In late December 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 (the Notice), providing guidance on key provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). SECURE 2.0, which was passed in December 2022,...more
Join partners from McDermott’s Employee Benefits team as they discuss the impact of the recently passed SECURE 2.0 Act of 2022. With over 90 changes to retirement plans and individual retirement accounts (IRAs), this webinar...more
1/13/2023
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403(b) Plans ,
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Consolidated Appropriations Act (CAA) ,
Continuing Legal Education ,
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Employee Benefits ,
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Health and Welfare Plans ,
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SECURE Act ,
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Webinars
The US Congress recently passed the SECURE 2.0 Act of 2022 (SECURE 2.0). Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (SECURE 1.0), SECURE 2.0 strives to expand retirement plan...more
1/11/2023
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403(b) Plans ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Employee Benefits ,
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Employer Liability Issues ,
New Legislation ,
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Regulatory Reform ,
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SECURE Act
The Pension Benefit Guaranty Corporation (the PBGC) kicked off 2021 by releasing a final rule intended to streamline withdrawal liability calculations for multiemployer plans that are or were in “critical” or “endangered”...more
The US Department of Labor (DOL) unveiled an interim final rule (the “Lifetime Income Disclosure Rule”) that adds a new lifetime income disclosure requirement for administrators of defined contribution plans (e.g., plans...more
In response to the continued administrative difficulties due to the COVID-19 pandemic, recent Internal Revenue Service (IRS) guidance extends additional retirement plan deadlines for 2020...more
The SECURE Act, signed into law on December 20, 2019, is the broadest piece of retirement legislation passed in 13 years. It aims to enhance and expand retirement security for more Americans, in part, by encouraging plan...more
1/15/2020
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Benefit Plan Sponsors ,
Compensation & Benefits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
Required Minimum Distributions ,
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SECURE Act ,
Webinars
The SECURE Act—the most significant piece of retirement plan legislation in more than a decade—is now law. Plan sponsors should immediately start considering how changes included in the SECURE Act could impact their...more
1/8/2020
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Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Benefits ,
Health and Welfare Plans ,
Multiemployer Plan ,
Required Minimum Distributions ,
Retirement ,
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SECURE Act
The House recently passed the most significant piece of proposed retirement plan legislation in more than a decade: the SECURE Act. Although the Senate must also approve the bill before it becomes law, its proposed changes...more
6/4/2019
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403(b) Plans ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Multiple Employer Plan (MEP) ,
Proposed Legislation ,
Required Minimum Distributions ,
Retirement Plan ,
Safe Harbors
Late last month, the IRS released the latest version of its Employee Plans Compliance Resolution System, the IRS’s program for correcting retirement plan errors. The newest version of the correction program—effective...more
Socially responsible investing often sounds like an intriguing idea, but investing plan assets in a socially responsible manner is a notoriously tricky proposition. Earlier this year, the US Department of Labor issued...more
‘‘I would like to start receiving my retirement benefits now, but I would also like to keep working for a bit. Can I do this?’’ Baby boomers pose this question to their employers on a routine basis. Unfortunately, there is no...more
Two recent cases challenging benefit eligibility for same-sex spouses highlight the need for employer-sponsored retirement and welfare plans to clearly define "spouse" for eligibility purposes. Employers may want to review...more