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 […]
Retirement Plans
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
SUSAN QUINTANAR, November 10, 2022 In Notice 2022-27, the IRS extended (through December 31, 2022) the temporary relief from the requirement that participant elections under qualified plans be witnessed in the physical presence of a notary or plan representative, as set forth in Treas. Reg. 1.401(a)-21(d)(6)(i), including participant elections that require spousal consent. Unless the […]
SHANNON OLIVER, November 10, 2022 On October 21, 2022, the Internal Revenue Service issued Notice 2022-55, containing the cost-of-living adjustments related to retirement plan limitations under the Internal Revenue Code (the “Code”). These changes will take effect on January 1, 2023. Below are some of the key highlights. Adjusted Limitations The limitation on the annual […]
BARBARA PLETCHER, September 29, 2022 Over the years, the Department of Labor (DOL), the Pension Benefit Guaranty Corporation (PBGC), and the Internal Revenue Service (IRS) have published guidance regarding acceptable methods of searching for missing participants in tax-qualified retirement plans governed by the Employee Retirement Income Security Act (ERISA). In the September Benefits Report, we […]
J. MARC FOSSE, July 28, 2022 Administering withholding and reporting of taxes under the Federal Insurance Contributions Act (FICA) for nonqualified deferred compensation plans maintained under Section 457 of the Internal Revenue Code (the “Code”) can be complex for many tax-exempt organizations. Employers frequently need assistance in setting up proper procedures and pay codes to […]
JOELLE TAVAN, February 22, 2022 For a number of years, the Employee Benefit Security Administration (EBSA), the Department of Labor (DOL)’s branch responsible for administering and enforcing the fiduciary, reporting, and disclosure provisions of Title I of the Employee Retirement Income Security Act of 1974 (ERISA), has made missing plan participants one of its key […]
SHANNON OLIVER, December 15, 2021 On November 4, 2021, the Internal Revenue Service issued Notice 2021-61, containing the cost-of-living adjustments related to retirement plan limitations under the Internal Revenue Code (the “Code”). These changes will take effect on January 1, 2022. Below are some of the highlights. I. Limitations That Have Increased The limitation on […]
T. KATURI KAYE and NICOLAS DEGUINES, August, 2021 On July 16, 2021, the Internal Revenue Service (IRS) released Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (EPCRS), which we will refer to in this article as the “EPCRS Update.” This article summarizes the significant changes and revisions made by the […]
DYLAN D. RUDOLPH and ROBERT R. GOWER, July, 2021 The uptick in lawsuits now commonly referred to as “excessive fee” fiduciary breach litigation began on September 11, 2006, when a St. Louis firm, Schlichter Bogard & Denton, filed its initial tranche of lawsuits against the fiduciaries of multiple large corporate 401(k) plans. In the fifteen […]
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