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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
On October 20, 2023, the Internal Revenue Service (IRS) announced new initiatives “to ensure large corporations pay taxes owed.” These initiatives leverage the substantial additional congressional funding that was given to...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) is one of the most significant pieces of retirement plan legislation in many years. (See our high level summary of SECURE 2.0 at link.) Among other things, SECURE 2.0 brings sweeping...more
California Governor Gavin Newsom recently signed legislation that will expand CalSavers, the state’s IRA-based retirement program, to cover virtually all California employers that do not sponsor their own qualified retirement...more
On December 18, 2020, the United States Department of Labor (the DOL) adopted Prohibited Transaction Exemption 2020-02, Improving Investment Advice for Workers & Retirees (PTE 2020-02 or the Exemption), a new prohibited...more
New York City employers that do not offer their own retirement savings plans to employees will soon be required to do so. Two recently enacted New York City laws (Bill Nos. 888-A and 901-A, collectively the “Retirement...more
Employers in Illinois with at least 5 employees must soon comply with the Illinois Secure Choice Savings Program Act (Secure Choice) or offer employees an employer-sponsored retirement plan...more
On May 11, 2021, Mayor Bill de Blasio signed into law legislation that will require private sector employers located in New York City to provide a mandatory retirement savings program for their employees. As a result, New...more
On December 20th, before the outbreak of COVID-19 and the resulting pandemic, President Trump signed into law the Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan...more
Below is a summary of those key provisions. I. SECURE Act The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act, H.R. 1994) is arguably the most significant and comprehensive retirement saving...more
The State of Connecticut has announced that in January 2019 it will begin requiring private-sector employers without their own workplace-based retirement plans to enroll employees in Individual Retirement Arrangements (IRAs)...more
Starting Jan. 1, 2017, the California Secure Choice Retirement Savings Program (Senate Bill 1234) will begin the development and build-out of a program to require employers who do not already offer a tax-qualified retirement...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
“Obamacare, but for retirement plans” is one way to describe recent state initiatives to establish automatic enrollment into individual retirement accounts (IRAs). One big difference, of course, is that the Affordable Care...more
In a year-end flurry of activity, Congress adopted major tax and spending legislation, which was signed into law on Friday, December 18 by President Obama. The legislation, called the Consolidated Appropriations Act, 2016...more