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
With the April 15 deadline for distributing excess elective deferrals fast approaching, this post summarizes the rules for correcting excess elective deferrals made to a 401(k) plan. In brief, excess elective deferrals not...more
On October 6, 2021, the IRS issued Notice 2021-58, providing helpful guidance on COBRA continuation coverage in two key areas: (1) the application of the extended timeframes for electing COBRA continuation coverage and paying...more
10/12/2021
/ American Rescue Plan Act of 2021 ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Extensions ,
IRS ,
New Guidance ,
Premium Subsidies ,
Premiums ,
U.S. Treasury
This Client Advisory summarizes developments in the law governing employee benefit plans prompted by the COVID-19 pandemic. We explain what these developments mean for plan sponsors and highlight the need to adopt plan...more
8/19/2021
/ 401k ,
403(b) Plans ,
American Rescue Plan Act of 2021 ,
CARES Act ,
COBRA ,
Compensation & Benefits ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Mandates ,
Equal Employment Opportunity Commission (EEOC) ,
Executive Compensation ,
GINA ,
Health and Welfare Plans ,
IRS ,
Medicare ,
New Guidance ,
Paid Leave ,
Pharmacy Benefit Manager (PBM) ,
Reasonable Accommodation ,
Remote Working ,
Retirement Plan ,
Vaccinations
This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews...more
12/18/2020
/ CARES Act ,
Coronavirus/COVID-19 ,
Corporate Counsel ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Executive Compensation ,
Families First Coronavirus Response Act (FFCRA) ,
Filing Deadlines ,
IRS ,
New Rules ,
Paid Leave ,
Retirement Plan ,
SECURE Act
Recognizing the need to eliminate potential administrative and financial barriers to testing for and treatment of the 2019 Novel Coronavirus (COVID-19), in Notice 2020-15, posted today on IRS.gov, the IRS advised that...more
3/12/2020
/ Clinical Laboratory Testing ,
Coronavirus/COVID-19 ,
Deductibles ,
Emergency Management Plans ,
Employer Group Health Plans ,
HDHP ,
Health Insurance ,
Health Savings Accounts ,
Infectious Diseases ,
IRS ,
Medical Benefits
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
12/18/2019
/ 401k ,
403(b) Plans ,
Affordable Care Act ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Health Insurance ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HRA ,
IRS ,
New Rules ,
Pensions ,
Proposed Regulation
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
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