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Retirement Plan › Internal Revenue Service › Tax Deferral

Bowditch & Dewey

Do the Retirement Plan Provisions in Your Trust Still Align with Your Estate Planning Goals Following Updates to the SECURE Act?

Bowditch & Dewey on

Following the IRS’ finalization of the SECURE Act regulations on July 18, 2024, it is a good time to review the retirement benefit provisions of your trust to make sure they still align with your estate planning goals....more

Bricker Graydon LLP

“S” Corp? Law Change May Make an ESOP More Appealing

Bricker Graydon LLP on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) made numerous changes to the complex web that makes up U.S. retirement plan laws. Of interest to S corporations that may be considering an employee stock ownership plan (“ESOP”) is...more

Fisher Phillips

2024 Employee Benefit Limits Plus 6 Best Practices for Employers

Fisher Phillips on

Get Ready For The New Year Ahead - Employees can contribute more pre-tax dollars next year to their retirement savings accounts, including 401(k) and 403(b) plans, according to an IRS announcement made on November 1. Your...more

Jackson Lewis P.C.

2023 Cost of Living Adjustments for Retirement Plans

Jackson Lewis P.C. on

The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations on benefits and contributions for retirement plans generally effective for Tax Year 2023 (see IRS Notice...more

Chambliss, Bahner & Stophel, P.C.

How to Fix a Required Minimum Distribution Mistake

Chambliss, Bahner & Stophel, P.C. on

The rules around required minimum distributions from retirement accounts are confusing, and it’s easy to slip up. Fortunately, if you do make a mistake, there are steps you can take to fix the error and possibly avoid a stiff...more

Morgan Lewis - ML Benefits

IRS Guidance Permits Certain Individuals Affected by COVID-19 to Cancel NQDC Plan Deferral Elections

Morgan Lewis - ML Benefits on

Under IRS Notice 2020-50, employers sponsoring nonqualified deferred compensation plans (NQCD plans) may now allow employees to suspend their deferral elections without having to determine whether the employee has had an...more

Troutman Pepper Locke

The SECURE Act Brings Significant Changes for Retirement Plans and IRAs

Troutman Pepper Locke on

The Setting Every Community Up for Retirement Enhancement Act of 2019 (the SECURE Act), signed into law on Dec. 20, 2019, will have a wide-ranging impact on tax-qualified retirement plans and individual retirement accounts,...more

Littler

Puerto Rico Department of the Treasury Announces 2020 Limits on Qualified Retirement Plans

Littler on

On December 28, 2019, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 19-17 (CL IR 19-17) announcing the applicable limits for Puerto Rico qualified retirement plans for 2020....more

Faegre Drinker Biddle & Reath LLP

IRS Announces 2020 Dollar Limits for Employee Benefit Plans

Faegre Drinker Biddle & Reath LLP on

The IRS has announced the dollar limits for contributions and benefits in retirement plans and certain deferred compensation plans for 2020. We have compiled a chart summarizing the key limits below, including how they...more

Ballard Spahr LLP

U.S. Treasury Changes 401(k) and 403(b) Hardship Withdrawal Rules

Ballard Spahr LLP on

The U. S. Department of the Treasury recently issued final regulations governing hardship distributions from 401(k) and 403(b) retirement savings plans....more

Neal, Gerber & Eisenberg LLP

Employee Benefits Alert

Neal, Gerber & Eisenberg LLP on

This alert is intended to provide you with an update on the following employee benefit developments that we thought would be of interest: Tax Cuts and Jobs Act reduces the health savings account limit for 2018....more

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