News & Analysis as of

Retirement Internal Revenue Service

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Some TPAs are in the administration business, some are not

There are those TPA that sell financial products, there are some that sell insurance, and there are those that just administer and record keeping....more

Kilpatrick

5 Key Takeaways - New IRS Final RMD Rules and Proposed Regulations to Address Additional SECURE 2.0 Act Issues

Kilpatrick on

Kilpatrick partner Sterling Perkinson and counsel San Parikh recently presented a CLE webinar for Strafford that focused on the 2024 Final Regulations and 2024 Proposed Regulations released on July 19, 2024, implementing the...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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

You should have the plan and valuation at your finger tips

I’m old enough to remember when they would do ads for the Yellow Pages and they told you should let your finger do the walking....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The end of forfeitures to reduce contributions is inevitable

Recently had a client going through an Internal Revenue Service (IRS) audit and while talking to an agent, they didn’t disagree with my theory that the idea of being able to reduce employer contributions through forfeitures...more

Proskauer Rose LLP

Wealth Management Update - September 2024 - 2

Proskauer Rose LLP on

September 2024 AFRs and 7520 Rate - The September 2024 Section 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 4.8%, a decrease from the August 2024 rate of 5.2%. The September...more

Laner Muchin, Ltd.

IRS Finalizes Required Minimum Distribution Regulations

Laner Muchin, Ltd. on

The IRS recently published its final regulations addressing changes to Tax Code Section 401(a)(9), relating to required minimum distributions (RMDs), under the Setting Every Community Up for Retirement Enhancement Act of 2019...more

Locke Lord LLP

New IRS Guidance: Emergency Personal Expense and Domestic Abuse Victim ‎Distributions Under SECURE 2.0

Locke Lord LLP on

On June 20, 2024, the Internal Revenue Service (“IRS”) released Notice 2024-55 (the “Notice”) offering guidance on two (2) new types of distributions exempt from the 10% early withdrawal penalty: emergency personal expense...more

Kilpatrick

IRS Issues Long-Awaited Final RMD Regulations

Kilpatrick on

On July 18, 2024, the IRS finalized changes to the regulations governing required minimum distributions (“RMDs”) to reflect changes made by the Setting Every Community Up for Retirement Act of 2019 (“SECURE Act”) and SECURE...more

Groom Law Group, Chartered

IRS Finalizes (and Proposes More) Required Minimum Distribution Rules

At long last, the Treasury Department and the Internal Revenue Service (“IRS”) issued final (and new proposed) regulations that address the major changes to Code section 401(a)(9) under the Setting Every Community Up for...more

Farrell Fritz, P.C.

IRS Issues Final Regulations Regarding Required Minimum Distributions (RMDs) from Retirement Accounts

Farrell Fritz, P.C. on

On July 18th, the Internal Revenue Service released final regulations regarding required minimum distributions (RMDs) from retirement accounts. The final regulations reflect changes to the Internal Revenue Code made by the...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

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

DOL wants help on retirement plan lost and found

The Department of Labor (DOL) issued a proposed information collection request (ICR) to help implement a lost-and-found database to assist former plan participants with locating missing retirement accounts....more

Morgan Lewis - ML Benefits

IRS Extends Post-Death RMD Relief Under the 10-Year Rule for 2024 Distributions

The Internal Revenue Service (IRS) recently extended relief with respect to certain post-death required minimum distributions (RMDs) under Internal Revenue Code Section 401(a)(9)....more

Fox Rothschild LLP

The N.Y.Times Offers a History Lesson in Retirement Anxiety

Fox Rothschild LLP on

The beauty of studying history is that it some times sews together a credible narrative. We have written a fair amount about America’s anxiety, both financial and political. But today’s podcast, an interview with Michael...more

Groom Law Group, Chartered

Retirement Lost & Found: DOL Proposes Voluntary Reporting

The SECURE 2.0 Act of 2022 directed the Department of Labor (“DOL”) to establish a database that individuals can search to help locate their retirement benefits. The database – referred to as the Retirement Savings Lost and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Retirement Plan Catastrophes That Should Be Avoided

I ’ve lived a while and I have certainly seen a lot of epic disasters and catastrophes. I’m not talking just about real life but about retirement plans. There are many errors that retirement plans can have, such as failing to...more

King & Spalding

Department of Labor Finalizes Changes to QPAM Exemption

King & Spalding on

Investment managers who manage private employee benefit plan and individual retirement account (collectively, “Plan”) assets have long relied on Prohibited Transaction Class Exemption 84-14 (commonly referred to as the “QPAM...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS should clarify the merged MEP/PEP automatic enrollment rule

The rules are the rules and I believe that rules should be consistent and rational. The Internal Revenue Service (IRS) disagrees with that notion when it comes to automatic enrollment and merged plans into MEPs and PEPs....more

McDermott Will & Emery

A Q&A and More Delay: IRS Begins to Issue Clarifying Guidance on SECURE 2.0 Provisions

McDermott Will & Emery on

In late December 2023, the Internal Revenue Service (IRS) issued Notice 2024-2 (the Notice), providing guidance on key provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). SECURE 2.0, which was passed in December 2022,...more

Jones Day

Another 401(k) Plan Sponsor Faces Novel Suit Regarding its Use of Forfeiture Funds

Jones Day on

The Employee Retirement Income Security Act ("ERISA") plaintiffs' bar has found a new way to allege that 401(k) plan sponsors have breached their fiduciary duty....more

Morgan Lewis

IRS Provides Guidance on Hodgepodge of Secure 2.0 Provisions

Morgan Lewis on

The US Internal Revenue Service (IRS) released a notice providing guidance on various provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). Some of the topics touched on in the guidance include automatic enrollment, the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Why would any employer do this?

SECURE 2.0 allows employers the opportunity to offer matching contributions and profit-sharing contributions on an after-tax basis for participants who elect such treatment. Why would any employer offer that? I require...more

Kilpatrick

IRS Releases SECURE 2.0 Guidance; Extends Amendment Deadlines

Kilpatrick on

On December 20, 2023, the Internal Revenue Service (“IRS”) issued Notice 2024-2, which provides guidance on some important provisions of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Notice 2024-2, is not comprehensive guidance...more

McDermott Will & Emery

This Is Not a Test! IRS Confirms Long-Term, Part-Time Employees Excludible From Certain Nondiscrimination Testing

McDermott Will & Emery on

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more

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