News & Analysis as of

Retirement Plan Excise Tax Employee Benefits

Kelley Drye & Warren LLP

Simplified Option for Correcting Certain Retirement Plan Failures

Earlier this year, the U.S. Department of Labor (“DOL”) amended its Voluntary Fiduciary Compliance Program (“VFCP”) to provide retirement plan sponsors with a simplified option for correcting certain specified prohibited...more

Bricker Graydon LLP

Don’t Forget About the IRS When Correcting Delinquent Plan Contributions

Bricker Graydon LLP on

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

Snell & Wilmer

Five Things to Know about the DOL’s New VFCP Self-Correction Feature Taking Effect Next Week

Snell & Wilmer on

By Amberlee Lapointe On January 14, 2025, the DOL’s Employee Benefits Security Administration (“EBSA”) released updates to its Voluntary Fiduciary Correction Program (“VFCP”), along with a News Release and Fact Sheet...more

Seyfarth Shaw LLP

DOL Issues New Guidance Streamlining the Voluntary Fiduciary Correction Program

Seyfarth Shaw LLP on

The Department of Labor (DOL) has issued a much awaited amendment to its Voluntary Fiduciary Correction Program (VFC Program). Notably, the amendment adds a self-correction feature for the delinquent transmittal of...more

Husch Blackwell LLP

New Simplified DOL Rules for Self-Correcting Delinquent Contributions

Husch Blackwell LLP on

On January 14, 2025, the U.S. Department of Labor’s Employee Benefits Security Administration (EBSA) announced significant updates to the VFCP. These changes, effective March 17, 2025, introduce a self-correction feature for...more

Bricker Graydon LLP

Final Warning: Distributions to Beneficiaries Must Begin in 2025

Bricker Graydon LLP on

The retirement plan industry has been wrestling with the changes to required minimum distribution (RMD) provisions made by the SECURE Act and SECURE 2.0. One issue in particular has caused considerable confusion....more

Patterson Belknap Webb & Tyler LLP

Extended Relief for Required Minimum Distributions in 2024

Five years ago, the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) made several significant changes to certain distributions required pursuant to Internal Revenue Code (“Code”) Section...more

Clark Hill PLC

The Cannabis Cure for the Public Pension Crisis

Clark Hill PLC on

Pensions are, and have been, an important compensation component for public employees, including teachers, police, fire, and other municipal positions. However, limited funds and riskier investments are threatening pension...more

Harris Beach Murtha PLLC

SECURE 2.0 Act of 2022 - What it Means for Retirement Plan Distribution Rules

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) was enacted on December 29, 2022, as Division T of the Consolidated Appropriations Act, 2023, the U.S. federal government’s spending bill for fiscal year 2023. SECURE 2.0 builds upon...more

Jackson Lewis P.C.

SECURE 2.0 Series Part 3: Retirement Plan Required Minimum Distribution Age to Increase to 75

Jackson Lewis P.C. on

Most Americans prefer not to pay more in income tax than absolutely required or to pay taxes any sooner than necessary. This includes many retired individuals who do not need to tap into their employer-sponsored retirement...more

Fisher Phillips

10 Most Significant Employee Benefits Law Changes in 2023’s Federal Spending Bill

Fisher Phillips on

Besides ensuring the federal government remains fully funded, President Biden’s signature Thursday on the Continuing Appropriations Act, 2023 (CAA 23) contains several provisions that will directly impact health and...more

Fox Rothschild LLP

Interest Rate Hikes Present Challenge for Fully Funded Pension Plans

Fox Rothschild LLP on

After years of historically low interest rates (which results in larger lump sum pension amounts), there have been significant interest rate increases during 2022. Prospects for 2023 are for more of the same. While many...more

Jackson Lewis P.C.

SECURE 2.0 – What Employers Need to Know

Jackson Lewis P.C. on

On March 29, 2022, the House of Representatives passed the Securing a Strong Retirement Act of 2022 (“SECURE 2.0”, HR 2954). The vote was largely supported by both parties (414-5). The Senate will likely act on the bill...more

Groom Law Group, Chartered

IRS Extends More Pension Deadlines For COVID-19

IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more

Bradley Arant Boult Cummings LLP

House Passes SECURE Act - Employee Benefits Alert

Earlier this week, the House of Representatives passed a budget bill, HR 1158, and a related bill, HR 1865, to enact the "Setting Every Community Up for Retirement Enhancement Act," referred to as the “SECURE Act.” The SECURE...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure RMDs are made

In the past 35 years, it changed on who had to take out a required minimum distribution (RMD) from a qualified retirement plan. Thankfully, it hasn’t changed since 1997. So a person who is a 5% owner has to take out an RMD...more

McDermott Will & Schulte

Severance and Deferred Compensation Considerations for Tax-Exempt Colleges and Universities

In-house counsel and human resources professionals at tax-exempt colleges and universities often face a variety of challenges when structuring, and determining obligations due under, severance arrangements. There are some key...more

Holland & Knight LLP

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

Holland & Knight LLP on

• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

Akin Gump Strauss Hauer & Feld LLP

Tax Cuts and Jobs Act

On November 2, 2017, the Committee on Ways and Means of the U.S. House of Representatives released its tax reform bill titled the Tax Cuts and Jobs Act (the “House Bill”). On November 6, 2017, Kevin Brady, Chairman of the...more

Holland & Knight LLP

Post-Inauguration Outlook: ACA, Fiduciary Rule and Retirement-Related Tax Provisions

Holland & Knight LLP on

President Donald Trump took the oath of office on Jan. 20, 2017, officially ushering in Republican control of the executive and legislative branches of government. With Republican control of both houses of Congress, and a new...more

Carlton Fields

DOL Proposal Would Fundamentally Alter Fiduciary Relationship

Carlton Fields on

Nearly five years after proposing a failed rule that would have dramatically expanded the definition of fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA), the Department of Labor has decided to try...more

King & Spalding

November and December 2014 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

King & Spalding on

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

King & Spalding

March and April 2014 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

King & Spalding on

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

King & Spalding

November and December Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

King & Spalding on

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties and excise taxes. To...more

24 Results
 / 
View per page
Page: of 1

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide