We are often asked about the permissibility of excluding certain categories of employees from participating in an employer’s tax-qualified retirement plan. This post provides a high-level summary of what is and is not...more
The opportunity to self-correct mistakes in maintaining a retirement plan has been dramatically expanded by the SECURE 2.0 Act of 2022 (“SECURE 2.0”); see our February 10 blog post for details. However, IRS interim guidance...more
This post summarizes the new distribution options, including penalty-free withdrawals, applicable to defined contribution plans under the SECURE 2.0 Act of 2022 (“SECURE 2.0”) and provides a timeline of their effective dates....more
5/24/2023
/ 401k ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Distribution Rules ,
Employee Benefits ,
Employer Liability Issues ,
New Legislation ,
Plan Administrators ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act
Last month, the IRS extended the deadline for retirement plan sponsors to adopt amendments necessary to comply with the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan...more
This post provides a high-level summary of the Department of Labor’s cybersecurity guidance issued in April and identifies actions retirement plan sponsors and other plan fiduciaries should consider taking now in light of the...more
As noted in our January 7, 2020 Client Advisory, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) requires 401(k) plans to allow certain long-term, part-time employees to make elective...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, includes a number of provisions that affect retirement plan sponsors and participants. These provisions are designed to...more
4/2/2020
/ Benefit Plan Sponsors ,
CARES Act ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Group Health Plans ,
Qualified Retirement Plans ,
Relief Measures ,
Required Minimum Distributions ,
Retirement Plan ,
Student Loans
As summarized in our January 7 Client Advisory, the SECURE Act includes many changes that affect the design and administration of retirement plans. One of those changes is the increase to the trigger age for required minimum...more
In September, the Treasury Department issued final regulations governing hardship withdrawals from 401(k) plans. The final regulations update the existing 2004 regulations to reflect recent statutory changes made to the...more
11/26/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
FEMA ,
Final Rules ,
Hardship Distributions ,
Internal Revenue Code (IRC) ,
IRS ,
QMAC ,
QNEC ,
Qualified Retirement Plans ,
Required Amendments (RAs) ,
Retirement Plan ,
Safe Harbors ,
U.S. Treasury
The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and...more
5/7/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Contract Termination ,
Income Taxes ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
Loans ,
Offsets ,
Plan Administrators ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Tax Planning ,
Taxable Distributions ,
Time Extensions
This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more
12/18/2018
/ 401k ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Breach of Duty ,
Burden-Shifting ,
Claim Procedures ,
Deadlines ,
Disability Benefits ,
Employee Benefits ,
Employer Contributions ,
Employer Liability Issues ,
Executive Compensation ,
Fiduciary Duty ,
Filing Requirements ,
Forfeiture ,
Hardship Distributions ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRA Rollovers ,
IRS ,
PBGC ,
Proposed Regulation ,
Proposed Rules ,
Safe Harbors ,
Student Loans ,
Tax Penalties ,
Wellness Programs
Last month, the Treasury Department issued highly anticipated proposed regulations governing hardship withdrawals from 401(k) plans. The proposed regulations address recent statutory changes made to the hardship withdrawal...more
Much has been written about the Department of Labor’s final rule regarding disability benefit claims procedures (the “Final Rule”), which took effect on April 2, 2018. And by now, most employers – and all disability insurance...more
8/8/2018
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Claim Procedures ,
Corporate Counsel ,
Deferred Compensation ,
Department of Labor (DOL) ,
Disability ,
Disability Benefits ,
Disability Insurance ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Final Rules ,
Plan Administrators
The Bipartisan Budget Act of 2018 (“Budget Act”) includes several changes to the rules governing hardship withdrawals from 401(k) plans. Because the changes apply to plan years beginning after December 31, 2018, 401(k) plan...more
7/9/2018
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Bipartisan Budget Act ,
Deferred Compensation ,
Employee Benefits ,
Hardship Distributions ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Safe Harbors ,
Secretary of the Treasury