News & Analysis as of

Employee Benefits 401k 403(b) Plans

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

Miller Canfield

IRS Issues FAQs Regarding Long-Term Part-Time Employees in 403(b) Plans

Miller Canfield on

The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more

Groom Law Group, Chartered

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

Verrill

IRS Provides Helpful Answers Regarding Long-Term Part-Time Employees in 403(b) Plans

Verrill on

In November 2023, the IRS issued proposed regulations addressing the SECURE 2.0 long-term part-time (LTPT) employee eligibility requirements applicable to 401(k) plans knowing that further guidance would be needed to explain...more

Kelley Drye & Warren LLP

Student Loan Payments Need Not Derail Retirement Savings

The IRS recently released interim guidance to assist employers who wish to provide matching contributions to the 401(k) or 403(b) plan accounts of employees on their qualified student loan payments (“QSLPs”), in the same way...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Voya buys OneAmerica’s 401(k) business

The consolidation of the retirement plan business continues. Voya Financial will acquire OneAmerica’s retirement plan business, in a move that will add $60 billion to Voya’s asset base....more

Nelson Mullins Riley & Scarborough LLP

IRS Reminder: Deadlines Extended for Retirement Plan Amendments but Compliance Still Required

On September 12, the IRS reminded plan sponsors to review and comply with IRS Notice 2024-02 (the “Notice”), which extended and consolidated deadlines for employers and others sponsoring 401(k), 403(b), 457(b) and other...more

Carlton Fields

2024 IRS Guidance on Employee Benefits

Carlton Fields on

Employee benefits or employee benefit issues can arise anytime you are providing employees something of value other than direct cash compensation. Engagement is very important. I hear it talked about a lot at 401(k) committee...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS provides matching guidance

The Internal Revenue Service issued interim guidance on employer matching contributions made to retirement plans related to qualified student loan payments (QSLPs) made by employees....more

Williams Mullen

PODCAST: Williams Mullen's Benefits Companion - New IRS Guidance on SECURE 2.0 Act Student Loan Employer Contributions

Williams Mullen on

On this episode of Williams Mullen's Benefits Companion, host Brydon DeWitt discusses the recent IRS guidance regarding provisions under the SECURE 2.0 Act which allows employers to make matching contributions on account of...more

Verrill

IRS Issues Guidance Addressing Matching Contributions on Student Loan Payments

Verrill on

Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more

Kilpatrick

IRS Issues Guidance on Employer Matching Contributions for Student Loan Repayments

Kilpatrick on

The SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers to match student loan payments made by employees under 401(k), 403(b), governmental 457(b), or SIMPLE IRA plans in plan years beginning on or after January 1, 2024....more

Morgan Lewis - ML Benefits

Retirement Plans: Bona Fide Job-Based Exclusion or Impermissible Service Condition?

Employers utilizing class-based criteria to exclude employees from retirement plan participation face new issues and considerations following the adoption of the long-term part-time employee (LTPTE) rules in SECURE 1.0 and...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Automatic enrollment is coming and we are not ready

With a few exceptions, SECURE 2.0 requires that 401(k) and 403(b) plans established on or after December 29, 2022 begin to automatically enroll participants upon becoming eligible for such plan by the first plan year...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

Morgan Lewis

IRS Issues Fact Sheet on Disaster Relief Distributions and Plan Loans

Morgan Lewis on

The IRS recently issued a set of Frequently Asked Questions in Fact Sheet 2024-19, which address the special rules for distributions and plan loans for certain individuals impacted by major federally declared disasters under...more

Groom Law Group, Chartered

Is Your DC Plan Retirement Ready?

Participating in DC plans such as 401(k), 457, and 403(b) plans is the primary way most people save for retirement, and there is considerable sponsor and participant interest in making DC plans more effective at their primary...more

Locke Lord LLP

IRS Issues Guidance on Secure 2.0 – What Plan Sponsors Need to Know

Locke Lord LLP on

In late December 2023, approximately one year after Congress enacted the Setting Every Community Up for Retirement Enhancement Act of 2022 (“SECURE 2.0”), the Internal Revenue Service (the “IRS”) released Notice 2024-2 (the...more

Groom Law Group, Chartered

IRS Grants Administrative Delay for Mandatory Roth Catch-Ups

Beginning January 1, 2024, plan sponsors were going to have to provide mandatory Roth catch-up contributions for certain employees. This mandatory Rothification of catch-up contributions comes by way of Section 603 of...more

Patterson Belknap Webb & Tyler LLP

Does Your Retirement Plan Need a 'PLESA'?

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

Frantz Ward LLP

Secure 2.0’s Retirement Savings Improvements in 2024 and Beyond

Frantz Ward LLP on

In 2022, we took an early look at the Secure 2.0 Act as the draft legislation worked its way through Congress and analyzed the potential impacts that the final bill might have on retirement savings. Secure 2.0 was eventually...more

Jackson Lewis P.C.

Automatic Enrollment: This Is The Way

Jackson Lewis P.C. on

Thanks to SECURE Act 2.0, newly established 401(k) and 403(b) plans must now have an automatic enrollment. The SECURE Act 2.0 was passed in December 2022 and made sweeping changes to retirement plan regulations....more

McDermott Will & Emery

[Webinar] Employee Benefits Changes in 2024: New Requirements for Part-time Employees and Independent Contractors - March 7th,...

If you employ part-time workers and/or engage independent contractors, sit up and take note: 2024 will bring significant changes to how you manage your workforce. The US Department of Labor’s revised Independent Contractor...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.

Fidelity adds annuity option

Fidelity is offering a new solution, that will allow employees to convert all or a portion of their retirement savings—from a 401(k), 403(b), or 457(b)—into an immediate income annuity....more

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