The IRS periodically issues tax-related “Issue Snapshots” that can be of interest to employers and practitioners alike.
A recent “Issue Snapshot” discusses the timing rules that govern the deductibility of retroactive...more
10/31/2023
/ 401k ,
Benefit Plan Sponsors ,
Deadlines ,
Deferred Contributions ,
Employer Contributions ,
IRS ,
New Guidance ,
New Rules ,
Plan Documents ,
Profit Sharing ,
Retirement Plan ,
SECURE Act ,
Tax Deductions
Many employees who have had to resume repaying their federal student loans this month may find it harder to continue contributing to their employers’ retirement plans. For some employees, there simply is no room in the family...more
10/11/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
Employer Contributions ,
Individual Retirement Account (IRA) ,
Internal Revenue Code (IRC) ,
Retirement Plan ,
SECURE Act ,
Student Loans
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) was enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023, the U.S. federal government’s spending bill for fiscal year 2023. SECURE 2.0 builds upon...more
2/3/2023
/ 401k ,
Benefit Plan Sponsors ,
Employee Benefits ,
Employee Contributions ,
Excise Tax ,
Individual Retirement Account (IRA) ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act
On March 10, 2022, the U.S. Department of Labor (DOL) issued Compliance Assistance Release No. 2022-01 (the “Release”, available here) which cautions ERISA plan fiduciaries to exercise “extreme care” before they consider...more
4/29/2022
/ 401k ,
Benefit Plan Sponsors ,
Bitcoin ,
Cryptocurrency ,
Department of Labor (DOL) ,
Digital Assets ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
Fiduciary Duty ,
Plan Participants ,
Risk Alert ,
Stablecoins ,
Token Sales
On January 24, 2022, in Hughes v. Northwestern University, the U.S. Supreme Court unanimously affirmed its 2015 decision in Tibble v. Edison International, holding that fiduciaries of ERISA-subject defined contribution...more
On July 26, 2021, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) issued Temporary Implementing Frequently Asked Questions (FAQs) on the Interim Final Rule (IFR) which the EBSA had...more
8/5/2021
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
EBSA ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Interim Final Rules (IFR) ,
Lifetime Income Disclosures ,
Retirement Plan ,
SECURE Act
On April 14, 2021, the U.S. Department of Labor’s (DOL’s) Employee Benefits Security Administration (EBSA) finally issued first-ever guidance for plan sponsors, plan fiduciaries, record keepers and plan participants on best...more
4/20/2021
/ 401k ,
Benefit Plan Sponsors ,
Cybersecurity ,
Data Security ,
Department of Labor (DOL) ,
EBSA ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary ,
GAO ,
New Guidance ,
Personally Identifiable Information ,
Plan Participants ,
Popular ,
Retirement Plan ,
Risk Assessment
The Further Consolidated Appropriations Act, 2020 (the “Act”), enacted on December 20, 2019, significantly changed many retirement and other employee benefit plan rules. The Setting Every Community Up for Retirement...more
2/5/2020
/ 401k ,
Affordable Care Act ,
Annuities ,
Defined Benefit Plans ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
PBGC ,
Qualified Disaster Relief Payments ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Safe Harbors ,
SECURE Act ,
Tax Cuts and Jobs Act ,
Tax Planning ,
UBTI
If you are a 401(k) plan sponsor, advisor, or other service provider, you may want to check your "grocery bill"—your 401(k) "bill" that is. Recently, a participant in T. Mobile USA, Inc.’s 401(k) plan filed suit against...more