PODCAST: Williams Mullen's Benefits Companion - ERISA Forfeiture Litigation
Use of Forfeitures for Safe Harbor Contributions, QNECS and QMACS - The Internal Revenue Service (IRS) recently issued final regulations allowing forfeitures in 401(k) plans to be used to fund safe harbor contributions,...more
The IRS recently finalized regulations that allow 401(k) plans to use forfeiture money to fund qualified non-elective contributions (“QNECs”) and qualified matching contributions (“QMACs”). ...more
The Internal Revenue Service (IRS) has ruled that forfeitures under 401(k) plans can now be used to make qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs) to 401(k) plans. This recent...more
Earlier this year, the IRS released proposed regulations which permit employers to use forfeitures to fund safe harbor contributions, QNECs and QMACs. ...more
The Internal Revenue Service recently issued a long-awaited Revenue Procedure regarding compliance for 403(b) plans and also offered flexibility to employers to fund employer contributions to their 401(k) plans with...more
We are pleased to bring you some good news for 401(k) plans from the IRS. The IRS just issued a proposed regulation that allows safe harbor contributions to a 401(k) plan, or employer contributions used to correct a...more
On January 18, 2017, the IRS issued proposed regulations that expand the permitted uses of forfeitures in a 401(k) plan. Under the proposed rules, the definitions of “qualified nonelective contributions” (QNECs) and...more