In last month’s 401(k) Compliance Check, we discussed what to do if you inadvertently failed to enroll someone in your 401(k) plan. In this month’s Compliance Check, we focus on the variety of typical notices that are...more
4/20/2022
/ 401k ,
Automatic Enrollment ,
Best Practices ,
Compliance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fee Disclosure ,
IRS ,
QACA ,
Retirement Plan ,
Safe Harbors
If you sponsor a 401(k) plan and utilize a pre-approved document, such as a prototype plan document, you may have recently received an updated plan adoption agreement from your plan vendor for your review and signature. This...more
Embedded in the Consolidated Appropriations Act, 2021 (the “CAA”) is a new obligation for group health plan sponsors and insurers that provide health insurance to document that their group health plan or insurance policy...more
Last year, the Internal Revenue Service (IRS) and the Department of Labor (DOL) issued two notices that extended certain benefit plan deadlines for both employees/plan participants and for plan administrators as a result of...more
On August 8, 2020, President Trump issued an executive order calling for a deferral of the employees’ portion of the payroll tax (the 6.2% Social Security tax only) from September 1, 2020 through December 31, 2020 (the...more
Internal Revenue Code Section 402(f) requires plan administrators of certain retirement plans to provide a tax notice to payees that describes their rollover rights. The Internal Revenue Service (IRS) historically has...more
On August 8, 2020 President Donald Trump issued four different executive actions in response to the breakdown in negotiations with congressional leaders over the next wave of economic stimulus programs designed to aid workers...more
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
The IRS issued guidance on the Employee Retention Credits under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) on March 31, 2020 and the Joint Tax Committee provided additional legislative history in the...more
On March 31, 2020, the IRS issued guidance on the Employee Retention Credits under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Employee Retention Credits are fully refundable tax credits...more
4/6/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Employee Benefits ,
Employer Rights ,
Filing Deadlines ,
Income Taxes ,
IRS ,
Lenders ,
SBA ,
SBA Lending Programs ,
Sick Leave ,
Small Business ,
State of Emergency ,
Tax Credits ,
Tax Returns ,
Time Extensions ,
U.S. Treasury
If you maintain a qualified retirement plan, such as a 401(k) or pension plan, that covers more than 100 employees, you are likely in the midst of your annual plan audit. During this process, your auditor might ask for a copy...more
In 2014, the Internal Revenue Service (IRS) expanded the events that would allow employees to drop their health plan coverage under their employer’s cafeteria plan. As a reminder, the general rule is that once an employee...more
Earlier this year, the IRS published updated guidance on the application of the Supreme Court’s decision in United States v. Windsor to qualified retirement plans. In Windsor, the Court held that the Defense of Marriage Act’s...more
On October 24, 2014, the IRS released Notice 2014-67, which establishes more favorable safe harbors for types of service contracts and other arrangements using property financed with tax-exempt bonds. The Notice also provides...more
Earlier this year, the IRS issued final regulations that provide additional guidance on the employer shared responsibility rules (also called the “pay or play” rules) that will generally apply to employers’ group health plans...more
Last week, the IRS issued final regulations that provide additional guidance on the new “pay or play” rules (also called the employer shared responsibility rules) that will generally apply to employers’ group health plans...more
Earlier this month, the IRS issued proposed regulations that provide much-needed guidance on the new “pay or play” rules (also called the shared responsibility rules) that will apply to employers’ group health plans beginning...more