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Employee Benefits Employees Internal Revenue Service

Seyfarth Shaw LLP

Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans

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Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by...more

Verrill

IRS Issues Guidance Addressing Matching Contributions on Student Loan Payments

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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

Keating Muething & Klekamp PLL

Benefits Monthly Minute - August 2024

The August Monthly Minute highlights new IRS guidance addressing student loan matching programs, HHS’s increases to civil monetary penalties and Form 5330 paper filing updates....more

Bradley Arant Boult Cummings LLP

Every Retirement Plan Needs Practices and Procedures for Self-Correction

Administering a retirement plan is a complicated task fraught with potential missteps. Fortunately, employers are now able to self-correct most errors and thereby avoid the considerable time and expense of filing an...more

Seyfarth Shaw LLP

IRS Releases Increased HSA Limits for 2025

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Seyfarth Synopsis: The IRS has announced increases to key limits for certain health and welfare benefit programs, including HSA contributions for 2025. The IRS recently released 2025 cost-of-living adjustments applicable to...more

Davis Wright Tremaine LLP

How SECURE 2.0 Options Impact Form W-2 and Form 1099-R Reporting

IRS reminds employers that implementing certain optional retirement plan provisions of SECURE 2.0 affect Form W‑2 and Form 1099‑R reporting starting in 2023 - The IRS recently issued Fact Sheet 2024‑18 to highlight how...more

Verrill

Why Is There No IRS Correction Program for Non-Governmental 457(b) Plans?

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This post examines excess deferrals under non-governmental 457(b) plans, including the approved method for correcting them and the penalty for failing to correct them, to make the case for a change in IRS policy on correcting...more

Holland & Hart - The Benefits Dial

You Live, You Learn… Correcting “Qualification Failures” under the Self-Correction Program

The Employee Plans Compliance Resolution System (“EPCRS”), as set forth in Revenue Procedure 2021-30, allows plan sponsors to correct “Qualification Failures,” which are defined as any plan document, operational, demographic...more

Troutman Pepper

Long-Term Part-Time Employee Eligibility Rules Now in Effect – Are You Ready?

Troutman Pepper on

The Setting Every Community Up for Retirement Enhancement Act (SECURE 1.0) requires plans to permit employees who work at least 500 hours but less than 1,000 hours in three consecutive 12-month periods to make elective...more

McDermott Will & Emery

When It Comes to Vesting, IRS Says Once a Long-Term, Part-Time Employee, Always a Long-Term, Part-Time Employee

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In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more

McDermott Will & Emery

This Is Not a Test! IRS Confirms Long-Term, Part-Time Employees Excludible From Certain Nondiscrimination Testing

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In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more

McDermott Will & Emery

New Rules Make Tracking Long-Term, Part-Time Employee Service a Full-Time Job

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In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Under the SECURE...more

McDermott Will & Emery

IRS Confirms Same Hours-Counting Rules Still Add Up for Long-Term, Part-Time Employees

McDermott Will & Emery on

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Following the...more

McDermott Will & Emery

Under Long-Term, Part-Time Employee Rules, Some Things Change, and Some Things Stay the Same

McDermott Will & Emery on

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Together, the SECURE...more

Seyfarth Shaw LLP

“SECURE-ing” the Answers to Outstanding Questions on the Rothification of Employer Contributions

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Seyfarth Synopsis: Under Section 604 of Secure 2.0, sponsors of 401(k), 403(b) and governmental plans may allow employees to designate employer match (including match on student loan repayments) or nonelective contributions...more

Sheppard Mullin Richter & Hampton LLP

Reminder to Perform Annual ISO/ESPP Reporting in January 2024

As discussed in our December 16, 2010, blog article, the IRS issued final regulations in 2009 under Section 6039 of the Internal Revenue Code (the “Code”) that require employers to annually furnish each employee who exercised...more

McDermott Will & Emery

IRS Says Keep Those Class Exclusions Classy Under Long-Term, Part-Time Employee Rules

McDermott Will & Emery on

In this series of articles, we explore the implications of the long-term, part-time employee rules under the SECURE Act and SECURE 2.0 and the impact those rules have on employers and their workforces. Together, the...more

Seyfarth Shaw LLP

The IRS’s Grab Bag of SECURE 2.0 Guidance is Here!

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Seyfarth Synopsis: Adding to the holiday joy of employee benefits practitioners nationwide, yesterday the IRS issued guidance on several outstanding questions related to SECURE 2.0. At this time of year, we are especially...more

McDermott Will & Emery

IRS Guidance Leaves Little Time for Long-Term, Part-Time Employee Changes

McDermott Will & Emery on

Together, the SECURE Act and the SECURE 2.0 Act feature numerous changes to retirement plan rules that aim to help employees achieve retirement security by ensuring that more workers have access to retirement plans, can save...more

Verrill

Proposed Regulations Regarding Long-Term, Part-Time Employees

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Newly issued IRS Proposed Regulations regarding the special eligibility and vesting requirements for long-term, part-time employees provide guidance that 401(k) plan sponsors have been waiting for since these requirements...more

Seyfarth Shaw LLP

The Long Wait for the Long-Term Part-Time Guidance is Over

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Seyfarth Synopsis: It’s here for your post-Thanksgiving turkey hangover reading pleasure! The Department of Treasury and IRS released on Friday (in the middle of most people’s long holiday weekend) their proposed rules for...more

Holland & Hart - The Benefits Dial

Don’t Know Much About History … But I Do Know How Employers Can Help Their Employees With Student Loan Debt!

by Elizabeth Nedrow Employers try to provide a benefits package that employees appreciate and understand. Beyond the traditional offerings like 401(k), match, medical and dental, employers often try to be responsive to...more

Faegre Drinker Biddle & Reath LLP

Congressional Leaders Address SECURE 2.0 Act Glitches

The SECURE 2.0 Act made sweeping changes to Internal Revenue Code (Code) and ERISA provisions governing employee benefit plans. In a recent letter to the Department of the Treasury and the Internal Revenue Service, the...more

Keating Muething & Klekamp PLL

Benefits Monthly Minute - December 2022

The December Monthly Minute highlights the IRS’ decision to make permanent the ACA individual-reporting extension and EBSA’s restoration of $1.4B as a result of its FY22 enforcement actions....more

Verrill

When Cash is not King: Holiday Gifts as “De Minimis” Fringe Benefits

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To celebrate the holiday season, this post highlights the tax consequences of employer-sponsored holiday perks such as gift cards, turkeys, hams and gift baskets. Under the current tax rules, employers may give infrequent low...more

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