Prior to the end of the Biden administration, a number of proposed and final regulations were issued that impact retirement and welfare benefit plans. The final regulations are effective in 2025, and the proposed regulations,...more
A recent case from the United States Court of Appeals for the Sixth Circuit, Local No. 499, Board of Trustees of Shopmen's Pension Plan v. Art Iron, Inc., et al., 177 F. 4th 923 (6th Cir. 2024), clarifies a significant legal...more
As 2024 draws to a close, plan sponsors should be aware of those provisions of the SECURE Act 2.0 that become effective in 2025. Recall that the SECURE 2.0 Act (SECURE 2.0) was enacted on December 29, 2022, and while some...more
11/20/2024
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
IRS ,
Retirement Plan ,
SECURE Act
In simplified terms, Section 4960 of the Internal Revenue Code now includes a new excise tax (currently at a 21 percent rate) on wages in excess of $1 million in a year paid or treated as paid to a "covered employee."...more
Consider two fact situations. In one, relatively modest damage occurs to a 401(k) plan participant's principal residence attributable to a hurricane in a federally declared disaster area. In the other situation, lightning...more
The IRS has issued Announcement 2016-30 which provides relief to Louisiana taxpayers to alleviate hardships caused by storms and flooding that began August 11, 2016 (the Louisiana Storms).
As a general rule, certain...more