The Secure 2.0 Act of 2022 authorizes numerous new provisions that employers can choose to include or exclude in the retirement plans they sponsor. Recently, retirement plan vendors (vendors) have been sending communications...more
8/2/2024
/ Benefit Plan Sponsors ,
Compensation & Benefits ,
Deadlines ,
Employee Benefits ,
Financial Services Industry ,
Hospitality Industry ,
Investment Management ,
Opt-In ,
Opt-Outs ,
Restaurant Industry ,
Retirement ,
Retirement Plan ,
SECURE Act
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2024. Many...more
2/12/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Tax Planning
On December 20, 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 to “provide guidance on discreet issues” concerning the implementation of specific provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0)....more
1/12/2024
/ 403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Qualified Retirement Plans ,
Regulatory Requirements ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning
Student loan debt is a significant source of financial stress for borrowers, who face a hefty new line item in their budgets since the pause on student loan repayment ended in October 2023. Recent surveys show that student...more
1/10/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employees ,
Employer Contributions ,
Loan Repayment Issues ,
Retirement Plan ,
SECURE Act ,
Student Loans
The Medicare Secondary Payer provisions (MSP) apply to group health plans sponsored by employers with 20 or more employees, in both the private and public sectors. MSP’s mandatory reporting requirements are designed to...more
Section 401(k) Plans, Section 403(b) Plans and governmental Section 457(b) Plans generally permit employees to defer compensation on a pre-tax basis. These plans may also provide the opportunity for employees to defer...more
8/25/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Deferred Compensation ,
Employee Benefits ,
Employee Contributions ,
Employees ,
Individual Retirement Account (IRA) ,
Regulatory Agenda ,
Regulatory Reform ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Tax Liability
Our July 14, 2023 Client Alert discussed the information and documents that Connecticut Public Act 23-182 requires municipalities sponsoring retirement plans to provide to the Comptroller’s Office by September 1, 2023. On...more
8/3/2023
/ 457(b) Plans ,
Connecticut ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Labor Reform ,
Municipal Employees ,
Municipalities ,
Public Acts ,
Regulatory Requirements ,
Retirement Plan ,
State-Sponsored Retirement Plans ,
Surveys
August 31, 2023 is the deadline to register your business for the state-sponsored employee retirement savings program MyCTSavings.
If you currently sponsor a retirement plan that complies with the requirements of...more
In a June 7, 2023 press release, State of Connecticut Comptroller Sean Scanlon applauded the passage of House Bill No. 6930, which aspires to develop best practices for governance structures of municipal retirement plans....more
7/17/2023
/ Compensation & Benefits ,
Connecticut ,
Employee Benefits ,
Financial Services Industry ,
Investment ,
Municipalities ,
Public Acts ,
Regulatory Requirements ,
Reporting Requirements ,
Retirement ,
Retirement Plan
Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with IRS approval including related user fee...more
The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022 as part of the Consolidated Appropriations Act of 2023, will impact retirement plan operations for years to come. Some provisions were effective as of the...more
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
12/2/2022
/ 457(b) Plans ,
Charter Schools ,
Compensation & Benefits ,
Deadlines ,
Employee Benefits ,
Highly Compensated Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Private Schools ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Exempt Entities
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more
The IRS Issue Snapshot-Third Party Loans from Plans dated August 23, 2022 is a short advice document for examiners to use when auditing tax-qualified retirement plans that invest in mortgages or other third party loans. IRS...more
8/31/2022
/ Audits ,
Employee Benefits ,
Fiduciary Duty ,
Internal Revenue Code (IRC) ,
Investment Portfolios ,
IRS ,
Loans ,
Mortgages ,
New Guidance ,
Retirement Plan ,
Third-Party
In April 2021, Employee Benefits Security Administration division of the United States Department of Labor (“DOL”) issued cybersecurity related guidance intended to assist business owners and plan fiduciaries to prudently...more
IRS Notice 2022-33, released August 3, 2022, extends deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect certain provisions of the legislation generally referred to as the SECURE...more
The Internal Revenue Service recently announced a new pilot pre-examination retirement plan compliance program initiated in June. If you are a plan sponsor, do not play ostrich should you receive an IRS Pre-Examination...more
The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more
4/14/2022
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Cost-of-Living Adjustment (COLA) ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Highly Compensated Employees ,
IRS ,
New Guidance ,
Regulatory Standards ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Income
Governmental employers that employ part-time, seasonal and/or temporary employees may want to consider adopting a FICA Replacement Plan. By implementing a FICA Replacement Plan, an eligible government employer may eliminate...more
Do you remember the scene in the Wizard of Oz when Dorothy, the Scarecrow and Tin Man were walking into the forest chanting “lions and tigers and bears, oh my”? I could not help but mutter “oh my” under my breath when I...more
12/9/2020
/ Annual Reports ,
Delinquency Status ,
Department of Labor (DOL) ,
Employee Benefits ,
Filing Deadlines ,
Filing Requirements ,
IRS ,
Plan Administrators ,
Retirement Plan ,
SECURE Act ,
Tax Penalties
On May 4, 2020, the IRS issued new questions and answers regarding coronavirus-related relief for participants in retirement plans and IRAs (the “FAQs”)....more
On April 28, 2020, the Employee Benefits Security Administration (“EBSA”) issued three documents related to COVID-19 relief: (i) EBSA Disaster Relief Notice 2020-20 (EBSA Notice 2020-01); (ii) the text of a final rule...more
5/6/2020
/ Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Disaster Aid ,
Disclosure Requirements ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Form 5500 ,
Form M-1 ,
IRS ,
Regulatory Requirements ,
Retirement Plan ,
Sales & Distribution Agreements
On March 23, 2020 we suggested that April 15, 2020 was the safe date for making contributions to traditional and Roth Individual Retirement Accounts (“IRAs”) and Health Savings Accounts (“HSAs”) to have them count for 2019. ...more
Key provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020 that affect retirement plans include the following...more