Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...more
4/8/2024
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Compensation & Benefits ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Contributions ,
Internal Revenue Code (IRC) ,
IRS ,
Pensions ,
Retirement Plan ,
SECURE Act
On December 20, 2019, the Further Consolidated Appropriations Act, 2020 (the “FCAA”) was signed by the President after passing both houses of Congress. Within the FCAA, which was primarily a budget and spending law, a...more
On September 23, 2019, the Department of Treasury published the final regulations relating to changes to the hardship distribution rules that apply to qualified retirement plans and 403(b) plans, that were enacted under the...more
On September 29, 2017, the Disaster Tax Relief and Airport and Airway Extension Act of 2017 (the “Act”)1 was signed into law to provide aid to victims who are recovering from the recent hurricanes in August and September...more
10/25/2017
/ 401k ,
403(b) Plans ,
Distribution Rules ,
Employee Benefits ,
Hardship Distributions ,
Hurricane Harvey ,
Hurricane Irma ,
Hurricane Maria ,
Natural Disasters ,
Puerto Rico ,
Retirement Plan
The IRS announced (through the two announcements 2017-11 and 2017-13) relief for victims of Hurricane Harvey, which struck Texas and surrounding areas in August 2017, and victims of Hurricane Irma, which struck Florida and...more
9/27/2017
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Employee Benefits ,
Form 5500 ,
Hardship Distributions ,
Hurricane Harvey ,
Hurricane Irma ,
IRS ,
Natural Disasters ,
Retirement Plan ,
Tax Extensions ,
Tax Returns
Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more
In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more