On May 1, 2025, the IRS released Rev Proc 2025-19 which updated for 2026 the limits applicable to certain health and welfare plans, including the following key limits...more
On April 17, 2025, the U.S. Supreme Court issued a unanimous opinion in Cunningham v Cornell University, addressing the pleading standard applicable to prohibited transaction claims under the Employee Retirement Income...more
4/23/2025
/ Benefit Plan Sponsors ,
Cunningham v Cornell University ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
ERISA Litigation ,
Fiduciary ,
Fiduciary Duty ,
Litigation Strategies ,
Motion to Dismiss ,
Pleading Standards ,
Prohibited Transactions ,
Retirement Plan ,
SCOTUS
The IRS issued Proposed Regulations last month which provide helpful clarity for employers on how to implement and comply with two new SECURE 2.0 provisions relating to catch-up contributions....more
2/14/2025
/ 401k ,
Benefit Plan Sponsors ,
Employee Benefits ,
Employee Contributions ,
Fiduciary Duty ,
Internal Revenue Code (IRC) ,
IRS ,
Proposed Regulation ,
Retirement Plan ,
Roth IRA ,
SECURE Act
Whether, and the extent to which, a plan fiduciary can consider nonpecuniary environmental, social and governance (“ESG”) objectives in selecting plan investments has been a hot-button issue for many years, with the view on...more
1/16/2025
/ 401k ,
American Airlines ,
Benefit Plan Sponsors ,
BlackRock ,
Breach of Duty ,
Class Action ,
Corporate Governance ,
Duty of Loyalty ,
Employee Benefits ,
Environmental Social & Governance (ESG) ,
Fiduciary Duty ,
Investment ,
Investment Management ,
Retirement Plan ,
Retirement Plan Providers ,
Securities Litigation
On Nov. 1, 2024, the IRS published its annual cost of living adjustments for various retirement plan limits. These increases are more modest than recent years, a reflection that inflation is slowing....more
Earlier this week, the IRS released Notice 2024-77, which provides much-anticipated guidance related to the handling of so-called “inadvertent benefit overpayments” from qualified retirement plans under the SECURE 2.0 Act. ...more
The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more
10/16/2024
/ 401k ,
403(b) Plans ,
Compensation & Benefits ,
Effective Date ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
New Guidance ,
Part-Time Employees ,
Proposed Regulation ,
Retirement Plan ,
SECURE Act ,
Time Extensions
The Internal Revenue Code generally discourages retirement plan participants from requesting distributions from their retirement plan funds prior to age 59 ½ by imposing an additional 10% tax on those distributions. However,...more
The Department of Labor ("DOL") recently issued a regulatory package that includes a final rule updating ERISA's definition of an investment advice fiduciary and amending certain related prohibited transaction exemptions...more
The IRS recently issued Notice 2024-02— dubbed the “Grab Bag Notice”— which addresses multiple provisions in SECURE 2.0. The guidance is 81 pages long, comes in the form of frequently asked questions and answers, and speaks...more
1/26/2024
/ 401k ,
Benefit Plan Sponsors ,
CARES Act ,
Distribution Rules ,
Employee Benefits ,
IRS ,
Pension Plan Amendments ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Credits
The IRS and the U.S. Department of Labor recently issued guidance which addresses the newly created Pension Linked Emergency Savings Accounts (“PLESAs”), a novel plan design option authorized under SECURE 2.0. PLESAs are...more
On August 25, 2023, the IRS issued Notice 2023-62 to address certain industry concerns over implementation of Section 603 of the SECURE 2.0 Act. Section 603 relevantly provides that, beginning in 2024, participants eligible...more
The SECURE 2.0 Act includes a substantial expansion of the Employee Plans Compliance Resolution System (EPCRS), the IRS umbrella program for correction of retirement plan defects. It also requires EPCRS to be updated to...more
Earlier this week, the government released Revenue Procedure 2023-23 outlining the 2024 inflation adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs). An HSA is a tax-advantaged way for...more