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Foster Swift Collins & Smith

IRS Expands Self-Correction Program: What Plan Sponsors Need to Know About the Interim Guidance

Foster Swift Collins & Smith on

The IRS has made it easier for retirement plan sponsors to fix common plan mistakes without going through a formal filing process. Under interim guidance in Notice 2023-43, sponsors can now correct a broader range of errors...more

BCLP

Prepare Now for Mandatory Roth Catch-Up

BCLP on

Proposed Treasury regulations relating to catch-up contributions were issued in January of 2025 that include guidance for the mandatory Roth catch-up requirement, which was first provided under section 603 of Division T of...more

Proskauer - Employee Benefits & Executive...

Employer Benefit Plan Assistance FAQs: California Wildfires

Proskauer - Employee Benefits & Executive... on

In the wake of the horrific wildfires in Los Angeles (which are ongoing as of today), employees based in the Los Angeles area may have questions about available support from employer-sponsored 401(k) plan accounts and other...more

Groom Law Group, Chartered

IRS Grants Administrative Delay for Mandatory Roth Catch-Ups

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Beginning January 1, 2024, plan sponsors were going to have to provide mandatory Roth catch-up contributions for certain employees. This mandatory Rothification of catch-up contributions comes by way of Section 603 of...more

Seyfarth Shaw LLP

“SECURE-ing” the Answers to Outstanding Questions on the Rothification of Employer Contributions

Seyfarth Shaw LLP on

Seyfarth Synopsis: Under Section 604 of Secure 2.0, sponsors of 401(k), 403(b) and governmental plans may allow employees to designate employer match (including match on student loan repayments) or nonelective contributions...more

Verrill

IRS Issues Practical Guidance for Implementing SECURE 2.0 Provisions

Verrill on

The Internal Revenue Service gave retirement plan sponsors end-of-the-year gifts by providing guidance under twelve sections of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Although Notice 2024-2, released December 20, 2023...more

McDermott Will & Schulte

IRS Guidance Leaves Little Time for Long-Term, Part-Time Employee Changes

McDermott Will & Schulte on

Together, the SECURE Act and the SECURE 2.0 Act feature numerous changes to retirement plan rules that aim to help employees achieve retirement security by ensuring that more workers have access to retirement plans, can save...more

Kilpatrick

IRS Delays SECURE 2.0 Roth Catch-Up Requirement

Kilpatrick on

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

Pillsbury Winthrop Shaw Pittman LLP

Don’t Let Bank Uncertainty Delay Payroll: Considerations for Employers

Pillsbury Winthrop Shaw Pittman LLP on

With bank uncertainty making headlines, we answer employers’ most frequently asked questions about the consequences of payroll delays, strategies for mitigating risk and more. ...more

Alston & Bird

Do You Need to Send an Annual Notice to Plan Participants? If So, You May Need to Do So by December 1, 2019*

Alston & Bird on

Our Employee Benefits & Executive Compensation Group reviews the multiple year-end notices that defined contribution plans must issue to participants....more

Brownstein Hyatt Farber Schreck

Employee Benefits-Related Limits For 2020

Brownstein Hyatt Farber Schreck on

This chart sets forth some of the annually adjusted dollar limits that impact employee benefits, as published by the Internal Revenue Service, the Social Security Administration and the Pension Benefit Guaranty Corporation. ...more

Bradley Arant Boult Cummings LLP

IRS Proposed Regulations on Hardship Distributions: What Plan Sponsors and Administrators May Do Now and Must Do Later - Employee...

Bradley Arant Boult Cummings LLP on

The Internal Revenue Service (IRS) has issued proposed amendments to the regulations governing hardship distributions under 401(k) and 403(b) plans. Many plan administrators of 401(k) and 403(b) plans permitting hardship...more

Burr & Forman

Employee’s Maternity Leave Resulted in a “Deemed Distribution” of 401(k) Plan Loan

Burr & Forman on

A recent Tax Court decision suggests that employers may want to review their 401(k) plan loan programs and payroll practices. In Louelia Salomon Frias and Mervyngil Salomon v. Commissioner, TC Memo 2017-139 (July 11, 2017),...more

McGuireWoods LLP

IRS Updates Guidance on Certain Midyear Changes to Safe Harbor Plans

McGuireWoods LLP on

The Internal Revenue Service (IRS) recently issued Notice 2016-16 (the Notice) to provide updated guidance as to when midyear changes to a safe harbor 401(k) plan or 403(b) plan will not violate applicable regulations....more

Poyner Spruill LLP

New Projects and Updates From the IRS Employee Plans Compliance Unit

Poyner Spruill LLP on

The IRS Employee Plans Compliance Unit (EPCU) recently announced two new projects and updated two others. In each case EPCU is using compliance checks as a tool to increase IRS enforcement presence and ensure compliance....more

Smith Anderson

Correcting Problems With Your Retirement Plan

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Presented by Caryn McNeill, Craig Wheaton and Jamie Hinkle The rules that apply to qualified retirement plans are complex. Not surprisingly, plan sponsors determine with some regularity that their plans have a compliance...more

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