News & Analysis as of

Employee Retirement Income Security Act (ERISA) 457(b) Plans

Foley & Lardner LLP

Code §457 Plans: Making the Best Choice for Your Nonprofit Organization

Foley & Lardner LLP on

If we’ve said it once, we’ve said it a hundred times (ok, maybe just that one time) – recruiting and retaining top talent can be a headache for nonprofit organizations forced to compete against for-profit organizations...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

McDermott Will & Emery

Proposed Legislation Would Allow 403(B) Plans to Invest in Lower-cost Collective Investment Trusts

A new bill introduced in Congress would allow 403(b) plans maintained by tax-exempt organizations to make use of collective investment trust (CIT) investments—an alternative to mutual funds that may provide significant cost...more

Holland & Hart - The Benefits Dial

Oceans Rise, Empires Fall, It’s Much Harder When It’s All Your Call … SECURE 2.0—What Comes Next?

We have now had a couple of months to review and digest SECURE 2.0 (and its roughly 90 provisions impacting retirement plans). If plan sponsors haven’t done so already, it is time to roll up their sleeves and put a triage...more

Foley & Lardner LLP

Diving Into SECURE 2.0: New Changes Ease Plan Sponsor Administrative Burdens

Foley & Lardner LLP on

...In a 1986 press conference, President Ronald Reagan infamously quipped: “the nine most terrifying words in the English language are: ‘I’m from the government, and I’m here to help.’” While legislation affecting retirement...more

Foley & Lardner LLP

SECURE 2.0 Changes Rules for Retirement Plans

Foley & Lardner LLP on

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

Holland & Hart - The Benefits Dial

You Spin Me QPAM Baby QPAM: DOL’s Proposed QPAM Rule May Mean Changes to Collective Trust Agreements for Plan Sponsors

The DOL published on July 27, 2022 a proposed change to the QPAM Exemption (“Proposed QPAM Amendment”) that may require retirement plan sponsors to update their collective trust agreements in order to satisfy the new DOL...more

Miller Canfield

SECURE Act 2.0 Passes the House: Which Retirement Plan Rules Would Change?

Miller Canfield on

Key Takeaways - ..SECURE Act 2.0 passed the U.S. House of Representatives on March 29, 2022. ..SECURE Act 2.0 would make changes to employer-sponsored retirement plans to expand coverage and increase savings, as well as...more

Holland & Hart - The Benefits Dial

Write This Down … Participants Have to Follow the Plan’s Beneficiary Designation Procedures

The principles governing how ERISA plans determine a participant’s beneficiary haven’t changed much since the country singer George Strait sang “Write this down” in 1999. In short, the participant has to write it down … on...more

Groom Law Group, Chartered

Summary of Provisions in the Securing a Strong Retirement Act of 2021

Securing a Strong Retirement Act of 2021 as marked up by the House Ways and Means Committee on May 5, 2021....more

Best Best & Krieger LLP

Tips On Selecting a Retirement Plan Adviser When You Can’t Meet Them in Person

Over the past several months, we have seen a number of public agency clients struggle through the process of evaluating and selecting a retirement plan adviser based only on generic questionnaires, a few phone calls, and an...more

Holland & Hart - The Benefits Dial

We Interrupt this Program – What in the SECURE Act Do Retirement Plan Sponsors Need to Pay Attention to in 2020?

After being on the verge of enactment last spring but failing to pass, the SECURE Act is now law. The Setting Every Community Up for Retirement Enhancement Act of 2019 – the SECURE Act – was enacted on December 20, 2019 as...more

Carlton Fields

Using Nonqualified Plans to Reduce 401(k)/403(b) Costs

Carlton Fields on

This article focuses on 401(k) and 403(b) plans that are in one of the following situations: 1. The plan failed ADP or ACP testing and must distribute excess amounts to its higher-ranking employees or make additional...more

Pullman & Comley, LLC

SECURE Act Modifies Retirement Plan Distribution Rules

Pullman & Comley, LLC on

New legislation impacting retirement plans and their participants was signed into law by President Trump on December 20, 2019. The Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”) is one of the...more

Groom Law Group, Chartered

Year-End Challenges and Opportunities: Congress Passes SECURE Act, Caddy Tax Repeal, and More

On Thursday, December 19, the Senate passed two spending bills to fund the government through September 30, 2020, one of which (H.R. 1865, the “Further Consolidated Appropriations Act of 2020” or the “Act”) contains the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Advisors Advantage - November 2019

....One More Thing For Plan Providers, Some points to ponder. When Steve Jobs would lead an Apple press conference, he would always end it with "one more thing," which was an important announcement of a new Apple product....more

Best Best & Krieger LLP

Rules Governing Your Participant-Directed 457(b) or Defined Contribution 401(a) Plan

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Many cities and special districts in California maintain one or more defined contribution retirement plans (i.e., a 457(b) or 401(a) plan) in which the participants are given investment responsibility over their respective...more

Clark Hill PLC

2019 Benefits Limits and Recent Changes to 401(k) and Other Qualified Retirement Plans

Clark Hill PLC on

The Tax Cuts and Jobs Act of 2017 (“TCJA”), the Bipartisan Budget Act of 2018, and recently proposed IRS regulations have made significant changes to the rules governing 401(k) and other qualified retirement plans....more

Sherman & Howard L.L.C.

DOL Announcement– Disability Benefit Claims Procedures Become Effective April 1, 2018

The Department of Labor (“DOL”) recently announced that April 1, 2018 would be the effective date for employee benefit plans to comply with the final rule under the Employee Retirement Income Security Act (“ERISA”) concerning...more

Carlton Fields

Tax Reform And Accumulated Leave (Aka “Special Pay”) Plans

Carlton Fields on

Provisions in the current proposed Senate tax reform bill would likely reduce the effectiveness of retirement plan arrangements that regularly receive contributions of unused leave for former employees, commonly known as...more

Foley & Lardner LLP

When Disaster Strikes: IRS Guidance Gives Employers Additional Options for Assisting Employees Hit by Hurricanes Harvey and Irma

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When Hurricanes Harvey and Irma made landfall in Texas and Florida, they gave rise not only to widespread property damage, but to a humanitarian disaster as well. The massive storms have left scores dead and thousands...more

Ballard Spahr LLP

IRS Eases Rules for Plan Loans and Hardship Distributions After Hurricane Harvey

Ballard Spahr LLP on

The IRS has released Announcement 2017-11 to provide relief to taxpayers from requirements for loans and hardship distributions for participants of qualified retirement plans who have been adversely affected by Hurricane...more

Baker Donelson

Spotlight on Alabama: New Law Extends Creditor Protections for Certain Retirement Account Assets in Alabama

Baker Donelson on

On May 18, Governor Kay Ivey signed Act 2017-317 (the "Act") into law. The Act amends the provisions of the Alabama Uniform Trust Code, which provide creditor protection for various types of tax-preferred retirement accounts...more

McGuireWoods LLP

Retirement Plans Incur Data Breaches; ERISA Council Addresses Cyber Risks

McGuireWoods LLP on

Until relatively recently, retirement plans have not made the news as targets of data breaches. This is somewhat surprising, given the wealth of participants’ personal data stored online by these plans. This past summer,...more

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