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Retirement Plan › Tax Liability › Employee Benefits

Seyfarth Shaw LLP

SECURE 2.0: Guidance on Exception to Early Distribution Penalty for Terminally Ill Individuals

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Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2 (the “Notice”) providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post...more

Seyfarth Shaw LLP

“SECURE-ing” the Answers to Outstanding Questions on the Rothification of Employer Contributions

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Seyfarth Synopsis: Under Section 604 of Secure 2.0, sponsors of 401(k), 403(b) and governmental plans may allow employees to designate employer match (including match on student loan repayments) or nonelective contributions...more

Stinson LLP

IRS Announces Delay of Implementation of SECURE 2.0 Act’s Roth Catch-Up Contribution Provision for Two Years

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As signed into law, Section 603 of the SECURE 2.0 Act of 2022 (SECURE 2.0) required that effective as of January 1, 2024, participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and...more

Seyfarth Shaw LLP

Two Year Transition Period for Implementation of Mandatory Roth Catch-Up Contributions

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Last week, the IRS issued Notice 2023-62, providing welcome guidance relating to the mandatory Roth catch-up provision under Section 603 of the SECURE Act 2.0 (“S2”), which is effective for plan years beginning after December...more

Pullman & Comley - Labor, Employment and...

Retirement Plans: Will January 1, 2024 Effective Date for Age 50 Catch-Up Contribution Changes Be Delayed?

Pullman & Comley - Labor, Employment and... on

Section 401(k) Plans, Section 403(b) Plans and governmental Section 457(b) Plans generally permit employees to defer compensation on a pre-tax basis. These plans may also provide the opportunity for employees to defer...more

Littler

A Deep Dive into Recent Pension Tax Changes in the UK

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In March, the UK government announced changes to the tax regime surrounding pensions as part of the annual Budget. In this piece, we take a deep dive into what these changes are, who they affect, what employers should be...more

Groom Law Group, Chartered

Biden’s 2024 Budget Includes Familiar Health, Retirement Proposals

Groom Law Group, Chartered on

On March 9, 2023, President Biden released his budget for Fiscal Year 2024. Similar to proposals in its last budget, the Administration’s new budget proposes a number of major tax increases, including the following:...more

Groom Law Group, Chartered

Recent IRS Guidance Focuses on Rules for Qualified Foreign Pension Funds

Groom Law Group, Chartered on

At the end of 2022, the Department of the Treasury and the Internal Revenue Service (together, the “IRS”) issued two sets of guidance – a final rule and a proposed rule – addressing the application of certain provisions of...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Solo 401(k) and Form 5500 trap

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

I think the Solo 401(k) plan is one of the great treats for sole proprietors. I have been using it for years. The problem is that there is so little help, that sponsors of these plans fall into a trap when they forget that...more

Stinson - Benefits Notes Blog

Time is Running out for IRS ‘Pre-Approved’ 401(k)/Defined Contribution Plan Sponsors to Meet the July 31, 2022 ‘Cycle 3’ Deadline

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Employers sponsoring 401(k) or other types of defined contribution plans “pre-approved” by the Internal Revenue Service (IRS) should be aware that the restatement deadline is quickly approaching. The IRS requires pre-approved...more

Littler

Puerto Rico Department of the Treasury Announces 2022 Limits on Qualified Retirement Plans

Littler on

On January 14, 2022, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 22-01 (CL IR 22-01) announcing the applicable 2022 limits for Puerto Rico qualified retirement plans. ...more

Adler Pollock & Sheehan P.C.

The Return of RMDs: COVID-19-Related Suspension of RMDs is a Thing of the Past

Adler Pollock & Sheehan P.C. on

The temporary reprieve is over. Due to the COVID-19 pandemic, Congress suspended the rules for required minimum distributions (RMDs) in 2020, including inherited accounts. But the rules have been restored for the 2021 tax...more

Hogan Lovells

Early retirement for older employees made more flexible for tax purposes as of 1 January, 2021

Hogan Lovells on

On 12 January, 2021, the First Chamber of the Dutch Parliament approved the bill on lump sum, early retirement and leave savings (Wet bedrag ineens, RVU verlofsparen). This Act will temporarily relax the tax restriction (RVU...more

Gerald Nowotny - Law Office of Gerald R....

Knock Yourself Out Resuscitating Taxpayers With Buyer’s Remorse!

Gerald Nowotny - Law Office of Gerald R.... on

One of the feelings that all of us living on the Planet including those who have walked before us, experience is the remorse for actions taken or sometimes not taken, i.e., buyer's remorse. Individual taxpayers report their...more

Williams Mullen

[Webinar] SECURE Act: What Plan Sponsors Need to Know - February 18th, 11:00 am ET

Williams Mullen on

The SECURE Act* makes significant changes to employer-sponsored retirement plans and many of the changes take effect immediately. Highlights of the provisions of the SECURE Act that are effective in 2020 include: -...more

Seyfarth Shaw LLP

Fix a Decade of Document Errors? Yes You Can!

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Seyfarth Synopsis: In two months (on March 31, 2020), the window closes for 403(b) plan sponsors to take advantage of the unique opportunity to retroactively amend their 403(b) retirement plans to correct document errors...more

Littler

Puerto Rico Department of the Treasury Announces 2020 Limits on Qualified Retirement Plans

Littler on

On December 28, 2019, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 19-17 (CL IR 19-17) announcing the applicable limits for Puerto Rico qualified retirement plans for 2020....more

Stinson - Benefits Notes Blog

IRS Memorandum Limits Exceptions for Retaining Signed Retirement Plan Documents – (excuse that “my dog ate my plan documents” will...

Stinson - Benefits Notes Blog on

Generally, for a tax qualified retirement plan to be adopted, the plan document must be signed and dated by the sponsoring employer and retained. However, in Val Lanes Recreation Center Corp. v. Commissioner of Internal...more

McDermott Will & Emery

Still Tax, Even Without the Distributed Cash

McDermott Will & Emery on

The IRS recently issued guidance on the tax treatment, withholding and reporting for required distributions from tax-qualified retirement plans. Plan sponsors should contact their retirement vendors and trustees to ensure...more

Seyfarth Shaw LLP

Qualified Plan Uncashed Check Guidance Issued Related to Tax Obligations

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On August 14, 2019, the IRS issued Revenue Ruling 2019-19, providing guidance to both tax-qualified plan administrators and participants on the tax treatment of plan distribution checks that are not cashed. ...more

Jackson Walker

Davidson v. Henkel — What’s Going On With Nonqualified Deferred Compensation Plans and FICA

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In This Presentation: - Davidson v. Henkel Corp. - The Parties - NQ Plan - The Plan’s Tax Clauses - Davidson’s Pre-Retirement Counseling - 2011 Compliance Review and Letter - Henkel’s Tax...more

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