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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

Student Loan Match – Repay Student Loans and Save For Retirement

On August 19, 2024, the Internal Revenue Service (“IRS”) issued Notice 2024-63 (the “Notice”) for retirement plan sponsors that provide, or may wish to provide, matching contributions based on qualified student loan payments...more

IRS Issues Long-Term, Part-Time Employee Proposed Regulations

On November 24, 2023, the IRS issued a Notice of Proposed Rulemaking, which provides long-awaited proposed regulations regarding the “long-term, part-time employees” rules under the SECURE Act of 2019 (“SECURE 1.0”) and the...more

IRS Gives Plans Two Years to “Catch Up”

On Friday, August 23, 2023, the IRS issued Notice 2023-62, which provides long-awaited relief regarding the SECURE 2.0 requirement that age 50 catch-up contributions for higher income participants in Section 401(k), 403(b),...more

Tax-Exempt and Church Plan Highlights From SECURE 2.0

The wide-ranging SECURE 2.0 Act of 2022 (“SECURE 2.0”) radically altered the retirement plan landscape, and is likely to create a significant number of action items for sponsors of retirement plans for tax-exempt entities and...more

SECURE 2.0 Hitches a Ride Just in the St. Nick of Time

Yesterday, the Senate passed the Consolidated Appropriations Act of 2023 (the “CAA”) to fund the government through September 30, 2023. Division T of the legislation is the SECURE 2.0 Act of 2022 (“SECURE 2.0”), which builds...more

Proposed “One-Bad-Apple” Rules – IRS Takes Another Cut

On March 25, the IRS issued a set of proposed regulations under Internal Revenue (“Code”) section 413(c) and 413(e) addressing multiple employer plans, or “MEPs,” and pooled employer plans, or “PEPs.” 87 Fed. Reg. 17225. We...more

Upcoming Deadlines for Plan Sponsors – January 2022

Upcoming deadline alert! Plan sponsors should prepare for these upcoming January 2022 deadlines to ensure federal compliance and avoid penalties....more

[Webinar] It’s Not Too Late! What Employers Need to Do With Their Retirement Plans Before Year End - November 23rd, 1:30 pm - 2:00...

You may have changed the way hardship withdrawals are made from your 401(k) plan a couple of years ago to comply with changes in the law, but did you amend your plan? And for amendments to required minimum distributions that...more

2021 Retirement Plan Year-End Amendments and Operational Compliance

As we approach the end of 2021, it’s again time for sponsors of 401(a) and 403(b) plans to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements. While...more

IRS Announces Opening of the Second 403(b) Pre-Approved Plan Cycle

Background on the 403(b) Pre-Approved Plan Program - In 2013, the IRS began accepting prototype and volume submitter 403(b) plans (now referred to collectively as “pre-approved” plans) in the first-ever 403(b) remedial...more

IRS Clarifies Partial Plan Termination Relief Under 2020 Legislation

On April 27, the Internal Revenue Service (“IRS”) issued informal guidance on partial plan terminations as part of the COVID-related tax relief provided under The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (the...more

IRS Guidance on SECURE Act Provides More Detail on Changes to Safe Harbor Plans

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) made several changes to the rules for certain safe harbor 401(k) plans. One change increased the cap on automatic enrollment safe harbor...more

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