The Internal Revenue Service recently announced 2025 dollar limits for qualified retirement plans (including 401(k) plans), deferred compensation plans, and health and welfare plans. Adjustments to certain limits are based on...more
IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 -
The IRS recently issued Fact Sheet 2024‑18 to highlight how...more
5/14/2024
/ 1099s ,
Benefit Plan Sponsors ,
Documentation ,
Employee Benefits ,
Employees ,
Employer Liability Issues ,
Incentives ,
Individual Retirement Account (IRA) ,
IRS ,
Reporting Requirements ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Tax Planning ,
W-2
For the second time in a decade, the Department of Labor (DOL) attempted to expand the reach (and requirements) of the Employee Retirement Income Security Act of 1974 (ERISA). On April 23, 2024, DOL succeeded and announced...more
5/7/2024
/ Benefit Plan Sponsors ,
Department of Labor (DOL) ,
Employee Retirement Income Security Act (ERISA) ,
Exemptions ,
Fiduciary Rule ,
Individual Retirement Account (IRA) ,
Investment ,
Investment Adviser ,
New Rules ,
Prohibited Transactions ,
Retirement Plan
New proposed regulations clarify how employers should implement retirement plan eligibility rules for long-term, part-time ("LTPT") employees. While some questions remain, the proposed regulations provide a number of welcome...more
12/15/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Employee Contributions ,
Employee Retirement Income Security Act (ERISA) ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Non-Discrimination Rules ,
Proposed Regulation ,
Retirement Plan ,
Safe Harbors ,
SECURE Act
The Internal Revenue Service recently announced 2024 dollar limits for qualified retirement plans (including 401(k) plans), deferred compensation plans, and health and welfare plans. Adjustments to certain limits are based on...more
Although retirement plan excessive fee cases remain an ongoing concern for plan sponsors, the recent jury trial victory for Yale in Vellali, et. al. v. Yale University, et. al. provides hope for plans with strong, prudent...more
8/16/2023
/ Benefit Plan Sponsors ,
Breach of Duty ,
Compliance ,
Documentation ,
Employee Retirement Income Security Act (ERISA) ,
Excessive Fees ,
Fiduciary Duty ,
Governance Standards ,
Investment ,
Jury Trial ,
Policies and Procedures ,
Retirement Plan
Internal Revenue Code ("Code") Section 457(b) plans are only available to a select group of employers – state and local governments and entities that are exempt from tax pursuant to Code Section 501. Earlier this month, the...more
The Internal Revenue Service recently announced 2023 dollar limits for qualified retirement plans (including 401(k) plans), deferred compensation plans, and health, and welfare plans. Adjustments to certain limits are based...more
The Employee Benefits Security Administration (EBSA) of the U.S. Department of Labor (DOL) recently announced its first cybersecurity guidance for retirement plans subject to the Employee Retirement Income Security Act of...more
4/28/2021
/ Benefit Plan Sponsors ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Popular ,
Retirement Plan ,
Retirement Plan Providers ,
Risk Management
The Internal Revenue Service has announced 2021 dollar limits that apply to qualified retirement plans, including 401(k) plans, deferred compensation plans, and health and welfare plans. Adjustments to certain limits are...more
Update October 14: This blog has been updated to reflect current guidance about fully vested terminated participants. Many employers continue to find themselves in the position of furloughing or terminating significant...more
Many employers continue to find themselves in the position of furloughing or terminating significant portions of their workforce due to the ongoing COVID-19 pandemic. As employers make personnel reductions in response to the...more
The U.S. Supreme Court's decision, Thole v U.S. Bank, on June 1, 2020, has limited the right of defined benefit plan participants to sue for fiduciary violations to situations in which the defined benefit plan is unable to...more
6/8/2020
/ Article III ,
Breach of Duty ,
Defined Benefit Plans ,
Duty of Loyalty ,
Duty of Prudence ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Injury-in-Fact ,
Investment Adviser ,
Mismanagement ,
Pensions ,
Plan Participants ,
Retirement Plan ,
SCOTUS ,
Standing ,
Thole v U.S. Bank
This advisory summarizes key provisions in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) applying to employee benefit plans. We provide a summary of key items and more detailed FAQs relating to...more
3/30/2020
/ 401k ,
CARES Act ,
Coronavirus/COVID-19 ,
Defined Contribution Plans ,
Employee Benefits ,
Employer Group Health Plans ,
Hardship Distributions ,
Payroll Taxes ,
Relief Measures ,
Retirement Plan ,
Student Loans ,
Tax Credits ,
Telehealth