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Compensation & Benefits SECURE Act 401k

Seyfarth Shaw LLP

Catching-Up on Catch-Up Contribution Changes

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New proposed regulations issued by The Department of Treasury and IRS provide guidance on the provisions related to catch-up contributions that were included under SECURE 2.0 Act of 2022 (“SECURE 2.0”)....more

Kilpatrick

5 Key Takeaways | IRS Final RMD Rules & Proposed Regulations to Address SECURE 2.0 Act Issues

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Kilpatrick partner Sterling Perkinson and counsel San Parikh recently presented a CLE webinar for Strafford that focused on the 2024 Final Regulations and 2024 Proposed Regulations released on July 19, 2024, implementing the...more

Faegre Drinker Biddle & Reath LLP

Things I Worry About (4): Automatic Enrollment (4)

SECURE 2.0 was enacted on December 29, 2022. Among its provisions is a requirement that “new” 401(k) plans and private sector 403(b) plans must automatically enroll their eligible employees, but not until the first plan year...more

Quarles & Brady LLP

Key SECURE 2.0 Act Updates for Defined Contribution Retirement Plans

Quarles & Brady LLP on

Updated 401(k) and 403(b) Requirements for Long-Term Part-Time Employees. Starting in 2025, 401(k) and 403(b) retirement plans must offer the plan’s salary deferral feature to long-term part-time employees who are at least...more

Baker Donelson

Preparing Employers for SECURE 2.0 Compliance in 2025

Baker Donelson on

As 2024 draws to a close, plan sponsors should be aware of those provisions of the SECURE Act 2.0 that become effective in 2025. Recall that the SECURE 2.0 Act (SECURE 2.0) was enacted on December 29, 2022, and while some...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - November 2024

The November Monthly Minute kicks off the season of giving with SECURE 2.0 requirements for 2025 and the latest IRS retirement plan cost-of-living adjustments....more

Williams Mullen

Annual Employee Benefits Compliance Checklists - Plan Administrators

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Plan administrators should review the following actions to be taken before the end of 2024 and focus on what to expect for 2025. The following checklist addresses plan amendments, notices, and other considerations for...more

Jackson Lewis P.C.

2025 Cost of Living Adjustments for Retirement Plans

Jackson Lewis P.C. on

The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2025 (see IRS Notice...more

Miller Canfield

IRS Issues FAQs Regarding Long-Term Part-Time Employees in 403(b) Plans

Miller Canfield on

The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more

Littler

Unlocking New Benefits: Is the SECURE 2.0 Student Loan Match Right for Your Workforce?

Littler on

Employers now have a new benefit option in their toolbelt: The Qualified Student Loan Payment (QSLP) match. But is it worth implementing? Before diving into the specific legal requirements for a QSLP match program, this...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - New IRS Guidance on SECURE 2.0 Act Student Loan Employer Contributions

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the recent IRS guidance regarding provisions under the SECURE 2.0 Act which allows employers to make matching contributions on account of...more

Husch Blackwell LLP

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

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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

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

Jackson Lewis P.C.

Automatic Enrollment: This Is The Way

Jackson Lewis P.C. on

Thanks to SECURE Act 2.0, newly established 401(k) and 403(b) plans must now have an automatic enrollment. The SECURE Act 2.0 was passed in December 2022 and made sweeping changes to retirement plan regulations....more

Seyfarth Shaw LLP

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

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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

Verrill

IRS Issues Practical Guidance for Implementing SECURE 2.0 Provisions

Verrill on

The Internal Revenue Service gave retirement plan sponsors end-of-the-year gifts by providing guidance under twelve sections of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Although Notice 2024-2, released December 20, 2023...more

Bradley Arant Boult Cummings LLP

New IRS SECURE 2.0 Act Guidance

The Internal Revenue Service (IRS) recently published Notice 2024-2, which provides guidance on several sections of the SECURE 2.0 Act of 2022. This article highlights some of the more significant changes affecting retirement...more

Pullman & Comley - Labor, Employment and...

Employers – You May Help Your Employees Pay Off Student Debt AND Save for Retirement

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

McDermott Will & Emery

IRS Says Keep Those Class Exclusions Classy Under Long-Term, Part-Time Employee Rules

McDermott Will & Emery on

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. Together, the...more

McDermott Will & Emery

IRS Guidance Leaves Little Time for Long-Term, Part-Time Employee Changes

McDermott Will & Emery on

Together, the SECURE Act and the SECURE 2.0 Act feature numerous changes to retirement plan rules that aim to help employees achieve retirement security by ensuring that more workers have access to retirement plans, can save...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

Alston & Bird

Retirement Plan Amendments and 2023 Year-End Action Items

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Our Employee Benefits & Executive Compensation Group reminds plan sponsors to get ready for 2023 IRS year-end amendments and offers year-end action items....more

Bradley Arant Boult Cummings LLP

SECURE 2.0: Retirement Plan Changes for 2024

The SECURE 2.0 Act of 2022 sets forth a number of changes affecting retirement plans that go into effect over several years. This article focuses on key changes for 2024 that may be implemented....more

Epstein Becker & Green

SECURE 2.0: Roth Catch-Up Contribution Delay

Section 603 of the SECURE 2.0 Act of 2022 (“Section 603”) implements changes to catch-up contributions and is applicable to employers who maintain a 401(k), 403(b), or 457(b) plan with participants who are age 50 and older...more

McDermott Will & Emery

There’s a Party Going on Right Here! Roth Catch-Up Change Delayed Two Extra Years!

McDermott Will & Emery on

Yahoo! Let’s celebrate—the IRS gave us more time! On August 25, 2023, the Internal Revenue Service announced an administrative transition period that effectively delays the deadline for adding Roth catch-up contributions...more

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