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IRS Issues Guidance on New Exceptions to 10% Additional Tax on Early Distributions from Retirement Plans

The Internal Revenue Code generally discourages retirement plan participants from requesting distributions from their retirement plan funds prior to age 59 ½ by imposing an additional 10% tax on those distributions. However,...more

DOL’s Latest Regulatory Package Expands Definition of Fiduciary

The Department of Labor ("DOL") recently issued a regulatory package that includes a final rule updating ERISA's definition of an investment advice fiduciary and amending certain related prohibited transaction exemptions...more

Municipal Retirement Boards and Joint Energy Boards May Now Hold Electronic Meetings Under the OMA

On February 13, 2024, Public Act 214 of 2023 (“PA 214”) takes effect, amending Michigan's Open Meetings Act to give some public bodies greater freedom in holding electronic meetings....more

IRS Issues Grab Bag Notice Addressing Various SECURE 2.0 Provisions

The IRS recently issued Notice 2024-02— dubbed the “Grab Bag Notice”— which addresses multiple provisions in SECURE 2.0. The guidance is 81 pages long, comes in the form of frequently asked questions and answers, and speaks...more

Federal Agencies Issue PLESA Guidance

The IRS and the U.S. Department of Labor recently issued guidance which addresses the newly created Pension Linked Emergency Savings Accounts (“PLESAs”), a novel plan design option authorized under SECURE 2.0. PLESAs are...more

IRS Delays Roth Catch-Up Requirement for High Earners

On August 25, 2023, the IRS issued Notice 2023-62 to address certain industry concerns over implementation of Section 603 of the SECURE 2.0 Act. Section 603 relevantly provides that, beginning in 2024, participants eligible...more

IRS Issues Notice Regarding Expansion of EPCRS under SECURE 2.0 Act

The SECURE 2.0 Act includes a substantial expansion of the Employee Plans Compliance Resolution System (EPCRS), the IRS umbrella program for correction of retirement plan defects. It also requires EPCRS to be updated to...more

HSA and HDHP Limits Increased for 2024

Earlier this week, the government released Revenue Procedure 2023-23 outlining the 2024 inflation adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs). An HSA is a tax-advantaged way for...more

SECURE 2.0: Broad Bipartisan Retirement Reform Finally Crosses the Finish Line

​​​​​​​Eagerly anticipated comprehensive retirement plan legislation commonly known as the "SECURE 2.0 Act" was signed into law on December 30, 2022, as part of the Consolidated Appropriations Act of 2023. The changes made by...more

ERISA and ESG: Less Confusion?

​​​​​​​Last year the Department of Labor (“DOL”) proposed changes to ERISA regulations that govern the consideration of environmental, social, and governance (“ESG”) factors in retirement plans, as well as fiduciary...more

Proposed Changes to DOL Program Would Allow Plan Fiduciaries to Self-Correct Certain Errors

​​​​​​​A proposed rule released last week would amend the U.S. Department of Labor's Voluntary Fiduciary Correction Program ("VFCP") to allow for self-correction by plan fiduciaries in certain circumstances. The VFCP allows...more

Individually Designed 403(b) Plans will be Eligible for Determination Letters

​​​​​​​Plan sponsors of individually designed 403(b) plans will soon be able to submit determination letter applications to the IRS. (Individually designed plans are plans using custom documents that have not been preapproved...more

Sizeable Increases to 2023 Plan Limits Due to Inflation

​​​​​​​The Internal Revenue Service recently issued its annual cost-of-living adjustments (COLAs) for the 2023 tax year for retirement plans as well as health and welfare benefit plans. These COLAs reflect significant...more

IRS Delays Additional Amendment Deadlines for Major Retirement Legislation

The IRS has extended additional deadlines for required retirement plan amendments, similar to the extensions we discussed last month found here. Notice 2022-45 extends the deadline for amending qualified retirement plans to...more

IRS Delays Additional Amendment Deadlines for Major Retirement Legislation

The IRS has extended additional deadlines for required retirement plan amendments, similar to the extensions we discussed last month found here. Notice 2022-45 extends the deadline for amending qualified retirement plans to...more

IRS Delays Amendment Deadlines for Major Retirement Legislation

The IRS has issued a notice extending the deadline for retirement plan sponsors to make certain amendments required by recently passed legislation. Notice 2022-33 extends the deadline for amending qualified retirement plans...more

Arbitration of Fiduciary Breach Claim Cannot Be Compelled by Relying on Individual Employment Agreements

In Hawkins, et al. v. Cintas Corp., No. 21-3156, __ F.4d __ (2022), plaintiffs brought a class action pursuant to Section 502(a)(2) of the Employee Retirement Income Security Act (ERISA), alleging that their former employer...more

Sixth Circuit Decision Highlights Fiduciary Duties in Handling Premiums and Disclosing Information

Key Takeaways - ..Mishandling of premiums can lead to breach of fiduciary duty claims under ERISA against employers. ..Information beyond what is required to be disclosed by ERISA may need to be provided by plan...more

SECURE Act 2.0 Passes the House: Which Retirement Plan Rules Would Change?

Key Takeaways - ..SECURE Act 2.0 passed the U.S. House of Representatives on March 29, 2022. ..SECURE Act 2.0 would make changes to employer-sponsored retirement plans to expand coverage and increase savings, as well as...more

Important Reminder from the U.S. Supreme Court - Just Giving Plan Participants Options Is Not Enough to Satisfy the Duty of...

KEY TAKEAWAYS - ..Plan fiduciaries have a duty of prudence to independently evaluate on an ongoing basis investments offered in a plan’s menu of options and remove any imprudent ones. ..Plan participants’ ultimate...more

American Rescue Plan Act Brings Back COBRA Subsidies, Prompt Action Needed

The American Rescue Plan Act of 2021 (the "ARPA") brings back COBRA subsidies (previously available in modified form under the American Recovery and Reinvestment Act of 2009) starting April 1, 2021, and requires employers and...more

Employer Action Required to Take Advantage of Guidance for Cafeteria Plans

The Internal Revenue Service (“IRS”) has issued two important notices allowing employer-plan sponsors to amend their §125 cafeteria plans to provide employees with increased flexibility for elected benefits and account...more

U.S. Government Extends Certain Deadlines For Employee Benefit Plans Due To COVID-19 National Emergency

Recognizing the challenges facing employee benefit plan sponsors, administrators, and participants, on April 28, 2020, the Departments of Treasury (“DOT”), Labor (“DOL”) and Health and Human Services (“HHS”) extended certain...more

CARES Act: Employee Benefit Plans

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was signed into law on March 27, 2020, expands employee benefit plan opportunities through the relaxation of certain requirements (including under...more

Understanding Health Insurance Issues Related to Layoffs and Furloughs

Employers face unprecedented workforce population challenges as a result of the coronavirus (COVID-19) pandemic, which impacts vital employee health benefits. Indeed, many employers are being forced to consider and implement...more

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