On November 1, 2023, the IRS issued Notice 2023-75 and an accompanying news release, announcing retirement plan dollar limits and thresholds for 2024. Selected dollar limits and thresholds are summarized here, with references...more
A recent Social Security Administration news release announced that, for 2024, Social Security benefits will increase by 3.2%, and the Social Security taxable wage base will increase to $168,600 from $160,200.
The...more
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), included a broad array of provisions affecting retirement plans and...more
The IRS recently issued Proposed Regulations that clarify and update existing rules governing how and when forfeitures must be used in qualified defined contribution (e.g., 401(k)) and defined benefit retirement plans. ...more
4/19/2023
/ Comment Period ,
Deadlines ,
Effective Date ,
Employee Benefits ,
Employer Contributions ,
Forfeiture ,
IRS ,
Plan Administrators ,
Proposed Rules ,
Qualified Retirement Plans ,
Retirement Plan ,
Vesting
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 May 13, 2022, the IRS issued Notice 2022-27 (available here), which further extends, by six months, from July 1, 2022 to December 31, 2022, the IRS’s previously-granted temporary relief from the “physical presence...more
5/24/2022
/ Coronavirus/COVID-19 ,
Employee Benefits ,
IRS ,
Notarization ,
Physical Presence Test ,
Plan Participants ,
Relief Measures ,
Remote Notarization ,
Retirement Plan ,
Signatures ,
Time Extensions
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 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
The IRS has extended the last day of the initial remedial amendment period for 403(b) retirement plans from March 31, 2020, to June 30, 2020. Plan sponsors now have until June 30, 2020, to update their individually designed...more
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 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