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401k Department of Labor (DOL) Internal Revenue Service

Kaufman & Canoles

ESOPs, Benefits & Compensation Q2 2024 Client Update

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On behalf of the ESOPs, Benefits & Compensation team, we hope your Summer is off to a great start. In the time of family vacations and out-of-office replies, the pace of employee benefits changes—both large and small—remains...more

Foley & Lardner LLP

Five Things on the Department of Labor’s Radar for Employee Benefit Plans

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All qualified retirement plans are subject to a myriad of requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The United States Department of Labor (DOL) is charged with enforcing the...more

Kelley Drye & Warren LLP

Defined Contribution Plan Forfeitures: Proposed Regulations and Recent Litigation

There have been recent developments from both the Internal Revenue Service (“IRS”) and the Department of Labor (“DOL”) and pending court cases about how plan forfeitures under defined contribution retirement plans must be...more

Patterson Belknap Webb & Tyler LLP

Does Your Retirement Plan Need a 'PLESA'?

Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...more

Kaufman & Canoles

ESOPs & Employee Benefits Q1 2024 Client Update

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On behalf of the ESOPs & Employee Benefits team, we hope you’re enjoying the first days of Spring, when the longer days allow more time to ponder the ever-changing landscape of employee benefits compliance. Please find below...more

Foley & Lardner LLP

To 457(b) or Not to 457(b): Five Rules You Must Follow to Keep Your 457(b) Plan Compliant

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Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more

Mayer Brown

United States: The Long Read - Lifetime Income Products in CITs on the Rise

Mayer Brown on

As recently noted by the US Department of Labor (“DOL”), since the passage of the Employee Retirement Income Security Act of 1974 (“ERISA”), “the retirement plan landscape has changed significantly, with a shift from defined...more

Woodruff Sawyer

2024 Compliance Hot Topics

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Congratulations to everyone for successfully safely navigating your health plans out of the pandemic crisis. We will review some of the key 2024 compliance hot topics you should know about in this annual benefits legislative...more

Jones Day

Another 401(k) Plan Sponsor Faces Novel Suit Regarding its Use of Forfeiture Funds

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The Employee Retirement Income Security Act ("ERISA") plaintiffs' bar has found a new way to allege that 401(k) plan sponsors have breached their fiduciary duty....more

Davis Wright Tremaine LLP

SECURE 2.0 Medley – IRS and DOL Guidance for Plan Sponsors on Recent Changes

The Internal Revenue Service and U.S. Department of Labor recently issued guidance on various aspects of the Consolidated Appropriations Act of 2023, commonly referred to as SECURE 2.0. Below is a summary of key provisions...more

Troutman Pepper

Long-Term Part-Time Employee Eligibility Rules Now in Effect – Are You Ready?

Troutman Pepper on

The Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) requires plans to permit employees who work at least 500 hours but less than 1,000 hours in three consecutive 12-month periods to make elective...more

Snell & Wilmer

2023 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

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As 2023 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more

Faegre Drinker Biddle & Reath LLP

IRS Announces 2024 Retirement Plan Limits

The IRS recently announced the 2024 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans. The IRS modestly increased the applicable limits for 2024. The following limits apply...more

Polsinelli

New Form 5500 Rules Permit More Plans to Qualify for Audit Exemption

Polsinelli on

The Department of Labor, Internal Revenue Service, and Pension Benefit Guaranty Corporation recently issued final rules on employee benefit plan annual reporting requirements that are effective for plan years beginning on or...more

Pillsbury Winthrop Shaw Pittman LLP

Don’t Let Bank Uncertainty Delay Payroll: Considerations for Employers

With bank uncertainty making headlines, we answer employers’ most frequently asked questions about the consequences of payroll delays, strategies for mitigating risk and more. ...more

Holland & Hart - The Benefits Dial

Should I Pay Or Should I No(t) Now: Which Expenses Can be Paid with Plan Assets?

One question that often comes up is whether an expense related to an ERISA plan can be paid with plan assets. The decision of whether to use ERISA plan assets to pay an expense is an ERISA fiduciary decision. With the recent...more

Sullivan & Worcester

Winter 2023 Employment and Benefits Updates

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SECURE 2.0 Act - As part of a large year-end piece of legislation, the provisions known as SECURE 2.0 Act of 2022 (“SECURE 2.0”) were enacted into law. SECURE 2.0 represents a broadly bipartisan piece of legislation that...more

Proskauer - Employee Benefits & Executive...

Pocket Guide to SECURE 2.0

SECURE 2.0 includes significant changes for retirement plan sponsors and employers, as discussed in our prior blog posts. If you are looking for a short summary organized by effective date, we have prepared a “pocket guide”...more

Foley & Lardner LLP

SECURE 2.0 Changes Rules for Retirement Plans

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SECURE 2.0 Act of 2022 (the “Act”) was signed into law by President Biden on December 29, 2022 (the date of enactment), as part of the larger government funding bill. The Act makes numerous changes affecting retirement plans....more

Snell & Wilmer

2022 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on

As 2022 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more

Houston Harbaugh, P.C.

Late Deposits of 401(k) Contributions: New DOL Procedures to Allow for “Self-Correction”

Houston Harbaugh, P.C. on

Under federal law, amounts withheld from employee paychecks as 401(k) plan contributions are required to be promptly deposited into the trust under the plan. Failure to do so requires correction by the employer and can also...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

I get what Fidelity is trying to do

People are scratching their heads, the Department of Labor (DOL) had grave concerns over offering crypto in 401(k) plans, and less than a week later, Fidelity announced their plan to offer Bitcoin as an option for plan...more

Kaufman & Canoles

ESOPs & Employee Benefits Q2 2022 Client Update

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Happy Summer from the K&C ESOPs & Employee Benefits practice group. We’ve compiled a short list of employee benefits updates from the second quarter of 2022....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review

401(k) Plan Sponsors Should Focus On What The Government Is Focusing On - In the movie Casino, Robert DeNiro as Sam “Ace” Rothstein wanted to take on the Nevada Gaming Board after they denied his request for his license....more

McDermott Will & Emery

When Are Cryptocurrencies Appropriate Investments for Retirement Plans and IRAs? DOL Cautions 401(k) Plan Fiduciaries to Exercise...

Cryptocurrencies and digital assets—such as bitcoin, ether and non-fungible tokens (NFTs)—have become some of the hottest investment products in recent years. The growing interest has inevitably led to retirement plan...more

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