The SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers to match student loan payments made by employees under 401(k), 403(b), governmental 457(b), or SIMPLE IRA plans in plan years beginning on or after January 1, 2024....more
On July 18, 2024, the IRS finalized changes to the regulations governing required minimum distributions (“RMDs”) to reflect changes made by the Setting Every Community Up for Retirement Act of 2019 (“SECURE Act”) and SECURE...more
As discussed in our prior alert, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) added new exceptions to the 10% additional tax for emergency personal expense distributions and domestic abuse victim distributions. These new...more
On April 25, 2024, the Department of Labor (“DOL”) published in the Federal Register its final regulation on its "fiduciary rule" (the "Final Regulation") clarifying when fiduciary status under the Employee Retirement Income...more
On April 16, 2024, the IRS issued additional transitional relief in Notice 2024-35 (“2024 Notice”) for certain required minimum distributions (“RMDs”). The latest relief extends the transitional relief that the IRS...more
The Department of Labor (“DOL”) issued the final amendment to the qualified professional asset manager (“QPAM”) prohibited transaction class exemption on April 3, 2024, with an effective date 75 days later (i.e., June 17,...more
Whether investment decisions for pension, 401(k), and other plans covered by ERISA should be influenced by environmental, social, and governance (ESG) factors has become a flashpoint and, unlike most ERISA issues, the...more
On December 20, 2023, the Internal Revenue Service (“IRS”) issued Notice 2024-2, which provides guidance on some important provisions of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Notice 2024-2, is not comprehensive guidance...more
The IRS announced on February 7, 2024, that it is moving into the second phase of its Pre-Examination Retirement Plan Compliance Program pilot, which is discussed in our prior blog post....more
Total student loan debt in the country is estimated to be over $1.7 trillion. These loans are often a great source of worry for employees and their families. Student loan repayments may be one of the largest regular...more
On December 6, the House Ways and Means, House Education and the Workforce, Senate Finance, Senate Health, Education, Labor and Pension committees released a discussion draft of technical corrections and other clarifications...more
The IRS and the Department of the Treasury published a proposed regulation on November 27, 2023, clarifying certain points relating to the coverage of long-term part-time employees (“LTPTE”) in defined contribution plans...more
On November 3, 2023, the Department of Labor (DOL) published in the Federal Register its long-awaited proposed update to its “fiduciary rule” that defines when a person becomes a fiduciary to a retirement plan subject to...more
The IRS has announced inflation-adjusted limits for retirement plans in Notice 2023-75.
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The SECURE 2.0 Act of 2022 (“SECURE 2.0”) includes a number of changes that affect defined benefit pension plans. This includes new reporting and disclosure requirements in connection with offering a lump sum window and...more
Among the most challenging components of the SECURE 2.0 Act of 2022 (SECURE 2.0) for plan sponsors is a requirement that any catch-up contributions for high wage earners can only be made on a Roth (after-tax) basis beginning...more
Kilpatrick Townsend partners Lois W. Colbert and Sterling Perkinson recently presented a webinar focused on new rules for correcting compliance issues for 401(k) and profit-sharing plans, 403(b) plans, and defined benefit...more
As part of SECURE 2.0, Congress directed the Department of Labor to develop an employee ownership initiative to encourage and incentivize employee ownership in the companies they work for. Last month, the Department of Labor...more
The IRS provided more transitional relief in Notice 2023-54 (“2023 Notice”) for certain required minimum distributions (“RMDs”). The 2023 Notice extends the transitional relief that the IRS previously issued in Notice...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) greatly expands the availability of self-correction of compliance failures involving employer retirement plans and IRAs. On May 25, 2023, the IRS issued Notice 2023-43, which...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”), like the original SECURE Act of 2019 (“SECURE 1.0”), made significant changes to the required minimum distribution (“RMD”) rules. The SECURE 2.0 changes generally allow for...more
While we are pleased to have you contact us by telephone, surface mail, electronic mail, or by facsimile transmission, contacting Kilpatrick Townsend & Stockton LLP or any of its attorneys does not create an attorney-client...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) is one of the most significant pieces of retirement plan legislation in many years. (See our high level summary of SECURE 2.0 at link.) Among other things, SECURE 2.0 brings sweeping...more
On December 29, 2022, President Biden signed the Secure 2.0 Act of 2022 (the “Secure 2.0 Act”) into law. The Secure Act 2.0 builds off of the Secure Act, the last major retirement plan legislation enacted at the end of 2019,...more
As part of its response to the COVID-19 pandemic, the IRS issued temporary relief that allowed for remote notarizations of spousal consents and other participant elections for retirement plan withdrawals under certain...more