Seyfarth Synopsis: Under Section 604 of Secure 2.0, sponsors of 401(k), 403(b) and governmental plans may allow employees to designate employer match (including match on student loan repayments) or nonelective contributions...more
1/12/2024
/ 401k ,
403(b) Plans ,
Corporate Counsel ,
Employee Benefits ,
Employee Contributions ,
Employees ,
Employer Contributions ,
IRS ,
Retirement ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Tax Liability ,
W-2
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified 401(a) plans...more
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) announced in Revenue Procedure 2022-40 an expansion to its Determination Letter Program which for the first time will permit individually-designed 403(b)...more
Seyfarth Synopsis: The SECURE Act, passed just before the onset of the COVID-19 pandemic at the end of 2019 (“SECURE 1.0”), significantly altered the retirement plan landscape. For a reminder on how the SECURE Act changed the...more
Seyfarth Synopsis: Many of the limitations that apply to tax-qualified plans, including 401(k) and 403(b) plans, are subject to cost-of-living increases. The IRS just announced the 2021 limits. The annual employee salary...more
Seyfarth Synopsis: Several deadlines established by the IRS to adopt amendments or restatements to employer-sponsored retirement plans, and in this instance specifically, to 403(b) plans maintained by tax-exempt entities and...more
Seyfarth Synopsis: The Federal Emergency Management Agency (FEMA) has declared several disaster areas around the United States as a result of the spread of the coronavirus (COVID-19)....more
Seyfarth Synopsis: The SARS CoV-2 virus (“coronavirus”) has been declared a global pandemic by the World Health Organization. It’s fair to say that none of us have ever experienced a pandemic, or at least not on this level. ...more
3/16/2020
/ 403(b) Plans ,
Audits ,
China ,
Coronavirus/COVID-19 ,
Crisis Management ,
Determination Letter ,
Emergency Management Plans ,
Employee Benefits ,
Filing Deadlines ,
Filing Requirements ,
Infectious Diseases ,
Notice Requirements ,
Public Health ,
Qualified Disaster Relief Payments ,
Retirement Plan ,
SECURE Act ,
Tax Exempt Entities
As part of the year-end government funding legislation, on December 20th, President Trump signed into law the Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act” or the “Act”). The Act contains...more
1/8/2020
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Distribution Rules ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Individual Retirement Account (IRA) ,
Multiemployer Plan ,
New Legislation ,
Non-Discrimination Rules ,
Part-Time Employees ,
Pensions ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Planning ,
Tax Qualified Plans ,
Tax Rates
Seyfarth Synopsis: The SECURE Act—just signed into law late last week—includes probably the most comprehensive revisions to the law governing employer-sponsored retirement plans since the Pension Protection Act of 2006. Many...more
12/24/2019
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Tax Rates
Seyfarth Synopsis: Many of the limitations that apply to tax-qualified plans, including 401(k) plans, are subject to cost-of-living increases. The IRS just announced the 2020 limits. 401(k) plan contribution limits are...more
11/7/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Contributions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Tax Planning
On December 4, 2018, the Internal Revenue Service issued Notice 2018-95 (the “Notice”), which clarifies the application of the Internal Revenue Code (the “Code”) Section 403(b) plan “universal availability” rule to part-time...more