The IRS and Treasury Department recently issued proposed regulations addressing the mandatory automatic enrollment provisions under the SECURE 2.0 Act of 2022 (SECURE 2.0). The proposed regulations generally adopt the...more
On January 10, 2025, the IRS and Treasury announced proposed regulations addressing catch-up contribution provisions under the SECURE 2.0 Act of 2022 (SECURE 2.0) for 401(k) plans, 403(b) plans and governmental 457(b)...more
On December 18, 2024, the IRS issued Announcement 2025-2 which states that the IRS intends to extend the applicability date of many of the 2024 proposed regulations that provide guidance on the required minimum distribution...more
Kilpatrick partner Sterling Perkinson and counsel San Parikh recently presented a CLE webinar for Strafford that focused on the 2024 Final Regulations and 2024 Proposed Regulations released on July 19, 2024, implementing the...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) made significant changes to the rules governing the correction of overpayments from employer sponsored retirement plans, including 401(k) plans, 403(b) plans, and defined benefit...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers to match student loan payments made by employees under 401(k), 403(b), governmental 457(b), or SIMPLE IRA plans in plan years beginning on or after January 1, 2024....more
On July 18, 2024, the IRS finalized changes to the regulations governing required minimum distributions (“RMDs”) to reflect changes made by the Setting Every Community Up for Retirement Act of 2019 (“SECURE Act”) and SECURE...more
As discussed in our prior alert, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) added new exceptions to the 10% additional tax for emergency personal expense distributions and domestic abuse victim distributions. These new...more
On April 16, 2024, the IRS issued additional transitional relief in Notice 2024-35 (“2024 Notice”) for certain required minimum distributions (“RMDs”). The latest relief extends the transitional relief that the IRS...more
On December 20, 2023, the Internal Revenue Service (“IRS”) issued Notice 2024-2, which provides guidance on some important provisions of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Notice 2024-2, is not comprehensive guidance...more
The IRS announced on February 7, 2024, that it is moving into the second phase of its Pre-Examination Retirement Plan Compliance Program pilot, which is discussed in our prior blog post....more
The IRS and the Department of the Treasury published a proposed regulation on November 27, 2023, clarifying certain points relating to the coverage of long-term part-time employees (“LTPTE”) in defined contribution plans...more
The IRS has announced inflation-adjusted limits for retirement plans in Notice 2023-75.
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Among the most challenging components of the SECURE 2.0 Act of 2022 (SECURE 2.0) for plan sponsors is a requirement that any catch-up contributions for high wage earners can only be made on a Roth (after-tax) basis beginning...more
As part of SECURE 2.0, Congress directed the Department of Labor to develop an employee ownership initiative to encourage and incentivize employee ownership in the companies they work for. Last month, the Department of Labor...more
The IRS provided more transitional relief in Notice 2023-54 (“2023 Notice”) for certain required minimum distributions (“RMDs”). The 2023 Notice extends the transitional relief that the IRS previously issued in Notice...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) greatly expands the availability of self-correction of compliance failures involving employer retirement plans and IRAs. On May 25, 2023, the IRS issued Notice 2023-43, which...more
In a 2010 newsletter, the IRS announced that forfeitures under a 401(k) plan or other defined contribution plan must be promptly used and not allowed to accumulate over several years. In February, the IRS proposed...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) is one of the most significant pieces of retirement plan legislation in many years. (See our high level summary of SECURE 2.0 at link.) Among other things, SECURE 2.0 brings sweeping...more
As part of its response to the COVID-19 pandemic, the IRS issued temporary relief that allowed for remote notarizations of spousal consents and other participant elections for retirement plan withdrawals under certain...more
The IRS has issued guidance that for the first time permits companies to apply for determination letters for individually-designed 403(b) Plans. Under the new guidance, determination letters will be available for 403(b) plans...more
The IRS has published transitional relief in Notice 2022-53 (the “Notice”) for required minimum distributions (“RMDs”) to certain beneficiaries who may not have anticipated the IRS’s interpretation of the RMD rules announced...more
As discussed in our prior blog post, the IRS previously extended the deadline to adopt most plan amendments relating to the Setting Every Community Up for Retirement Act of 2019 (“Secure Act”), the Bipartisan American Miners...more
Kilpatrick Townsend's Sterling Perkinson and Peter Daines recently presented "Establishing Tax Qualified Retirement Plans." These are the 5 key takeaways from their presentation....more
Kilpatrick Townsend attorneys Sterling Perkinson and Peter Daines presented a Strafford webinar focused on the challenges and considerations facing a company in setting up tax-qualified retirement plans. The presentation also...more