Podcast: Tax Reform and Its Impact on Exempt Organizations, One Year In
Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits
On August 19, 2024, the Internal Revenue Service (“IRS”) issued Notice 2024-63 (the “Notice”) for retirement plan sponsors that provide, or may wish to provide, matching contributions based on qualified student loan payments...more
In the final quarter of 2023, South Africa issued guidance on the new two-pot retirement system, Peru launched a new holiday starting in 2024, Singapore doubled its paid paternity leave, and Costa Rica reformed its pension...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
Provident funds, or government-administered retirement funds, were introduced as a form of “social protection” to alleviate poverty at the time of retirement. Most social programs at the time did not provide enough to cover...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
In Notice 2023-62, the IRS walked back the SECURE 2.0 rule that required catch-up contributions to be designated as Roth contributions except in the case of employees with compensation of $145,000 or less (indexed), by...more
Warner’s Employee Benefits Practice Group is pleased to present a webinar series on significant new retirement plan legislation, the SECURE Act 2.0. While we expect implementing the new law to take several years, some...more
Join partners from McDermott’s Employee Benefits team as they discuss the impact of the recently passed SECURE 2.0 Act of 2022. With over 90 changes to retirement plans and individual retirement accounts (IRAs), this webinar...more
The long-awaited sequel to the SECURE Act enacted in 2019 is finally here. On December 29, 2022, President Joe Biden signed the Consolidated Appropriations Act of 2023, which includes the SECURE 2.0 Act of 2022 (“SECURE 2.0”...more
In the final days of 2022, after months of back and forth, Congress adopted a myriad of law changes for qualified retirement plans, collectively known as the SECURE 2.0 Act of 2022 (“SECURE 2.0”). SECURE 2.0 builds on the...more
The Plan Sponsor Council of America’s (PSCA)65th Annual Survey of 401(k) and Profit Sharing Plans showed record savings in retirement plans. In 2021, participant and employer contribution rates combined to produce an...more
New legislation commonly called “SECURE 2.0” was passed by Congress last week and signed into law on Tuesday by President Biden. The new legislation includes almost 100 different changes that are linked to retirement plans. ...more
All 401(k) retirement plans have special age and service rules that employees have to meet to become eligible to participate and to vest in employer contributions to those plans. In Notice 2020-68, the IRS explains the new...more
A December 27, 2019 post to this blog by Jon Nason provided an overview of the many changes affecting retirement plans made by the SECURE Act, which was enacted as part of the Further Consolidated Appropriations Act of 2020...more
Congress recently passed the Setting Every Community Up for Retirement Enhancement Act (SECURE Act, or the “Act”) implementing one of the most substantial pieces of retirement plan legislation in years, into law....more
According to the U.S. Department of Labor (DOL), one-third of American workers do not have the option to participate in a retirement savings plan through their employers. To help employees save for retirement, more states are...more
Last month, in Brick Twp. PBA Local 230 v. Twp. of Brick, the Appellate Division of the Superior Court of New Jersey confirmed that N.J.S.A. 40A:10-21.1, P.L. 2011, c. 78, § 42, more commonly known as Chapter 78, does not...more
Late last week, in Jones et al v. Municipal Employees’ Annuity and Benefit Fund of Chicago et al (“Jones”), the Illinois Supreme Court struck down Public Act 98-641, which aimed to shore up two ailing Chicago pension funds. ...more