Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2 (the “Notice”) providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post...more
1/19/2024
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Distribution Rules ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRS ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Liability ,
Tax Planning
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: It’s here for your post-Thanksgiving turkey hangover reading pleasure! The Department of Treasury and IRS released on Friday (in the middle of most people’s long holiday weekend) their proposed rules for...more
11/29/2023
/ 401k ,
Eligibility Determination ,
Employee Benefits ,
Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Part-Time Employees ,
Proposed Rules ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
U.S. Treasury
Last week, the IRS issued Notice 2023-62, providing welcome guidance relating to the mandatory Roth catch-up provision under Section 603 of the SECURE Act 2.0 (“S2”), which is effective for plan years beginning after December...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: The IRS just announced the 2023 annual limits that will apply to tax-qualified retirement plans. For a second year in a row, the IRS increased the annual limits, allowing participants to save even more in...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 July 16, 2021, the IRS issued Revenue Procedure 2021-30, updating its Employee Plans Compliance Resolution System (“EPCRS”), which permits retirement plan sponsors and administrators to correct compliance failures that may...more
Seyfarth Synopsis: Retirement plans hold millions (sometimes, hundreds of millions) of dollars in assets, and participants’ personal information is increasingly maintained and accessible online. With such large amounts of...more
Seyfarth Synopsis: The IRS issued Notice 2020-86, which provides guidance on the rules that apply to safe harbor plans that were changed by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE...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: 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: In response to immediate requests from participants for tax-favored coronavirus-related distributions (“CV Distributions”) and loans, as described in more detail in our prior post, and participants who want...more
After a long process, which stretched on for over a decade, on May 27, 2020, the Department of Labor (“DOL”) published final regulations regarding the electronic delivery of required disclosures under the Employee Retirement...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: 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: The Puerto Rico Department of the Treasury (“PR Treasury”) recently announced the limits that apply to Puerto Rico qualified retirement plans in 2020. These limits may look familiar because the PR Code...more
Seyfarth Synopsis: Administrators of ERISA plans frequently receive requests from participants, beneficiaries, and their representatives for plan-related documents. A recent decision from the Court of Appeals for the Fifth...more
12/3/2019
/ Beneficiaries ,
Corporate Counsel ,
Document Management ,
Document Requests ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Failure to Produce ,
Fiduciary Duty ,
Form 5500 ,
Multiemployer Plan ,
Pensions ,
Plan Administrators ,
Plan Documents ,
Retirement ,
Retirement Plan ,
Statutory Penalties ,
Statutory Violations
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