News & Analysis as of

Benefit Plan Sponsors › Forfeiture › Employer Contributions

Groom Law Group, Chartered

Defendants Secure Another Win on Discretionary Use of 401(k) Plan Forfeitures

Groom Law Group, Chartered on

On September 19, 2024, the Southern District of California dismissed claims brought by a 401(k) plan participant against Thermo Fisher Scientific Inc. regarding the use of forfeitures to offset future employer contributions. ...more

Verrill

December 2018 Client Advisory

Verrill on

This Client Advisory highlights important developments in the law governing employee benefit plans and executive compensation over the past year. It offers insight into what these developments mean for employers and plan...more

Holland & Knight LLP

Finalized Regulations Allow Forfeitures to Fund QNECs, QMACs to 401(K) Plans

Holland & Knight LLP on

The Internal Revenue Service (IRS) has ruled that forfeitures under 401(k) plans can now be used to make qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs) to 401(k) plans. This recent...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Plans should get rid of those forfeitures

Ary Rosenbaum - The Rosenbaum Law Firm P.C. on

Forfeitures that occur when people terminate service from retirement plans is usually a problem when the plan sponsor and their providers forget about them. Whether forfeitures are used to pay expenses, reduce employer...more

Jackson Lewis P.C.

Forfeiture Freedom

Jackson Lewis P.C. on

Some of our employer client sponsors of pre-approved 401(k) plans have contacted us regarding plan amendment notices received recently from their prototype or volume submitter plan document sponsors relating to the expanded...more

Seyfarth Shaw LLP

Newly Proposed IRS Rules Permit the Use of Forfeitures for QNECs and QMACs

Seyfarth Shaw LLP on

On January 18, 2017, the IRS issued proposed regulations that expand the permitted uses of forfeitures in a 401(k) plan. Under the proposed rules, the definitions of “qualified nonelective contributions” (QNECs) and...more

Sherman & Howard L.L.C.

IRS Relaxes Rules on Use of Forfeitures to Fund Safe Harbor Contributions and QNECs to 401(k) Plans

Sherman & Howard L.L.C. on

The IRS recently issued welcome guidance for sponsors of 401(k) plans. On January 18th, the IRS issued proposed regulations that permit forfeitures to be used to fund the employer’s safe harbor contributions, qualified...more

BCLP

Now You Can Be Up to Your QNEC in Forfeitures

BCLP on

On January 18, 2017, the IRS issued proposed regulations allowing amounts held as forfeitures in a 401(k) plan to be used to fund qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs). This...more

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