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Internal Revenue Service › Compliance › Employee Contributions

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Foley & Lardner LLP

Mandatory Roth Catch-up: More than Meets the Eye

Foley & Lardner LLP on

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

Bricker Graydon LLP

Compliance Tips: Do You Understand How “Pick-up” Contributions Work?

Bricker Graydon LLP on

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

Williams Mullen

IRS Reduces 2024 Affordability Percentage

Williams Mullen on

The Internal Revenue Service (IRS) decreased the Affordable Care Act (ACA) affordability percentage for 2024 to 8.39%. This percentage is used to assess whether an applicable large employer’s (ALE) lowest-premium health plan...more

Kohrman Jackson & Krantz LLP

Treasury Provides Temporary Relief from 401(k) Catch-up Contributions Rollback - Update

Kohrman Jackson & Krantz LLP on

The Secure 2.0 Act (Secure 2.0), a sweeping retirement bill included in Division T of the Consolidated Appropriations Act of 2023, was a major bipartisan accomplishment of the 117th Congress. The bill included 82 provisions...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

Annual Notice of Discretionary Match in ‘Pre-Approved’ 401(k) Plans May Be Required Soon!

Ogletree, Deakins, Nash, Smoak & Stewart,... on

Employers that provide 401(k) plans on documents that have been “pre-approved” by the Internal Revenue Service (IRS) beware: there is yet another annual notice requirement that may need to be added to your compliance list!...more

Foley & Lardner LLP

401(k) Compliance Check #9: Too Much of a Good Thing – 401(k) Plan Excess Deferrals

Foley & Lardner LLP on

To help employers properly administer their 401(k) plans, in 2022, Foley & Lardner LLP is authoring a series of monthly “401(k) Compliance Check” newsletters. This article discusses the IRS limits on 401(k) plan contributions...more

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