In the wake of the horrific wildfires in Los Angeles (which are ongoing as of today), employees based in the Los Angeles area may have questions about available support from employer-sponsored 401(k) plan accounts and other...more
1/14/2025
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California ,
COBRA ,
Corporate Counsel ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Rights ,
Employees ,
Employment Policies ,
FEMA ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
IRS ,
Natural Disasters ,
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SECURE Act ,
Wildfires
Approximately one year after Congress enacted the SECURE 2.0 Act of 2022 (“SECURE 2.0”), the IRS issued Notice 2024-02, which addresses SECURE 2.0 implementation issues and extends the plan amendment deadline. Although...more
1/17/2024
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Automatic Enrollment ,
Benefit Plan Sponsors ,
Employer Contributions ,
Incentives ,
Individual Retirement Account (IRA) ,
IRS ,
Mergers ,
New Guidance ,
SECURE Act ,
Student Loans
The day after Thanksgiving, while many of us were fortunate enough to be reaching for leftover pie, the IRS released proposed regulations implementing the requirement that 401(k) plan sponsors permit “long-term part-time...more
On Friday, the IRS released Notice 2023-62, which addresses certain pressing implementation issues related to the SECURE 2.0 requirement that catch-up contributions for participants with FICA wages of more than $145,000...more
SECURE 2.0 includes significant changes for retirement plan sponsors and employers, as discussed in our prior blog posts. If you are looking for a short summary organized by effective date, we have prepared a “pocket guide”...more
As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more
1/3/2023
/ Audits ,
Corporate Counsel ,
Defined Benefit Plans ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Internal Revenue Code (IRC) ,
IRS ,
New Rules ,
Overpayment ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Self-Correction Programs
The wait is over for SECURE 2.0, a long-awaited (and debated) package of retirement plan reforms. Today, Congress passed the “SECURE 2.0 Act of 2022” as part of the 2023 Consolidated Appropriations Act; President Biden is...more
12/26/2022
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Contribution Limits ,
Department of Labor (DOL) ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Retirement Plan Providers ,
SECURE Act
Editor’s Overview -
Of course, on the top of everyone’s minds these days is COVID-19. In this edition of Proskauer’s ERISA Newsletter, our colleagues discuss some of the legislation and guidance that has been issued over...more
As part of our ongoing series on the SECURE Act, this post discusses two key changes affecting defined benefit plans: (1) the ability to start in-service distributions at age 59½ (reduced from 62), and (2) new tools for...more
The SECURE Act, included as part of the Further Consolidated Appropriations Act, 2020, was signed into law on December 20, 2019. This new law contains many significant changes that may impact employer-sponsored benefit plans....more
1/7/2020
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Multiple Employer Plan (MEP) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act