News & Analysis as of

Tax Cuts and Jobs Act Internal Revenue Service Benefit Plan Sponsors

Holland & Knight LLP

IRS Section 457(f) Plans: An Update Amid Regulatory Uncertainty

Holland & Knight LLP on

Section 457(f) of the U.S. Internal Revenue Code provides a framework for nonqualified deferred compensation arrangements commonly offered by tax-exempt and governmental employers. These plans are frequently used to recruit...more

McDermott Will & Schulte

Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

McDermott Will & Schulte on

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections...more

Perkins Coie

Employee Benefit Plan Developments—2020 Year in Review

Perkins Coie on

Employee benefits professionals have faced many challenges in 2020. We have seen remarkable changes to state and local requirements, an onslaught of new benefits legislation and governmental policies, shifting reporting and...more

Groom Law Group, Chartered

Final Regulations Remove Longstanding Default Pension Withholding Provisions, but Delay New Form W-4P

The Tax Cuts and Jobs Act of 2017 amended long-standing periodic pension default withholding where a Form W-4P (or its substitute) is not received from the payee. Effective January 1, 2018, the Act replaced the “married with...more

Flaster Greenberg PC

New Retirement Plan Hardship Distribution Rules: What You Need to Know

Flaster Greenberg PC on

The IRS recently amended the rules applicable to hardship distributions from 401(k) and 403(b) plans. The new hardship distribution regulation relaxes some of the restrictions on the availability of hardship distributions...more

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

Final IRS Regulations for Hardship Distributions Incorporate a Decade of Legislative Changes

On September 23, 2019, the U.S. Department of the Treasury and the Internal Revenue Service (IRS) published final regulations that modify the hardship distribution rules for profit sharing, 401(k), 403(b), and eligible...more

Verrill

Recap of Change to Retirement Plan Rollover Rules for Plan Loan Offsets

Verrill on

The Tax Cuts and Jobs Act of 2017 (“2017 Tax Act”) includes a provision that changed the rollover rules for certain plan loan offset distributions and that may not be well known to retirement plan sponsors and participants. ...more

Winstead PC

Issues Plan Sponsors and Fiduciaries Should Watch

Winstead PC on

Once upon a time, our retirement plan worries were primarily generated by the U.S. Department of Labor (“DoL”) or the Internal Revenue Service and their regulatory and enforcement efforts. In more recent times we have seen...more

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