News & Analysis as of

Retirement Plan 401k Defined Contribution Plans

2018 Benefit Limits

Retirement Plan Limits - The IRS updated very few of the retirement plan limits effective for the plan year that begins on or after January 1, 2018. Social Security Tax and Wage Base - For calendar year 2018, the...more

IRS Announces Year 2018 Retirement Plan Limits

by Blank Rome LLP on

The Internal Revenue Service (“IRS”) announced today, October 19, 2017, the following dollar limits applicable to tax-qualified plans for 2018: - The limit on the maximum amount of elective contributions that a person may...more

IRS and DOL Provide Relief for Plan Sponsors and Participants Affected by Hurricane Harvey

by Seyfarth Shaw LLP on

The Internal Revenue Service (IRS) and Department of Labor (DOL) issued temporary relief on deadlines and procedural requirements applicable to employee benefit plans for employers impacted by Hurricane Harvey. ...more

IRS Retirement Plan Guidance Simplifies Pre-Approved Plans and Provides Roadmap for Individually Design Plan Conversion

by Benesch on

In Revenue Procedure 2017-41, the IRS makes significant changes to the procedures that it will use in reviewing and approving “pre-approved” retirement plans. The revenue procedure applies to almost all types qualified...more

If Timely Notice is Given, the Cost to Correct a 401(k) Exclusion Error May Be Reduced

by Dickinson Wright on

Occasionally, an employer may determine that it did not withhold deferral contributions for a new employee in accordance with the terms of its 401(k) plan. If the plan has an automatic enrollment feature, and the error is...more

The ERISA Litigation Newsletter - January 2017

by Proskauer Rose LLP on

Editor’s Overview - In 2016, we saw a considerable uptick in the number and variety of excessive fee lawsuits commenced against plan fiduciaries of defined contribution plans. We begin the year by taking a look at these...more

The Rosenbaum Law Firm Review - November 2016

by Ary Rosenbaum on

Things That Won't Help A Retirement Plan Sponsor Limit Their Liability. Yup, not going to help. When I was a teenager, we were told that eating oat bran would lower cholesterol and it didn't. We're told that...more

Benefits Litigation Update – Fall 2016

by Epstein Becker & Green on

A Publication from Epstein Becker Green and The ERISA Industry Committee - Epstein Becker Green and The ERISA Industry Committee (“ERIC”) are pleased to release the current issue of the Benefits Litigation Update...more

Do You Need to Send an Annual Notice to Plan Participants? If So, You May Need to Do So by December 1, 2016*

by Alston & Bird on

Plan sponsors of defined contribution qualified plans may need to issue one or more annual notices to participants before the end of each plan year. Failure to issue a required annual notice can have significant consequences....more

IRS Releases Benefits and Contribution Limits for 2017

by Robinson & Cole LLP on

The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017. Please see full...more

Employee Benefits Developments - October 2016

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

2017 Qualified Plan Cost of Living Increases, 2017 Social Security Taxable Wage Base 2

by Ruder Ware on

The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below remain unchanged from last year, but others have increased....more

Higher ed braces for flood of lawsuits over retirement plans

by Thompson Coburn LLP on

Numerous colleges and universities sponsor retirement plans—both defined benefit (DB) and defined contribution (DC)—to provide retirement income security for their employees. But recently a number of higher education...more

Did Your Company Fail to Adopt a New Preapproved Defined Contribution Plan by the April 30th Deadline? The IRS Has a Solution for...

by Jackson Lewis P.C. on

Background - Sponsors of preapproved defined contribution retirement plans were generally required to sign new plan documents on or before April 30, 2016 that incorporated changes required by the Pension Protection Act...more

More DB DC Plan Design Flexibility in Maximizing Benefits for Highly Compensated Employees

Given the subject matter involved, this Alert is very technical and specialized. If your company offers both an active pension plan and a 401(k) or profit sharing plan and performs the general test to satisfy the...more

Recent Lawsuit Demonstrates Continuing Need for Plan Fiduciaries to Document Decision-Making Process

Late last year, another lawsuit was brought on behalf of participants in a 401(k) plan alleging breaches of fiduciary duties resulting from allegedly high plan fees. This type of case is not novel; the law firm that brought...more

Advisors Advantage - April 2016

by Ary Rosenbaum on

The Struggles Of Being A Retirement Plan Provider And How To Manage It. What you have to deal with. Being a retirement plan provider is like any other business in the sense that it has to be managed in a way...more

The Rosenbaum Law Firm Review - March 2016

by Ary Rosenbaum on

Things About Plan Providers That Shouldn't Impress Plan Sponsors. Don't get bamboozled. There are certain things in life we really should be impressed by, but we always end up being impressed by the wrong...more

2016 Cost of Living Increases are Rare

by FordHarrison on

On October 21, 2015, in Information Release 2015-118, the IRS announced cost-of-living adjustments to various dollar limitations under the Internal Revenue Code (the "Code") for pension plans and other related items for the...more

2016 Retirement Plan Contribution Limits

by Sherman & Howard L.L.C. on

The IRS has issued the contribution and benefit limits in effect for 2016. Most of these limits remain the same as in 2015. The following chart details the compensation, contribution and benefit limits for 2016. All limits...more

IRS Significantly Curtails Determination Letter Program for 401(k) and Other Tax-Qualified Retirement Plans

On July 21, 2015, the Internal Revenue Service (IRS) issued IRS Announcement 2015-19 stating that the determination letter program for individually designed tax-qualified retirement plans (plans that are not based on...more

Missed Deferrals - New 401(k) Correction Procedures

The IRS has recently issued three new, less expensive safe harbor procedures for correcting missed elective deferrals. These new procedures require either no employer corrective contribution to make up the missed elective...more

More and Less Expensive Options for Retirement Plan Corrections: New IRS Guidance on EPCRS

by Polsinelli on

In This Issue: - Rev. Proc. 2015-27 - Rev. Proc. 2015-28 - For More Information - Excerpt from Rev. Proc. 2015-27: Rev. Proc. 2015-27 may be used beginning March 27, 2015 and is effective July 1,...more

IRS Issues Final Regulations on Suspending or Reducing Safe Harbor 401(k) Contributions

The U.S. Department of Treasury and the Internal Revenue Service have issued final regulations providing guidance on permitted midyear reductions or suspensions of safe harbor nonelective and safe harbor matching...more

You Cannot Take The Embezzler’s 401(k) Plan Balance

Many employers know that with few exceptions a participant’s benefit in a tax qualified retirement plan is protected from the participant’s creditors. One exception is for court orders, known as qualified domestic relations...more

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