News & Analysis as of

Individual Retirement Account (IRA) Hardship Distributions

Jackson Walker

Benefits Planning for Year End and 2024

Jackson Walker on

Retirement Plan Task for Year End - Operational Required Changes for 2024 Long-term part-time employees: Although there is no amendment required to single employer retirement plan documents by December 31, 2023, there are...more

Jackson Lewis P.C.

SECURE 2.0 Series Part 5: A Little More SECURE-ity – Emergency Savings in Your 401(k)

Jackson Lewis P.C. on

Employees, especially those far from retirement, are sometimes hesitant to put money into their employer’s 401(k) plan, knowing that their money won’t be available to them if unexpected expenses arise. Congress and the Biden...more

McDermott Will & Emery

[Webinar] SECURE 2.0 Takes Second Bite at Retirement Security - January 25th, 12:00 pm - 1:00 pm CST

McDermott Will & Emery on

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

Ogletree, Deakins, Nash, Smoak & Stewart,...

IRS Issues Additional CARES Act Guidance for Retirement Plan Administrators and Qualified Individuals

The Internal Revenue Service (IRS) recently released two notices that provide additional guidance for retirement plan administrators and qualified individuals about the special distribution, plan loan, and required minimum...more

Eversheds Sutherland (US) LLP

Social distancing: When states decouple from the federal CARES Act

The CARES Act provides for special federal tax treatment for “coronavirus-related distributions” from most types of tax-qualified retirement plans and IRAs. The distribution must be made between January 1, 2020 and December...more

Pullman & Comley - Labor, Employment and...

The CARES Act Impacts Qualified Retirement Plans and IRAs: Temporary Relief for Employees, Plan Participants and IRA Owners

Key provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) enacted on March 27, 2020 that affect retirement plans include the following...more

BCLP

CARES Act Would Expand Retirement Plan Access impacted by the Coronavirus Pandemic

BCLP on

The proposed Coronavirus, Aid, Relief and Economic Security Act (“CARES ACT”) would, if enacted, provide legislative relief to participants impacted by the Coronavirus pandemic. This relief is expected to be agreed upon and...more

Faegre Drinker Biddle & Reath LLP

Benefit Plan FAQs on COVID-19 Part 5

Hardship Distributions During the COVID-19 Outbreak As the COVID-19 outbreak continues, retirement plan sponsors will likely receive questions from employees about ways in which they can access funds in their retirement...more

McNees Wallace & Nurick LLC

Recent Changes In Employee Benefits Law - What You Need To Know For 2020

In the past few months, we have seen significant changes to the laws governing employee benefits, from the new hardship withdrawal regulations for 401(k) participants, to the SECURE Act, to the new individual coverage health...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

Winstead PC

Select Limits, Hardship Withdrawal Changes and a Rollover Automation Option

Winstead PC on

Updated Limits Impacting Participant Contribution Elections for 2019 - While we have been waiting on guidance regarding whether retirement plans must be amended for the Tax Cuts and Jobs Act and the Bipartisan Budget Act...more

Littler

Puerto Rico Treasury Department Extends Period to Make Hurricane-Related Retirement Plan Distributions

Littler on

Last year, the Puerto Rico Department of the Treasury (the “PR Treasury”) issued Administrative Determination Number 17-29 (“AD 17-29”) to provide rules and procedures for allowing distributions from an IRA or a Puerto Rico...more

Poyner Spruill LLP

The Impact of the Federal Budget Deal on Retirement Plans

Poyner Spruill LLP on

On February 9, 2018, Congress passed the amended Bipartisan Budget Act of 2018. This Act contained provisions impacting retirement plans. Sponsors should decide whether to adjust their plan documents and policies in response...more

Proskauer - Employee Benefits & Executive...

The Bipartisan Budget Act’s Impact on Retirement Plans

On Friday, February 9, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018 (the “Budget Act”). The Budget Act contains a number of provisions that affect qualified retirement plans. Plan...more

Winstead PC

2018 Benefits Grab Bag - Tax Reform, Bipartisan Budget Act and Other Items

Winstead PC on

Even though the Tax Cuts and Jobs Act made some changes to how the Internal Revenue Service (the “Service”) is to adjust retirement plan contribution limits late last year, the Service confirmed that the limits on retirement...more

Foley & Lardner LLP

Much Ado About (Almost) Nothing?

Foley & Lardner LLP on

Impact of Tax Reform on Employer-Provided Retirement, Welfare, and Fringe Benefits - The recently enacted Tax Cuts and Jobs Acts (the “Tax Reform Act”) made significant changes to the Internal Revenue Code. Although there...more

Littler

Puerto Rico Treasury Department Issues Post-Hurricane Rules for Qualified Retirement Plan and IRA Distributions and Loans

Littler on

On November 15, 2017, the Puerto Rico Department of the Treasury (the "PR Treasury") issued Administrative Determination Number 17-29 ("AD 17-29") to provide special rules and procedures applicable to distributions from...more

Littler

Puerto Rico Governor Signs Executive Order Authorizing Rules for Retirement Plan and IRA Distributions in the Wake of Recent...

Littler on

On November 8, 2017, the Governor of Puerto Rico signed Executive Order No. 2017-067 (“EO 2017-067”) authorizing the Secretary of the Department of the Treasury (the “PR Treasury”) to establish tax rules for distributions...more

Orrick, Herrington & Sutcliffe LLP

New Tax Bill Eliminates Many Popular Individual Deductions/Exclusions, Adds Excise Tax and Clarifies IRA/Pension Provisions

On November 2, 2017, House Republicans released their highly anticipated tax reform proposal formally named the Tax Cuts and Jobs Act (the "Act"). The Act must be approved by both the House and the Senate and signed by the...more

Proskauer - Employee Benefits & Executive...

Tax Reform Contemplates Changes to Employee Benefits

The House Committee on Ways and Means publicly released a working draft of the Tax Cuts and Jobs Act for the first time on Thursday. In the weeks leading up to the release of the draft, speculation has swirled as to whether...more

McGuireWoods LLP

Major Impact on Employee Benefits

McGuireWoods LLP on

The House GOP tax reform bill introduced Nov. 2, 2017, would have a major impact on employee benefits, including executive compensation, qualified retirement plans, fringe benefits and tax-exempt organizations. If adopted,...more

Proskauer Rose LLP

ERISA Newsletter - Third Quarter 2017

Proskauer Rose LLP on

Editor's Overview - As we have observed on other occasions, the ERISA class action plaintiffs' bar has, for several years now, honed in on 401(k) plan fiduciaries and their decisions to select and retain investment options...more

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