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”), enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023 (Public Law No. 117-328), builds upon many changes made earlier by the Setting Every...more
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 December 2, 2021, President Biden announced that the Departments of Labor, Health and Human Services (HHS) and the Treasury (the “Departments”) would issue guidance by January 15, 2022 to clarify that individuals who...more
1/14/2022
/ Benefit Plan Sponsors ,
Biden Administration ,
CARES Act ,
Compliance Dates ,
Coronavirus/COVID-19 ,
Department of Health and Human Services (HHS) ,
Department of Labor (DOL) ,
Employer Group Health Plans ,
Families First Coronavirus Response Act (FFCRA) ,
Health Insurance ,
New Guidance ,
Reimbursements ,
U.S. Treasury ,
Virus Testing
The IRS recently released two Information Letters addressing the substantiation rules that apply to health flexible spending account (FSA) debit cards. (As an aside, IRS Information Letters call attention to a...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
The American Rescue Plan Act of 2021 (the ARP, enacted on March 11, 2021) provides a temporary 100% COBRA premium subsidy to any assistance eligible individual (AEI) who loses employer-sponsored group health coverage due to a...more
On July 16, 2021, the IRS issued an updated version of the Employee Plans Compliance Resolution System (EPCRS), set forth in Revenue Procedure 2021-30. The new EPCRS modifies and supersedes the previous EPCRS, set forth in...more
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
On April 7, 2021, the U.S. Department of Labor (DOL) issued welcome guidance - including eagerly-anticipated model notices - to help employers and their COBRA administrators implement the temporary six-month (April 1 to...more
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”), a $1.9 trillion COVID-19 economic stimulus bill which provides eligible qualified beneficiaries with up to six months of free...more
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (“ARPA”), a $1.9 trillion COVID-19 economic stimulus bill.
ARPA contains provisions affecting employee benefits and executive...more
3/19/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
Biden Administration ,
COBRA ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Group Health Plans ,
Health Insurance ,
Multiemployer Plan ,
Notice Requirements ,
PBGC ,
Premium Subsidies ,
Relief Measures ,
Tax Credits
Today, the House of Representatives passed by voice vote and the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act, [H.R. 748]) a $2 trillion relief package - the largest stimulus...more
The March 31, 2020 deadline to correct form defects in individually-designed 403(b) plan documents seemed a tiny speck on the distant horizon when the IRS announced it in early 2017. But now, March 31, 2020 looms large and...more
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