THE ACCIDENTAL ENTREPRENEUR PART IV
Happy Spring from the Kaufman & Canoles ESOPs, Benefits & Compensation team! We hope you’re shaking off the winter blues and ready for another round of benefits updates. ...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
The Internal Revenue Service and U.S. Department of Labor recently issued guidance on various aspects of the Consolidated Appropriations Act of 2023, commonly referred to as SECURE 2.0. Below is a summary of key provisions...more
As 2023 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate SW Benefits Updates. Part 1 covered health and welfare plan...more
As summer turns to fall, the employee benefits landscape continues to evolve. A few of our thoughts on recent updates are below. Also be on the lookout over the coming weeks for a separate guide to SECURE 2.0 provisions that...more
The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...more
A recent phishing incident related to a Retirement Clearinghouse (RCH) employee email account caused RCH to alert more than 10,500 individuals on May 12, 2023 that their personal data (including their names, Social Security...more
The Secure Act 2.0 of 2022, enacted in the closing days of 2022, makes a substantial number of changes to tax-qualified retirement plans, most of which are intended to increase plan coverage and retirement savings. Although...more
As widely reported, the president recently signed into law the Consolidated Appropriations Act of 2023 (CAA 2023), a $1.7 trillion omnibus spending bill, which contains significant provisions affecting employer-sponsored...more
SECURE 2.0 Act of 2022 (the “Act”) was signed into law by President Biden on December 29, 2022 (the date of enactment), as part of the larger government funding bill. The Act makes numerous changes affecting retirement plans....more
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of March 13, 2022 – March 19, 2022. Additionally, for continuing updates on the tax impact of...more
The Department of Labor’s Proposed Prohibited Transaction Exemption and its Impact on Recommendations to Plans, Participants and IRAs (Part 2) - On July 7, 2020, the DOL issued a proposed prohibited transaction exemption...more
Editor's Overview - As the summer heats up, so too has the U.S. Supreme Court's docket for next term where it has already agreed to hear three ERISA cases and more may be in the works. On the docket already are ERISA...more
In recent years, several states, including Illinois, have passed laws that would require employers who do not offer retirement plans to automatically enroll employees into IRAs. However, there has been concern regarding...more
Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more