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SECURE Act Retirement Plan Plan Administrators

McGuireWoods LLP

DOL Issues Guidance Implementing SECURE Act Changes to Defined Benefit Plan Annual Funding Notices

McGuireWoods LLP on

On April 3, 2025, the Department of Labor (DOL) issued Field Assistance Bulletin No. 2025-02 to assist defined benefit pension plan administrators with deciphering the requirements of the SECURE 2.0 Act of 2022 as to annual...more

Dickinson Wright

Both Employers and Participants Benefit from New IRS Guidance on Correcting Inadvertent Benefit Overpayments

Dickinson Wright on

Retirement plan administration mistakes require difficult conversations with participants, especially when the mistake involves an overpayment.  Changes in the law, specifically, SECURE 2.0 and IRS Notice 2024-77, give plan...more

Verrill

Department of Labor Launches Retirement Savings Lost and Found

Verrill on

The SECURE 2.0 Act of 2022 added new Section 523 to the Employee Retirement Income Security Act of 1974 (“ERISA”), requiring the Department of Labor (the “Department”) to establish an online database called the Retirement...more

Williams Mullen

Annual Employee Benefits Compliance Checklists - Plan Administrators

Williams Mullen on

Plan administrators should review the following actions to be taken before the end of 2024 and focus on what to expect for 2025. The following checklist addresses plan amendments, notices, and other considerations for...more

Morris, Manning & Martin, LLP

Voluntary Reporting for a Mandatory Database: DOL’s New Approach for the SECURE Act 2.0 Retirement Savings Lost and Found

On April 15, the Department of Labor (“DOL”) published a Notice of Proposed Information Request (the “Notice”), outlining its plan to create the Retirement Savings Lost and Found required by SECURE Act 2.0.  Although...more

Williams Mullen

2023 Annual Employee Benefits Compliance Checklist for Plan Administrators

Williams Mullen on

Plan administrators should review actions to be taken before the end of 2023 and focus on what to expect for 2024. This checklist addresses plan amendments, notices and other considerations for qualified retirement plans,...more

Fox Rothschild LLP

SECURE 2.0 Act & The Family Law Landscape

Fox Rothschild LLP on

Most of the literature about this Congressional Act dates to the first quarter of 2023 just after the law was enacted. We have deferred discussion because a fair number of provisions don’t come into effect until January 1,...more

Nossaman LLP

[Webinar] Employment & Employee Benefits Law Update: Staying Compliant in 2024 - November 16th, 1:00 pm - 2:30 pm PT

Nossaman LLP on

Join us on November 16, 2023, as Nossaman’s Allison Callaghan, Pavneet Singh Mac, Michelle McCarthy and Julia Botezatu discuss new California employment and employee benefits laws and regulations, as well as recent case law...more

Williams Mullen

[Hybrid Event] Benefits Forum 2023: SECURE 2.0 and SECURE Act - Opportunities, Relief & Required Changes - October 12th, Richmond,...

Williams Mullen on

This hybrid event offers two options for attendance: in-person or webinar. Both options will have an interactive experience and SHRM credit, so choose the method that works best for you. Attendees will learn about topics...more

Williams Mullen

Treasury Issues Anticipated Relief for New Catch-up Contribution Rule

Williams Mullen on

The Internal Revenue Service (“IRS”) provided welcome relief for administrators of plans offering catch-up contributions. Notice 2023-62, issued on August 25, essentially delays the effective date of a provision under the...more

Verrill

New Options for Retirement Plan Distributions Under SECURE 2.0

Verrill on

This post summarizes the new distribution options, including penalty-free withdrawals, applicable to defined contribution plans under the SECURE 2.0 Act of 2022 (“SECURE 2.0”) and provides a timeline of their effective dates....more

Pullman & Comley - Labor, Employment and...

Secure Act 2.0 Creates Greater Opportunities for Self-Correction of Retirement Plans

Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with IRS approval including related user fee...more

Faegre Drinker Biddle & Reath LLP

Final Changes Announced to Forms 5500 and 5500-SF

The Department of Labor (DOL) announced that it has finalized, together with the Internal Revenue Service (IRS) and Pension Benefit Guarantee Corporation (PBGC), the third and final round of revisions to the Form 5500 Annual...more

Robinson Bradshaw

Fiduciary Fundamentals: The Basics

Robinson Bradshaw on

The Employee Retirement Income Security Act of 1974 (ERISA) is a body of federal laws and regulations that govern the provision and operation of certain employer-sponsored benefit plans. While its structure and requirements...more

Williams Mullen

2022 Annual Employee Benefits Compliance Checklist for Plan Administrators

Williams Mullen on

Plan administrators should review actions to be taken before the end of 2022 and focus on what to expect for 2023. This checklist addresses plan amendments, notices and other considerations for qualified retirement plans,...more

Morgan Lewis - ML Benefits

Post-Death Required Minimum Distribution Relief in 2021 and 2022 Under 10-Year Rule

In response to confusion regarding the “10-Year Rule” that was added to the required minimum distribution (RMD) rules by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the US Internal...more

Kilpatrick

DOL Clarifies Timing of Lifetime Income Disclosures in Benefit Statements

Kilpatrick on

Last year the Department of Labor (DOL) issued an interim final rule regarding the SECURE Act’s lifetime income disclosures, which require benefit statements to express a participant’s account balance as a single life annuity...more

Pullman & Comley - Labor, Employment and...

A Cautionary Tale for Retirement Plan Sponsors’ Avoidable Late Filing Penalties

Do you remember the scene in the Wizard of Oz when Dorothy, the Scarecrow and Tin Man were walking into the forest chanting “lions and tigers and bears, oh my”?  I could not help but mutter “oh my” under my breath when I...more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - Plan Administrators’ 2020 Year-End Checklist

Williams Mullen on

On the latest episode of Williams Mullen's Benefits Companion, host Brydon DeWitt is joined by colleague Nona Massengill to discuss important steps that plan administrators need to take before the end of 2020. They will...more

Snell & Wilmer

Is Your Safe Harbor Section 401(k) Plan Required to Provide an Annual Notice?

Snell & Wilmer on

Sponsors of safe harbor Section 401(k) plans should consider whether they are required to provide their annual safe harbor notice in 2020 for the upcoming 2021 plan year. The Setting Every Community Up for Retirement...more

Patterson Belknap Webb & Tyler LLP

SECURE ACT Update: Changes to Safe Harbor Notice Rules, New Birth or Adoption Distributions, and Increased Penalties for Missed...

The Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”), made sweeping changes to retirement plan rules. As described in our prior alert, certain provisions took effect immediately and were...more

Foley & Lardner LLP

Time to Update Your Retirement Plan’s Tax Notice

Foley & Lardner LLP on

Internal Revenue Code Section 402(f) requires plan administrators of certain retirement plans to provide a tax notice to payees that describes their rollover rights. The Internal Revenue Service (IRS) historically has...more

Faegre Drinker Biddle & Reath LLP

SECURE Act and Guaranteed Income (Part 3)

The introduction to my last two posts, SECURE Act Part 1 and SECURE Act Part 2, explained: There are two parts of the SECURE Act that I believe will have the greatest impact on my clients: plan sponsors and plan service...more

Groom Law Group, Chartered

SECURE Act Requires Immediate Action by Plan Service Providers

Congress recently passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the largest package of retirement system reforms in over a decade.  Many of the provisions in the SECURE Act...more

Groom Law Group, Chartered

SECURE Act Testing Relief for Closed/Frozen Defined Benefit Plans

In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans.  Over time these plans may have difficulty continuing to satisfy the...more

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