PODCAST: Williams Mullen's Benefits Companion - New IRS Guidance on SECURE 2.0 Act Student Loan Employer Contributions
#WorkforceWednesday: SECURE Act 2.0 - What 401(k) Plan Sponsors Need to Know - Employment Law This Week®
ROCK OF AGES video
Three Timely Benefits Items Everyone Should Know
PODCAST: Williams Mullen's Benefits Companion - Student Loan Benefits
PODCAST: Williams Mullen's Benefits Companion - New Hardship Distribution Regulations for 401(k) Plans
Fall greetings from the Kaufman & Canoles ESOPs, Benefits & Compensation team. We hope you’re enjoying the cooler weather, changing leaves, and—of course—the continual pace of change in employee benefits. Please find below a...more
The Internal Revenue Service and U.S. Department of Labor recently issued guidance on various aspects of the Consolidated Appropriations Act of 2023, commonly referred to as SECURE 2.0. Below is a summary of key provisions...more
The IRS issued Notice 2024-2 (Notice), which provides guidance in a question and answer format concerning certain provisions of the SECURE 2.0 Act of 2022 (SECURE 2.0). The following is a brief overview of key provisions in...more
The SECURE 2.0 Act of 2022 (SECURE 2.0) significantly changes the legal and administrative compliance landscape for U.S. retirement plans. Foley & Lardner LLP is authoring a series of articles that take a “deep dive” into key...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
Seyfarth Synopsis: Due to the significant economic impact of COVID-19 on businesses, many plan sponsors would like to reduce or suspend contributions to safe harbor 401(k) plans this year. Normally, mid-year changes to safe...more
On June 29, the Internal Revenue Service (“IRS”) issued Notice 2020-52, which provides guidance and temporary relief for employers who may choose to reduce contributions during 2020 to their safe harbor 401(k) or 403(b) plan....more
On June 29, 2020, the Internal Revenue Service (the “IRS”) issued Notice 2020-52 that provides temporarily relief to plan sponsors that amend their safe harbor Section 401(k) or 401(m) plans (“Safe Harbor Plans”) mid-year to...more
The Internal Revenue Service (IRS) has issued temporary relief for sponsors of safe harbor retirement plans considering reduction or suspension of safe harbor contributions due to COVID 19. ...more
IRS Notice 2020-52 provides welcome relief to plan sponsors considering suspending safe harbor matching contributions or safe harbor nonelective contributions (or who already suspended safe harbor contributions during 2020)...more
As cash flow and decreased revenue concerns rise, many employers are looking for ways to cut costs. This article generally identifies the circumstances that allow a safe harbor 401(k) plan sponsor to suspend safe harbor...more
In times of economic uncertainty, employers who typically make 401(k) matching or profit-sharing contributions often choose to reduce or suspend those contributions to conserve cash and save jobs. Figuring out whether and...more
On March 24, 2020, the IRS released questions and answers (Q&As) relating to the extension of the 2019 tax filing deadline originally described in Notice 2020-18 (Notice). In addition to clarifying certain issues described in...more
Many employers are looking at their financial sustainability for the near future as COVID-19 impacts our economy and are looking at ways to cut costs. A common question we are receiving - can we stop matching our employees’...more
The SECURE Act, included as part of the Further Consolidated Appropriations Act, 2020, was signed into law on December 20, 2019. This post highlights changes that are exclusive to 401(k) plans...more
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was signed into law late last month and makes significant positive changes impacting retirement plans. Many of the provisions are effective today, so...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”), the largest package of retirement system reforms in over a decade, was enacted on December 20, 2019. Many of the provisions in the...more
On the latest episode of Williams Mullen's Benefits Companion, Brydon DeWitt and Ellie Clendenin discuss the new hardship distribution regulations and what plan sponsors need to know this year and for 2020....more
The IRS recently released final regulations making a number of changes to the rules applicable to hardship distributions from 401(k) and 403(b) plans. Concluding our three-part series on the final regulations, this blog entry...more
As discussed in our prior blog entry, the IRS recently released final regulations making a number of significant changes to the rules applicable to hardship distributions from 401(k) and 403(b) plans. As part of our...more
As part of our ongoing series on the final regulations expanding the availability of health reimbursement accounts (“HRAs”), we discussed the newly-created Individual Coverage HRAs, which generally allow for employers to...more
Last week, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancements (SECURE) Act of 2019. To become law, the bill still needs to be passed by the Senate and signed by the President....more
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
We previously reported on certain changes made to the hardship distribution rules for qualified retirement plans by the Tax Cuts and Jobs Act. Since then, Congress has made additional and significant changes to those same...more
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