News & Analysis as of

Compensation & Benefits Retirement

Laner Muchin, Ltd.

IRS Finalizes Required Minimum Distribution Regulations

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The IRS recently published its final regulations addressing changes to Tax Code Section 401(a)(9), relating to required minimum distributions (RMDs), under the Setting Every Community Up for Retirement Enhancement Act of 2019...more

Pullman & Comley, LLC

It’s Not Spam: Why Your Retirement Plan Vendor May Be Trying to Get Your Attention (and Why You Should Respond)

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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

Farrell Fritz, P.C.

IRS Issues Final Regulations Regarding Required Minimum Distributions (RMDs) from Retirement Accounts

Farrell Fritz, P.C. on

On July 18th, the Internal Revenue Service released final regulations regarding required minimum distributions (RMDs) from retirement accounts. The final regulations reflect changes to the Internal Revenue Code made by the...more

Carlton Fields

Auto-Portability Providers Racing to Close Retirement Plan Gap

Carlton Fields on

For decades, both the federal and state governments have been working to tackle the coverage gaps in our retirement system. In the race for retirement readiness, dark horses like state plans with mandatory adoption...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - Understanding Lifetime Income Products

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by Ken Barnes, senior investment consultant with SageView Advisory Group, who discusses lifetime income products which are designed to help...more

Patterson Belknap Webb & Tyler LLP

Extended Relief for Required Minimum Distributions in 2024

Five years ago, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) made several significant changes to certain distributions required pursuant to Internal Revenue Code (“Code”) Section...more

Seyfarth Shaw LLP

Washington Saves; Washington State’s New State-Mandated Retirement Program

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On March 28, 2024, Washington State’s Governor, Jay Inslee, signed into law a bill that creates a new state-run retirement program called “Washington Saves.” Under the program, “covered employers” must give “covered...more

Husch Blackwell LLP

Navigating Employer Responsibilities: SECURE 2.0 Act's Impact on Long-Term Part-Time Rules

Husch Blackwell LLP on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) introduced the Long-Term Part-Time (LTPT) rules. These rules aim to address the retirement needs of long-term part-time employees who have...more

Ius Laboris

The new UAE Pensions Law

Ius Laboris on

In October 2023, a new Pensions Law was published and came into effect in the UAE. The 2023 Pensions Law is the most significant change to the UAE pensions landscape since the 1999 Pensions Law was first published....more

Epstein Becker & Green

#WorkforceWednesday: SECURE 2.0 Act - Navigating New Retirement Plan Provisions in 2024 - Employment Law This Week®

Epstein Becker & Green on

The SECURE 2.0 Act revolutionized retirement planning by simplifying and expanding retirement and health plan benefits. Over a year after the legislation became law, provisions are still rolling out. So, what’s new in 2024? ...more

Seyfarth Shaw LLP

SECURE 2.0: Guidance on Exception to Early Distribution Penalty for Terminally Ill Individuals

Seyfarth Shaw LLP on

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

Pullman & Comley - Labor, Employment and...

Extended Time to Amend Tax Qualified Retirement Plans for SECURE 2.0 Act and other Legislation

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

Ballard Spahr LLP

Long-Term Part-Time Employee Participation in 401(k) Plans Begins in 2024

Ballard Spahr LLP on

To encourage participation in 401(k) plans, the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) requires employers who sponsor 401(k) plans with eligibility service requirements that exclude...more

Pullman & Comley, LLC

The State of Connecticut Wants Information About Your Retirement Plans by September 1, 2023

Pullman & Comley, LLC on

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

Verrill

New Options for Retirement Plan Distributions Under SECURE 2.0

Verrill on

This post summarizes the new distribution options, including penalty-free withdrawals, applicable to defined contribution plans under the SECURE 2.0 Act of 2022 (“SECURE 2.0”) and provides a timeline of their effective dates....more

Morgan Lewis - ML Benefits

IRA Providers: SECURE Act 2.0 Expands EPCRS to Correct Inadvertent IRA Errors

The SECURE 2.0 Act of 2022 (SECURE 2.0) made a number of changes in law intended to simplify the administration of retirement plans, including through the expansion of the Internal Revenue Service (IRS) Employee Plans...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You need the right partner

Whether it’s a partner in your business or a business partnership with another plan provider, it needs to be the right fit. I worked for two third-party administrators (TPAs) where partnership mismatches helped doom them....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Millennium Trust to add auto portability option

Millennium Trust announced that they will add an optional auto-portability function to its automatic rollover IRA solution. They expect this add-on feature to be ready for client testing later this quarter and available in...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Company sued over retirement plan

A California environmental consultant is being sued by the Department if Labor for failing to manage or administer their profit-sharing plan since the late 1990s or early 2000s, effectively barring distribution of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

State IRA programs help out private plans

I have been an advocate for mandatory IRA programs for employers that don’t offer them because I believe when push comes to shove, employers would rather have their own plan than be forced into a state-mandated program. A...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure the title means something

When I was Synagogue Vice President, the Hebrew school PTA presidents were there for so long, one of them actually didn’t have kids at the school anymore. That was odd, but what was even worse is they did nothing with their...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Well, high earners have the most money to save

I read an article that was saying SECURE 2.0 had some shortcomings, namely that it provided high earners more opportunities to save, especially because of the increased catch-up contributions in their 60s. Thanks, Captain...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Participants still think it’s free

I once said that I thought I lived in a great community until I joined the Facebook community newsgroups. You just can’t imagine what people think. The same can be said about some of these polls of plan participants, which...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

SeaWorld Litigation will continue

A class action lawsuit brought by former SeaWorld employees that alleged participants in the SWBG LLC 401(k) plan were harmed will continue. The former employees’ arguments sustained the fiduciary breach of the duty of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

AI is here for 401(k) review

I’ve been long in this business to remember no participant websites, so I’m amazed by technological breakthroughs. Artificial Intelligence (AI) tools BenchMine is billed as the first-ever AI 401(k) comparative analysis...more

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