Since 2002, employers have been able to make catch-up salary deferrals to their employees in their 401(k), 403(b), and governmental 457(b) plans beginning in the calendar year in which they turn 50 (the “Age 50 Catch-up”)....more
The Secure 2.0 Act of 2022 authorizes numerous new provisions that employers can choose to include or exclude in the retirement plans they sponsor. Recently, retirement plan vendors (vendors) have been sending communications...more
8/2/2024
/ Benefit Plan Sponsors ,
Compensation & Benefits ,
Deadlines ,
Employee Benefits ,
Financial Services Industry ,
Hospitality Industry ,
Investment Management ,
Opt-In ,
Opt-Outs ,
Restaurant Industry ,
Retirement ,
Retirement Plan ,
SECURE Act
On December 20, 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 to “provide guidance on discreet issues” concerning the implementation of specific provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0)....more
1/12/2024
/ 403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Qualified Retirement Plans ,
Regulatory Requirements ,
Retirement ,
Retirement Plan ,
SECURE Act ,
Tax Planning
Student loan debt is a significant source of financial stress for borrowers, who face a hefty new line item in their budgets since the pause on student loan repayment ended in October 2023. Recent surveys show that student...more
1/10/2024
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Employee Benefits ,
Employees ,
Employer Contributions ,
Loan Repayment Issues ,
Retirement Plan ,
SECURE Act ,
Student Loans
Section 401(k) Plans, Section 403(b) Plans and governmental Section 457(b) Plans generally permit employees to defer compensation on a pre-tax basis. These plans may also provide the opportunity for employees to defer...more
8/25/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Compensation & Benefits ,
Deferred Compensation ,
Employee Benefits ,
Employee Contributions ,
Employees ,
Individual Retirement Account (IRA) ,
Regulatory Agenda ,
Regulatory Reform ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Tax Liability
Since 1998 the Internal Revenue Services (the “IRS”) has had a comprehensive employees plans correction program with three components: self-correction (SCP), voluntary correction with IRS approval including related user fee...more
The SECURE 2.0 Act of 2022 (SECURE 2.0), enacted on December 29, 2022 as part of the Consolidated Appropriations Act of 2023, will impact retirement plan operations for years to come. Some provisions were effective as of the...more
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
12/2/2022
/ 457(b) Plans ,
Charter Schools ,
Compensation & Benefits ,
Deadlines ,
Employee Benefits ,
Highly Compensated Employees ,
Internal Revenue Code (IRC) ,
IRS ,
Private Schools ,
Required Minimum Distributions ,
Retirement Plan ,
SECURE Act ,
Tax Exempt Entities
Section 457(b) Plans provided by Tax-Exempt employers for their highly compensated employees and/or a select group of management employees (“Tax-Exempt 457(b) Plans”) are subject to required minimum distribution rules under...more
Retirement plans and individual retirement accounts (IRAs) are subject to required minimum distribution rules under Internal Revenue Codes Section 401(a)(9). The SECURE Act amended the required minimum distribution rules...more
IRS Notice 2022-33, released August 3, 2022, extends deadlines for amending a retirement plan or individual retirement arrangement (IRA) to reflect certain provisions of the legislation generally referred to as the SECURE...more
Do you remember the scene in the Wizard of Oz when Dorothy, the Scarecrow and Tin Man were walking into the forest chanting “lions and tigers and bears, oh my”? I could not help but mutter “oh my” under my breath when I...more
12/9/2020
/ Annual Reports ,
Delinquency Status ,
Department of Labor (DOL) ,
Employee Benefits ,
Filing Deadlines ,
Filing Requirements ,
IRS ,
Plan Administrators ,
Retirement Plan ,
SECURE Act ,
Tax Penalties