New proposed regulations issued by The Department of Treasury and IRS provide guidance on the provisions related to catch-up contributions that were included under SECURE 2.0 Act of 2022 (“SECURE 2.0”)....more
1/30/2025
/ 401k ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Contribution Limits ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Rules ,
Regulatory Agenda ,
Retirement Plan ,
SECURE Act ,
Tax Credits ,
Tax Planning
Over the years, plan sponsors and administrators have wrestled with the question of what to do with the accounts of participants who left employment years earlier and cannot now be located. ...more
1/28/2025
/ Benefit Plan Sponsors ,
Compensation & Benefits ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Financial Services Industry ,
Individual Retirement Account (IRA) ,
IRS ,
Plan Participants ,
Reporting Requirements ,
Retirement Plan ,
SECURE Act
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
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
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: 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 recently enacted SECURE Act defers the latest commencement of payment of our retirement benefits from age 70½ to age 72. Why now, why was it ever set to a half-birthday convention, and which half of the...more
12/30/2019
/ 401k ,
Compensation & Benefits ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
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