Author: Trucker Huss

Long-Term Part-Time Workers: More Questions than Answers for Defined Contribution Plans?

NICOLAS DEGUINES, September 28, 2023 On December 29, 2022, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law. SECURE 2.0 builds upon the retirement improvements made by the Setting Every Community Up for Retirement Enhancement Act (“SECURE 1.0”).  One of SECURE 2.0’s main goals is to expand retirement coverage and increase retirement […]

There’s a Lot to Consider When Designing and Operating Deferred Compensation Plans for Executives of Tax Exempt Organizations—Part 1

SCOTT E. GALBREATH, September 28, 2023 On July 14, 2023, the Internal Revenue Service (the “IRS”) issued Notice 2023-54 (the “Notice”), providing much-welcomed guidance and transition relief relating to certain required minimum distributions (RMDs). Specifically, the Notice provides the following: Tax exempt organizations have unique considerations when it comes to compensating executives. The most obvious […]

SECURE 2.0: IRS Issues New Guidance on RMDs

NICOLAS DEGUINES, September 21, 2023 On July 14, 2023, the Internal Revenue Service (the “IRS”) issued Notice 2023-54 (the “Notice”), providing much-welcomed guidance and transition relief relating to certain required minimum distributions (RMDs). Specifically, the Notice provides the following: Relief for the change in the required beginning date (RBD) for RMDs under SECURE 2.0; Guidance […]

Trucker Huss Lawyers Recognized as 2024 Best Lawyers®and Best Lawyers: Ones to Watch®

BULLETIN, August 30, 2023 Trucker Huss is pleased to announce that Best Lawyers® has recognized 13 of our lawyers:  ten have been included in the 2024 edition of The Best Lawyers in America® and three have been named to the 2024 Best Lawyers: Ones to Watch® list. Since it was first published in 1983, Best […]

More Time to “Catch-Up”

ZACHARY ISENHOUR and ROBERT GOWER, August 29, 2023 On August 25, 2023, the Internal Revenue Service (IRS) released Notice 2023-62 (the “Notice”), providing eagerly awaited relief on the implementation timeline for the catch-up contribution provisions under Section 603 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). The catch-up contribution provisions under Section 414(v) of […]

Ninth Circuit Decision in AT&T Case Could Open Up Potential New Attacks on Retirement Plan Fiduciaries: What Fiduciaries Need to Know

DYLAN D. RUDOLPH and JOSEPH C. FAUCHER,  August 10, 2023 On August 4, 2023, the Ninth Circuit Court of Appeals revived a lawsuit against AT&T Services Inc. and its retirement plan fiduciaries (together, “AT&T”), reversing a district court’s order granting summary judgment in AT&T’s favor. This decision, which is published and binding on cases located […]

Coming Soon: Determination Letter Program for Individually Designed Section 403(b) Plans

JAHIZ NOEL AGARD and KATURI KAYE, April 27, 2023 Starting in June 2023, the Internal Revenue Service (the “IRS”) will start accepting determination letter applications for individually designed Internal Revenue Code Section 403(b) plans (“section 403(b) plans”) (also known as tax-sheltered annuity plans). As announced in Revenue Procedure 2022-40 (issued in November 2022), plan sponsors […]

Group Health Plans Must Submit Gag Clause Attestations by December 31, 2023

ALAINA HARWOOD and ELIZABETH LOH, April 27, 2023 On February 23, 2023, the U.S. Departments of Labor, Health and Human Services, and Treasury (the “Departments”) issued joint guidance (“Tri-Agency FAQs”) for group health plans and insurers regarding annual attestations on gag clause prohibition compliance as required under the Consolidated Appropriations Act, 2021 (CAA). Attestations will […]

The End of the COVID-19 Emergency Periods Is Fast Approaching

ELIZABETH LOH, April 6, 2023 During the COVID-19 National Emergency (NE) and Public Health Emergency (PHE) periods, the government issued guidance providing various forms of temporary relief to plan sponsors and plan participants, and also requiring plan sponsors to make certain plan design changes during these emergency periods (e.g., covering COVID-19 testing, the extension of […]

New Rules Under SECURE 2.0 for Correcting Overpayments Add Protection for Plan Fiduciaries

RYAN KADEVARI and NICHOLAS J. WHITE, March 30, 2023 On December 29, 2022, President Biden signed the SECURE 2.0 Act of 2022 (“SECURE 2.0”) into law as part of the Consolidated Appropriations Act of 2023. SECURE 2.0, which builds upon the original Setting Every Community Up for Retirement Enhancement Act, contains numerous developments that affect […]

CalSavers vs. Qualified Employee Benefit Plans: Choosing the Right Retirement Plan in California

CATHERINE REAGAN and ROBERT GOWER, March 30, 2023 For employers operating in California who are considering alternatives to the CalSavers program, there are a number of qualified employee benefit plan options that may be a good fit. CalSavers is a program created by state law to help California residents save money for retirement. Today, most […]

SECURE 2.0 Provisions Impacting Employer-Sponsored Retirement Plans

NICOLAS DEGUINES and KEVIN E. NOLT, January 13, 2023 Background The SECURE 2.0 Act of 2022 (“SECURE 2.0”) was signed into law by President Biden on December 29, 2022, as part of the Consolidated Appropriations Act of 2023, a $1.7 trillion omnibus spending bill. SECURE 2.0 comes after many in the retirement plan community predicted […]

Proposed Changes to the Department of Labor’s Voluntary Fiduciary Correction Program

KEVIN NOLT, December 21, 2022 On November 21, 2022, the U.S. Department of Labor (DOL) published proposed updates to its Voluntary Fiduciary Correction Program (VFCP). VFCP is designed to encourage employers to voluntarily comply with the Employee Retirement Income Security Act of 1974 (ERISA) by voluntarily correcting certain prohibited transactions and submitting those corrections to […]

Final Rule Provides Permanent Automatic Extension of Time to Furnish Certain Affordable Care Act Tax Forms

SARAH KANTER, December 21, 2022 On December 12, 2022, the Treasury Department (“Treasury”) and the Internal Revenue Service (IRS) released a “Final Rule” that automatically extends the timeframe for employers and other reporting entities to furnish IRS Forms 1095-B and 1095-C to individuals, regarding their health coverage each year, to March 2 of the following […]

Reinterpreting ESG: DOL Releases Flexible Final Rule While Maintaining Long-Held Principles

ZACHARY ISENHOUR and ROBERT GOWER, November 29, 2022 On November 22, 2022, the United States Department of Labor (DOL) issued a new final rule (the “2022 Rule”) concerning climate change and environmental, social, and governance (ESG) considerations in selecting investments and exercising shareholder rights (including voting proxies) for plans subject to the Employee Retirement  Income […]

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