PODCAST: Williams Mullen's Benefits Companion - New IRS Guidance on SECURE 2.0 Act Student Loan Employer Contributions
PODCAST: Williams Mullen's Benefits Companion - What a Relief! 403(b) Plan Developments
PODCAST: Williams Mullen's Benefits Companion - Court Decisions Impacting Plan Sponsors and Fiduciaries
DOL Clarifies Timing of Lifetime Income Disclosures in Benefit Statements
PODCAST: Williams Mullen's Benefits Companion - Back to the Future: SECURE Act and SECURE Act 2.0
Three Timely Benefits Items Everyone Should Know
Videocast: Asset management regulation in 2020 videocast series – SEC enforcement
PODCAST: Williams Mullen's Benefits Companion - Student Loan Benefits
Employers utilizing class-based criteria to exclude employees from retirement plan participation face new issues and considerations following the adoption of the long-term part-time employee (LTPTE) rules in SECURE 1.0 and...more
Each week while Congress is in session, our Policy team delivers a key update to highlight a topical benefits, health, or retirement news item from the Hill, such as a newly introduced bill, a summary of a committee hearing,...more
With a few exceptions, SECURE 2.0 requires that 401(k) and 403(b) plans established on or after December 29, 2022 begin to automatically enroll participants upon becoming eligible for such plan by the first plan year...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
Participating in DC plans such as 401(k), 457, and 403(b) plans is the primary way most people save for retirement, and there is considerable sponsor and participant interest in making DC plans more effective at their primary...more
The US Internal Revenue Service (IRS) released a notice providing guidance on various provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). Some of the topics touched on in the guidance include automatic enrollment, the...more
Collective Investment Trust investments were supposed to be a thing for 403(b) plans. It was in the legislation that predated SECURE 2.0, but it never made it into the law....more
Fidelity is offering a new solution, that will allow employees to convert all or a portion of their retirement savings—from a 401(k), 403(b), or 457(b)—into an immediate income annuity....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
In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more
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
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
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
The IRS recently announced that many of the key retirement plan limits will increase next year. Notice 2023-75 (Nov. 1, 2023). These limit increases are more modest than the 2023 increases, with some limits remaining the...more
Ameritas has announced a new pooled employer plan (PEP) for organizations sponsoring ERISA 403(b) plans....more
Employers who sponsor retirement plans for their employees face annual reporting requirements that may involve significant expenses. One of these is the requirement that a plan be audited annually by an independent qualified...more
On August 25, 2023 the Internal Revenue Service issued Notice 2023-62, which provides a critical 2-year delay in the enforcement of new retirement plan Catch-up Contributions rules passed under the Secure 2.0 Act of 2022....more
As signed into law, Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0) required that effective as of January 1, 2024, participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older 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
Like it or not, “gig” work is becoming the norm and not the exception and a recent article published by CNBC proves the point. Earlier this month they reported that 20% of adults own what pension folks call an inactive 401(K)...more
Yale University won a 403(b) lawsuit filed against them, by Jerry Schlicter’s office. The suit was filed by Schlicther Bogard LLP, in August 2016....more
Executive Summary: On December 23, 2022, the Consolidated Appropriations Act of 2023 was passed by Congress, which included the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “the Act”). This legislation greatly impacts retirement...more
Congress recently passed the SECURE 2.0 Act of 2022. Building on the Setting Every Community Up for Retirement Enhancement Act of 2019, SECURE 2.0 attempts to expand retirement plan coverage and increase retirement savings...more
This is our second eAlert on the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “new Act”). As we noted earlier in our first eAlert titled “SECURE 2.0 is Finally Here! Warner Analysis Part 1,” the new Act contains over 90 provisions...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) promotes and expands access to retirement plans for American workers in several ways. Among other things, SECURE 2.0 strengthens and expands the special 401(k) plan eligibility...more