News & Analysis as of

403(b) Plans

Faegre Drinker Biddle & Reath LLP

Things I Worry About: Automatic Enrollment (1)

This starts a new series of blog posts…Things I Worry About. I will number these, but they will be more episodic than sequential. SECURE Act 2.0 was enacted on December 29, 2022. Among its provisions is a requirement that...more

Bricker Graydon LLP

New IRS Guidance for Long-Term Part-Time Employees in ERISA covered 403(b) Plans at Private, Non-Profit Institutions of Higher...

Bricker Graydon LLP on

In potentially welcome news for public institutions of higher education, in Notice 2024-73, the Internal Revenue Service (IRS) confirmed that the new long-term part-time (LTPT) rules introduced by the SECURE Act and SECURE...more

Kilpatrick

IRS Issues Guidance on Overpayment Correction Rules under SECURE 2.0

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) made significant changes to the rules governing the correction of overpayments from employer sponsored retirement plans, including 401(k) plans, 403(b) plans, and defined benefit...more

Miller Canfield

IRS Issues FAQs Regarding Long-Term Part-Time Employees in 403(b) Plans

Miller Canfield on

The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more

Groom Law Group, Chartered

Long-Term, Part-Time Employee Guidance for Section 403(b) Plans (and Two-Year Extension for 401(k) Regulations)

On October 3, 2024, the Department of the Treasury (“Treasury”) and the Internal Revenue Service (“IRS”) issued Notice 2024-73 (the “Notice”) to clarify eligibility rules for long-term, part-time (“LTPT”) employees in 403(b)...more

Verrill

IRS Provides Helpful Answers Regarding Long-Term Part-Time Employees in 403(b) Plans

Verrill on

In November 2023, the IRS issued proposed regulations addressing the SECURE 2.0 long-term part-time (LTPT) employee eligibility requirements applicable to 401(k) plans knowing that further guidance would be needed to explain...more

Kelley Drye & Warren LLP

Student Loan Payments Need Not Derail Retirement Savings

The IRS recently released interim guidance to assist employers who wish to provide matching contributions to the 401(k) or 403(b) plan accounts of employees on their qualified student loan payments (“QSLPs”), in the same way...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Voya buys OneAmerica’s 401(k) business

The consolidation of the retirement plan business continues. Voya Financial will acquire OneAmerica’s retirement plan business, in a move that will add $60 billion to Voya’s asset base....more

Nelson Mullins Riley & Scarborough LLP

IRS Reminder: Deadlines Extended for Retirement Plan Amendments but Compliance Still Required

On September 12, the IRS reminded plan sponsors to review and comply with IRS Notice 2024-02 (the “Notice”), which extended and consolidated deadlines for employers and others sponsoring 401(k), 403(b), 457(b) and other...more

Carlton Fields

2024 IRS Guidance on Employee Benefits

Carlton Fields on

Employee benefits or employee benefit issues can arise anytime you are providing employees something of value other than direct cash compensation. Engagement is very important. I hear it talked about a lot at 401(k) committee...more

Tannenbaum Helpern Syracuse & Hirschtritt LLP

New Jersey Employers Must Act Soon: Are you Ready for RetireReady NJ?

Most employers with at least 25 employees in New Jersey that do not already offer a qualified retirement plan must soon take action to enroll their employees in the state’s “RetireReady NJ” retirement savings program. This...more

Proskauer - Employee Benefits & Executive...

Massachusetts District Court Permits 403(b) Plan Fiduciary Breach Claims to Proceed

A federal district court in Massachusetts recently denied a motion to dismiss a complaint filed by plan participants in the Cape Cod Healthcare, Inc. 403(b) plan, which alleged that the plan’s fiduciaries breached their ERISA...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS provides matching guidance

The Internal Revenue Service issued interim guidance on employer matching contributions made to retirement plans related to qualified student loan payments (QSLPs) made by employees....more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - New IRS Guidance on SECURE 2.0 Act Student Loan Employer Contributions

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the recent IRS guidance regarding provisions under the SECURE 2.0 Act which allows employers to make matching contributions on account of...more

Verrill

IRS Issues Guidance Addressing Matching Contributions on Student Loan Payments

Verrill on

Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more

Kilpatrick

IRS Issues Guidance on Employer Matching Contributions for Student Loan Repayments

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers to match student loan payments made by employees under 401(k), 403(b), governmental 457(b), or SIMPLE IRA plans in plan years beginning on or after January 1, 2024....more

Proskauer - Employee Benefits & Executive...

Reminder: Is Your Individually Designed 403(b) Plan Eligible for a Determination Letter?

Plan sponsors of Code Section 403(b) tax-sheltered annuity plans (“403(b) plans”) that have not already done so may want to consider applying for an IRS determination letter or planning and budgeting for the process next year...more

Morgan Lewis - ML Benefits

Retirement Plans: Bona Fide Job-Based Exclusion or Impermissible Service Condition?

Employers utilizing class-based criteria to exclude employees from retirement plan participation face new issues and considerations following the adoption of the long-term part-time employee (LTPTE) rules in SECURE 1.0 and...more

Groom Law Group, Chartered

This Week From the Hill (August 4 – 10, 2024)

Each week while Congress is in session, our Policy team delivers a key update to highlight a topical benefits, health, or retirement news item from the Hill, such as a newly introduced bill, a summary of a committee hearing,...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Automatic enrollment is coming and we are not ready

With a few exceptions, SECURE 2.0 requires that 401(k) and 403(b) plans established on or after December 29, 2022 begin to automatically enroll participants upon becoming eligible for such plan by the first plan year...more

Kilpatrick

IRS Provides Guidance on Emergency Personal Expense and Domestic Abuse Victim Distributions Under SECURE 2.0

Kilpatrick on

As discussed in our prior alert, the SECURE 2.0 Act of 2022 (“SECURE 2.0”) added new exceptions to the 10% additional tax for emergency personal expense distributions and domestic abuse victim distributions. These new...more

Morgan Lewis

IRS Issues Fact Sheet on Disaster Relief Distributions and Plan Loans

Morgan Lewis on

The IRS recently issued a set of Frequently Asked Questions in Fact Sheet 2024-19, which address the special rules for distributions and plan loans for certain individuals impacted by major federally declared disasters under...more

Groom Law Group, Chartered

Is Your DC Plan Retirement Ready?

Participating in DC plans such as 401(k), 457, and 403(b) plans is the primary way most people save for retirement, and there is considerable sponsor and participant interest in making DC plans more effective at their primary...more

Fox Rothschild LLP

Perils of the 401K to IRA Rollover; Spouses Beware

Fox Rothschild LLP on

Earlier today I happened upon a really important article accenting the dangers of what often starts as an entirely innocent transaction. A site called the Street.com publishes a variety of articles about retirement and...more

Jackson Lewis P.C.

SDNY Denies Leave to Amend ERISA Complaint with “Substantively the Same Defects” as Dismissed Complaint

Jackson Lewis P.C. on

A New York federal court recently denied former hospital employees’ request for leave to file a Third Amended Complaint (“TAC”) after dismissing their Second Amended Complaint (“SAC”) for lack of standing and failure to state...more

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