Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more
8/29/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Certification Requirements ,
Employee Benefits ,
Employees ,
Employer Contributions ,
Employer Liability Issues ,
Individual Retirement Account (IRA) ,
IRS ,
SECURE Act ,
Student Loan Benefit Programs ,
Student Loans ,
U.S. Treasury
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
On October 18, 2023, the Maine Retirement Savings Board adopted a final rule implementing Maine’s state-run retirement savings program, the Maine Retirement Investment Trust or MERIT. MERIT is intended to help employees who...more
11/6/2023
/ Covered Employees ,
Covered Employer ,
Employee Benefits ,
Employer Liability Issues ,
Final Rules ,
New Legislation ,
Payroll Deductions ,
Registration Requirement ,
Regulatory Mandates ,
Retirement Plan ,
Savings Plans
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
Health and Welfare Plans -
Employers that made available COVID-19 relief and benefit enhancements in 2020 – such as the increased carry over limit and extended grace period for health flexible spending accounts – need to...more
From time to time we field questions about the order in which deductions for various employee benefits (e.g., 401(k) plan elective deferrals and insurance premiums for welfare benefit plan benefits) should be taken from an...more
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