Is ChatGPT sufficiently reliable to provide advice on employee benefits matters? Not yet, but ChatGPT and generative Artificial Intelligence may likely be useful tools for employee benefits attorneys in the future....more
On December 20, 2023, the IRS issued Notice 2024-2, which provides question-and-answer guidance on various aspects of the SECURE 2.0 Act. This post focuses on the ability to make employer contributions (match or nonelective)...more
On December 20, 2023, the IRS issued Notice 2024-2, which provides question-and-answer guidance on various aspects of the SECURE 2.0 Act. This post focuses on the “de minimis financial incentives” under SECURE 2.0 Act Section...more
12/28/2023
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
De Minimus Quantity Exemption ,
Defined Contribution Plans ,
Employee Benefits ,
Incentives ,
IRS ,
New Guidance ,
Retirement Plan ,
SECURE Act
SECURE 2.0 introduced several new distribution options and tax reporting rules for defined contribution plan sponsors. Below is an overview of the new provisions and their potential implementation dates...more
Congress included “SECURE 2.0 of 2022” in the Consolidated Appropriations Act, 2023, the $1.7-trillion omnibus spending bill, which was signed by President Biden on December 29, 2022 (the date of enactment). Secure 2.0 is a...more
The IRS recently announced the 2023 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans. The IRS significantly increased the applicable limits for 2023 due to the high rate of...more
The Employee and Retiree Access to Justice Act is — yes — another employee benefits bill recently introduced in both the House and Senate (see our other blog post on SECURE 2.0, already passed by the House and which now has a...more
On June 8, 2022, the Congressional Research Service published “Private-Sector Defined Contribution Pension Plans: An Introduction.” We reviewed the report and wanted to highlight a few key data points. Defined contribution...more
On February 24, 2022, the IRS issued proposed regulations incorporating the Setting Every Community Up for Retirement Enhancement Act (“SECURE Act”) into the required minimum distributions (“RMDs”) regulations. The IRS is...more
As the end of year approaches, now is the time for safe harbor 401(k) plan sponsors to prepare their annual safe harbor notices.
401(k) Plans that satisfy nondiscrimination testing via the employer contribution safe...more
With SECURE Act 1.0 (officially titled “Setting Every Community Up for Retirement Enhancement Act”) still being implemented by many plan sponsors, Congress is now considering a new package of laws designed to help close the...more
5/21/2021
/ 401k ,
Benefit Plan Sponsors ,
Contribution Limits ,
Defined Contribution Plans ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
New Legislation ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Retirement Plan Providers ,
SECURE Act
In July 2020, the Government Accountability Office (GAO) prepared a report for the Ranking Member of the Senate Committee on Health, Education, Labor and Pensions about Qualified Domestic Relations Orders (QDROs). QDROs are...more
The IRS deadline to file for a determination letter for an individually designed statutory hybrid plan is August 31, 2020. Statutory hybrid plans include cash balance plans, pension equity plans and certain other variable...more
The Department of Labor (DOL) issued final electronic disclosure rules for retirement plans on May 27, 2020 (2020 Safe Harbor). We are already fielding questions about these new rules and have provided answers here to some of...more
The U.S. Department of Labor (DOL) has issued final regulations that provide an additional safe harbor method of satisfying the ERISA electronic disclosure requirements for retirement plans (note, these rules do not apply to...more
The Coronavirus Aid, Relief, and Economic Security (CARES) Act suspended 401(k) loan repayments for qualified individuals that are due between March 27, 2020, and December 31, 2020. Qualified individuals include plan...more
The IRS recently announced the 2020 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans.
Retirement Plan Limits -
The following limits apply to...more
The next wave of Employee Retirement Income Security Act (ERISA) litigation could be upon us, depending on the outcome of four new lawsuits bringing untested legal arguments about the reasonableness of actuarial assumptions....more
Retirement Plans -
The following limits apply to retirement plans in 2019:
- The limit on elective deferrals under 401(k) and 403(b) plans increased to $19,000 for 2019....more
The IRS recently announced the 2018 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans....more
The IRS recently announced the 2017 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans.
Retirement Plan Limits -
The following limits apply to...more