Retirement Plans

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 […]

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 […]

Temporary Relief from the Physical Presence Requirement Is Scheduled to Expire after December 31, 2022

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 […]

2023 Pension Plan Limitations

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 […]

Searching for Missing Retirement Plan Participants

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 […]

FICA Tax Withholding and Reporting for Section 457(b) and 457(f) Nonqualified Deferred Compensation Plans

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 […]

Missing Participants: The Search Continues

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 […]

2022 Pension Plan Limitation Highlights

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 […]

Internal Revenue Service Updates the Employee Plans Compliance Resolution System under Revenue Procedure 2021–30

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 […]

Mitigating Fiduciary Risk: Lessons Learned About the Prudent Person Rule After Fifteen Years of Fee Litigation

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 […]

IRS Q&As Clarify COVID-19 Partial Plan Termination Relief

BRYAN J. CARD, June, 2021  On April 27, 2021, the Internal Revenue Service (IRS) published guidance in the form of five questions and answers (the “Q&A Guidance”) on the partial plan termination relief provided under the Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020. This partial plan termination […]

DOL Issues New Cybersecurity Guidance — What Plans and Service Providers Need to Know

JENNIFER WONG and NICOLAS DEGUINES, April 29, 2021  On April 14, 2021, the Department of Labor’s (DOL) Employee Benefit Security Administration (EBSA) issued its first cybersecurity guidance for plan sponsors, plan fiduciaries, recordkeepers, and plan participants.1 Intended to complement EBSA’s regulations on electronic records and disclosures to plan participants and beneficiaries, the guidance is comprised […]

Participant Data: Plan Asset or Fair Game for Recordkeepers to Use to Market Non-Plan Products?

CATHERINE REAGAN and R. BRADFORD HUSS, April 29, 2021   In an emerging theory of liability, plan fiduciaries’ treatment of participants’ personal data is coming under scrutiny. Over the last five years, we have seen how the collection of many individuals’ personal data can become a valuable asset in the right hands — whether it’s used […]

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