Eagerly anticipated comprehensive retirement plan legislation commonly known as the "SECURE 2.0 Act" was signed into law on December 30, 2022, as part of the Consolidated Appropriations Act of 2023. The changes made by...more
A proposed rule released last week would amend the U.S. Department of Labor's Voluntary Fiduciary Correction Program ("VFCP") to allow for self-correction by plan fiduciaries in certain circumstances. The VFCP allows...more
Plan sponsors of individually designed 403(b) plans will soon be able to submit determination letter applications to the IRS. (Individually designed plans are plans using custom documents that have not been preapproved...more
The Internal Revenue Service recently issued its annual cost-of-living adjustments (COLAs) for the 2023 tax year for retirement plans as well as health and welfare benefit plans. These COLAs reflect significant...more
The IRS has extended additional deadlines for required retirement plan amendments, similar to the extensions we discussed last month found here. Notice 2022-45 extends the deadline for amending qualified retirement plans to...more
9/30/2022
/ 403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
CARES Act ,
Employee Benefits ,
Filing Deadlines ,
IRS ,
Pension Plan Amendments ,
Qualified Retirement Plans ,
Retirement Plan ,
SECURE Act ,
Time Extensions
The IRS has extended additional deadlines for required retirement plan amendments, similar to the extensions we discussed last month found here. Notice 2022-45 extends the deadline for amending qualified retirement plans to...more
9/30/2022
/ 403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
CARES Act ,
Employee Benefits ,
Filing Deadlines ,
IRS ,
Pension Plan Amendments ,
Qualified Retirement Plans ,
Retirement Plan ,
SECURE Act ,
Time Extensions
The IRS has issued a notice extending the deadline for retirement plan sponsors to make certain amendments required by recently passed legislation. Notice 2022-33 extends the deadline for amending qualified retirement plans...more
Employers and plan fiduciaries should take careful note of a recent ruling issued by the United States Supreme Court which may prompt increased Employee Retirement Income Security Act ("ERISA") litigation and otherwise alter...more
3/2/2020
/ Actual or Constructive Knowledge ,
Appeals ,
Breach of Duty ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Intel Corp. Investment Policy Committee v. Sulyma ,
Material Disclosures ,
Question of Fact ,
Reaffirmation ,
Retirement Plan ,
Retirement Plan Beneficiaries ,
Reversal ,
SCOTUS ,
Split of Authority ,
Statute of Limitations ,
Summary Judgment
Employer-sponsors of certain retirement plans have work to do prior to the end of 2019. Sponsors of Internal Revenue Code ("Code") section 401(k) and 403(b) plans must analyze their plan documents and associated...more
8/25/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
Hardship Distributions ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Popular ,
Proposed Regulation ,
Retirement Plan ,
Safe Harbors ,
U.S. Treasury