Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by...more
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
On October 31, 2023, the Department of Labor (“DOL”) issued its latest attempt at revising the rules regarding when investment professionals who provide “investment advice” to employee benefit plans or plan participants are a...more
11/10/2023
/ Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Fiduciary Rule ,
Investment Adviser ,
Investment Management ,
Prohibited Transactions ,
Proposed Rules ,
Regulatory Agenda ,
Retirement Plan
Seyfarth Synopsis: New rules change the method of counting participants for Form 5500 purposes, possibly both eliminating audits and allowing use of the abbreviated Form 5500-SF....more
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: On August 3, the IRS issued Notice 2022-33, extending the deadlines for amending retirement plans and individual retirement accounts (“IRAs”) for changes under the (i) Setting Every Community Up For...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
On December 20th, before the outbreak of COVID-19 and the resulting pandemic, President Trump signed into law the Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan...more
9/10/2020
/ Automatic Enrollment ,
Corporate Counsel ,
Distribution Rules ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Mining ,
Popular ,
Retirement Plan ,
SECURE Act ,
Tax Credits ,
Tax Planning ,
Vesting
Seyfarth Synopsis: On Tuesday, August 18, 2020, the Department of Labor’s Employee Benefits Security Administration (EBSA) released an interim final rule related to a new disclosure that will need to be provided as a part of...more
8/25/2020
/ Benefit Plan Sponsors ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Interim Final Rules (IFR) ,
Internal Revenue Code (IRC) ,
Rulemaking Process ,
SECURE Act
Seyfarth Synopsis: On June 23, 2020, the Department of Labor (“DOL”) issued a proposed regulation amending the fiduciary regulations governing investment duties under Employee Retirement Investment Security Act of 1974...more
Seyfarth Synopsis: As discussed in more detail in our prior blog post, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") provided certain relief to defined contribution plan participants, provided they were...more
Seyfarth Synopsis: The IRS recently issued proposed regulations providing guidance under Internal Revenue Code (“Code”) Section 4960, which provides for an excise tax on tax-exempt organizations that pay certain executives in...more
6/12/2020
/ Compensation & Benefits ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Golden Parachutes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Planning
Seyfarth Synopsis: Following up on proposed rules issued in October 2019, the Department of Labor (“DOL”) just issued final regulations addressing an employer’s or plan administrator’s ability to send certain retirement plan...more
Seyfarth Synopsis: The IRS has issued some initial guidance on the coronavirus-related relief for retirement plans (and IRAs) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the form of Q&As on...more
Seyfarth Synopsis: The IRS has issued some initial guidance on the coronavirus-related relief for retirement plans (and IRAs) under the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in the form of Q&As on...more
Seyfarth Synopsis: On April 9, 2020, the IRS issued Notice 2020-23, extending federal tax filing deadlines and payment obligations to July 15, 2020 for certain items otherwise due to be performed from April 1, 2020 through...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: On March 27, 2020, the House of Representatives followed the Senate’s lead in voting overwhelmingly to pass the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the “Act”), which the President...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: As we have been raising in our series of blog posts and Legal Updates, the impact of the coronavirus is far-reaching, and there are a number of concerns relating to employer-sponsored retirement plans to...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
Seyfarth Synopsis: Recently a “whistleblower” leaked that the IRS had internally announced an upcoming modification to the very popular voluntary correction program (“VCP”) that would have been a significant disincentive for...more
Seyfarth Synopsis: In a recent Chief Counsel Memorandum (“CCM”), the IRS stated that on audit, agents should pursue plan disqualification for a failure to produce a signed plan document. The IRS was responding to a 2018 Tax...more