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®
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PODCAST: Williams Mullen's Benefits Companion - Student Loan Benefits
PODCAST: Williams Mullen's Benefits Companion - New Hardship Distribution Regulations for 401(k) Plans
The Internal Revenue Service (IRS) issued interim guidance on the SECURE 2.0 Act provision permitting employers to make matching contributions based on employees’ qualified student loan repayments (“QSLP”) under 401(k),...more
Employees increasingly request (and expect) choice in their benefits. The Internal Revenue Service (IRS) recently released Private Letter Ruling 202434006 (PLR), which approved an employer's program allowing employees to...more
Until recently, employer matching contributions under qualified plans were required to be conditioned solely upon employee contributions made to the plan. However, one of the many changes enacted by the Consolidated...more
On August 19, 2024, the Internal Revenue Service (“IRS”) issued Notice 2024-63 (the “Notice”) for retirement plan sponsors that provide, or may wish to provide, matching contributions based on qualified student loan payments...more
IRS Notice 2024-63, published Aug. 19, 2024, provides interim guidance for plan sponsors on the SECURE 2.0 Act provision permitting employers to offer matching contributions to their retirement plans — including 401(k) and...more
One of the most basic duties of a defined contribution plan sponsor is to ensure that that there is no delay and participants’ salary deferral elections are correctly and timely deposited into the retirement plan. Not only is...more
No matter the size of your organization, at some point in time employees leave. As we noted previously, it behooves human resources and other departments to provide departing employees with an exit letter that includes...more
Total student loan debt in the country is estimated to be over $1.7 trillion. These loans are often a great source of worry for employees and their families. Student loan repayments may be one of the largest regular...more
In the final quarter of 2023, South Africa issued guidance on the new two-pot retirement system, Peru launched a new holiday starting in 2024, Singapore doubled its paid paternity leave, and Costa Rica reformed its pension...more
All Canadian employers other than those in Quebec are required to: Deduct Canada Pension Plan (CPP) contributions from their employees’ pensionable earnings if the employee meets certain conditions; Contribute an...more
The Internal Revenue Service (IRS) gave plan sponsors an early Christmas gift with the release of new guidance late last year addressing several key provisions contained in SECURE 2.0. A welcome portion of the notice was...more
The IRS and the U.S. Department of Labor recently issued guidance which addresses the newly created Pension Linked Emergency Savings Accounts (“PLESAs”), a novel plan design option authorized under SECURE 2.0. PLESAs are...more
With required contributions to the Family and Medical Leave Insurance (FAMLI) Fund starting this fall, Maryland employers should make sure employees have advance notice of the new deductions they will be seeing from their...more
The new year is an excellent time for businesses to take a fresh look at their policies to ensure they are up-to-date. This article highlights recent updates to the Massachusetts Paid Family Medical Leave law (PFML) to be...more
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
On November 9, 2023, the IRS issued Rev. Proc. 2023-34, which announces the 2024 indexed limits for certain health and welfare benefits. This is in addition to the limits that the IRS announced on May 16, 2023 in Rev. Proc....more
Seyfarth Synopsis: The IRS just announced the 2024 annual limits that will apply to tax-qualified retirement plans. For a third year in a row, the IRS increased the annual limits, allowing participants to save even more in...more
The Massachusetts Department of Family and Medical Leave has announced changes to the employer contribution rates and benefit amounts under the Paid Family and Medical Leave Act (PFMLA) effective January 1, 2024....more
Provident funds, or government-administered retirement funds, were introduced as a form of “social protection” to alleviate poverty at the time of retirement. Most social programs at the time did not provide enough to cover...more
On August 25, 2023 the Internal Revenue Service issued Notice 2023-62, which provides a critical 2-year delay in the enforcement of new retirement plan Catch-up Contributions rules passed under the Secure 2.0 Act of 2022....more
In Notice 2023-62, the IRS walked back the SECURE 2.0 rule that required catch-up contributions to be designated as Roth contributions except in the case of employees with compensation of $145,000 or less (indexed), by...more
As you probably already know, qualified retirement plans are permitted, but are not required, to allow participants who are age 50 or older to make additional elective deferrals (including designated Roth contributions),...more
More than four years since the passage of Oregon’s Paid Family Medical Leave Act into law, paid leave benefits will finally be available to Oregon employees starting September 3, 2023. Applications for benefits, toolkits and...more
Minnesota is the most recent state to enact a mandatory paid family and medical leave program, joining 11 other states and Washington D.C. in implementing paid leave laws. With a paid leave proposal being passed by the state...more
The burden of student loan debt is an ever-present challenge for our former post-high school students. As you probably know, President Biden had proposed a student debt forgiveness plan that was projected to relieve as much...more