Podcast: Tax Reform and Its Impact on Exempt Organizations, One Year In
Podcast - New Unrelated Business Taxable Income Liability for Providing Certain Fringe Benefits
The IRS has released Revenue Ruling 2025-15, which clarifies the federal tax withholding and reporting responsibilities of retirement plan administrators when a distribution check is issued but remains uncashed and a...more
Vanguard’s latest report makes a blunt point: allowing collective investment trusts (CITs) in 403(b) plans could save the median plan participant about 0.08% to 0.09% annually compared to mutual fund fees—translating into...more
One topic that frequently arises is whether a qualified governmental plan, under Internal Revenue Code (Code) Section 401(a), may allow an employee the election on whether to contribute at different pretax employee...more
Retirement plan participation is up, but don’t pop the champagne just yet. According to Morgan Stanley at Work’s just-released State of the Workplace Report, while more employees are enrolling in their 401(k) plans, many are...more
Employers that do not timely deposit participant deferrals and loan contributions to their employer sponsored retirement plans can be subject to Department of Labor (DOL) penalties for breaching their fiduciary duties....more
The IRS has issued proposed regulations that clarify and implement catch-up contribution changes introduced by the SECURE 2.0 Act of 2022. Although these changes affect various forms of retirement plans, including 401(k),...more
By Matthew P. Chiarello On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (the Act), a sweeping piece of legislation backed by President Trump. Among its many provisions is the...more
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
The first few months of 2025 brought the potential for many changes. On January 20, 2025, one of the Executive Orders pulled back all proposed regulations that had been issued in the last 60 days, including proposed...more
In January, the Department of the Treasury (“Treasury”) and Internal Revenue Service (IRS) issued proposed regulations on the catch-up contribution provisions under the SECURE 2.0 Act of 2022 (“SECURE 2.0”). While the...more
The IRS issued Proposed Regulations last month which provide helpful clarity for employers on how to implement and comply with two new SECURE 2.0 provisions relating to catch-up contributions....more
Multiemployer benefit plans generally require contributing employers to submit “remittance reports” that identify the employees that performed covered work, the type of work performed, and the amount of time worked. Plans...more
The IRS this past Friday issued proposed regulations regarding mandatory Roth catch-up contributions. SECURE 2.0 amended the catch-up contribution provisions of the Code....more
Happy Holidays! Employee benefits limits for 2025 have been promulgated by the government. Click the link below to view 2024-2025 comparisons of important employee benefits limits....more
Canada’s federal government announced it intends to remove the “30 percent rule” for investments by domestic pension funds in Canadian entities. The change is part of the Fall Economic Statement that was released on December...more
Group health plans, including insured and self-insured plans, are prohibited from entering contracts that contain a gag clause. These provisions prohibit group health plans from entering agreements with a healthcare...more
The SECURE 2.0 Act of 2022 (the “SECURE 2.0”) made significant changes to retirement plans and how they operate. Many of the changes have already been implemented by service providers, but some sponsors will need to plan for...more
Under current law, most 401(k) plans permit catch-up contributions that are equally available to all participants who are age fifty or over. Starting in 2025, the SECURE 2.0 Act allows eligible participants who are ages...more
Are you above the age of 50? Do you and/or your spouse have a 401(k)? Are you interested in reducing the amount you will have to pay in 2025 income taxes while increasing the amount of money you receive after retirement?...more
Our Employee Benefits & Executive Compensation Group reminds plan sponsors to get ready for 2024 IRS year-end amendments and offers year-end action items....more
A much-used but often confusing element of governmental retirement plans are “pick up plans,” where an employer pays -- or “picks up” -- an employee’s required contribution under the State’s public employment retirement...more
Last year, we alerted you to the filing of several class action lawsuits alleging that plan fiduciaries violated their duties of prudence and loyalty under Title I of ERISA by using forfeitures to reduce employer...more
On August 19, 2024, the Internal Revenue Service (“IRS”) issued Notice 2024-63 (the “Notice”) for retirement plan sponsors that provide, or may wish to provide, matching contributions based on qualified student loan payments...more
IRS Notice 2024-63, published Aug. 19, 2024, provides interim guidance for plan sponsors on the SECURE 2.0 Act provision permitting employers to offer matching contributions to their retirement plans — including 401(k) and...more
Conflicting orders on motions to dismiss from two California courts foreshadow issues for a new theory of ERISA liability. Employers have faced a recent wave of novel ERISA class actions that challenge the reallocation of...more