Beginning January 1, 2024, plan sponsors were going to have to provide mandatory Roth catch-up contributions for certain employees. This mandatory Rothification of catch-up contributions comes by way of Section 603 of...more
Continuing a recent trend to more closely align 403(b) plans with tax-qualified 401(k) plans, the Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2022-40 (November 7, 2022) to create a limited determination...more
Following up on the SECURE Act and other recent plan amendment extensions in Notice 2022-33, the IRS has issued Notice 2022-45 (Sept. 27, 2022) to extend the amendment deadlines for the remaining provisions of the Coronavirus...more
IRS Notice 2022-33 provides extensions to the amendment deadlines for certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), the Bipartisan American Miners Act of 2019...more
As employers using a pre-approved plan document are aware, a plan restatement must be adopted by the end of the two-year window following the 6-year remedial amendment period cycle. With the Cycle 3 deadline for defined...more
The IRS recently issued an updated Listing of Required Modifications and Information Package (known as the “LRMs”) for 403(b) plans. These LRMs contain quite a few changes, from simple clarifications and explanatory notes,...more
At long last, the Internal Revenue Service issued proposed regulations under Code section 401(a)(9) that take into account the major changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019...more
As we approach the end of 2021, it’s again time for sponsors of 401(a) and 403(b) plans to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements. While...more
Background on the 403(b) Pre-Approved Plan Program -
In 2013, the IRS began accepting prototype and volume submitter 403(b) plans (now referred to collectively as “pre-approved” plans) in the first-ever 403(b) remedial...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), directed that guidance be issued providing that a section 403(b)(7) custodial account could make distributions in kind upon a plan...more
Recent announcements from the IRS indicate the potential for increased audits of section 403(b) and 457(b) plans, specifically relating to catch-up contributions under such plans. ...more
Many of the provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) do not apply to non-electing church plans, but some do, notably those dealing with certain 403(b)(9) plans and...more
2/11/2020
/ 403(b) Plans ,
Church Plans ,
Compensation & Benefits ,
Distribution Rules ,
Employee Benefits ,
New Legislation ,
Non-Discrimination Rules ,
Part-Time Employees ,
Recordkeeping Requirements ,
Regulatory Reform ,
Regulatory Requirements ,
Reporting Requirements ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning ,
Termination Rights
Congress recently passed the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the largest package of retirement system reforms in over a decade. Many of the provisions in the SECURE Act...more
1/16/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Adoption ,
Compensation & Benefits ,
Employee Benefits ,
Employer Contributions ,
Form 5500 ,
Individual Retirement Account (IRA) ,
New Legislation ,
Part-Time Employees ,
Penalties ,
Pensions ,
Plan Administrators ,
Regulatory Reform ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Small Employer Plans (SEPs) ,
Tax Credits ,
Tax Planning ,
Tax Rates
On Thursday, December 19, the Senate passed two spending bills to fund the government through September 30, 2020, one of which (H.R. 1865, the “Further Consolidated Appropriations Act of 2020” or the “Act”) contains the...more
1/10/2020
/ 401k ,
403(b) Plans ,
457(b) Plans ,
529 Plans ,
Affordable Care Act ,
Benefit Plan Sponsors ,
Cadillac Tax ,
Church Plans ,
Consolidated Appropriations Act (CAA) ,
Defined Benefit Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Employer Group Health Plans ,
Individual Retirement Account (IRA) ,
Lifetime Income Disclosures ,
Medicare ,
Non-Discrimination Rules ,
Part-Time Employees ,
PBGC ,
Penalties ,
Plan Administrators ,
Pooled Registration Pension Plans ,
Portability ,
Prescription Drug Coverage ,
QACA ,
Repeal ,
Required Minimum Distributions ,
Retirement Plan ,
Retirement Plan Providers ,
Safe Harbors ,
SECURE Act ,
Small Employer Plans (SEPs)