News & Analysis as of

Employer Liability Issues Retirement Plan Employees

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

Carlton Fields

Auto-Portability Providers Racing to Close Retirement Plan Gap

Carlton Fields on

For decades, both the federal and state governments have been working to tackle the coverage gaps in our retirement system. In the race for retirement readiness, dark horses like state plans with mandatory adoption...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

Retirement Plans: What Categories of Employees may be Excluded?

Verrill on

We are often asked about the permissibility of excluding certain categories of employees from participating in an employer’s tax-qualified retirement plan. This post provides a high-level summary of what is and is not...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

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. Under the SECURE...more

McDermott Will & Emery

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

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. 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

A Long-Term, Part-Time Employee or Not a Long-Term, Part-Time Employee, That Is the Question

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. Under the SECURE...more

McDermott Will & Emery

A Long-Term, Part-Time Employee or a Former Long-Term, Part-Time Employee, That Is the Question

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. Under the SECURE...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

Littler

UK Employment Legislation Round-up

Littler on

We previously wrote about the flurry of new employment law bills introduced to UK Parliament this year. Two of those employment law bills have now become law – 1) the Workers (Predictable Terms and Conditions) Act 2023 and 2)...more

Schwabe, Williamson & Wyatt PC

DJC Op-Ed: Affordable Benefit Ideas to Help Employers Increase Worker Retention

Any employers muddling through the most confounding labor shortage the construction industry has seen in decades probably have already seen dozens of articles with advice on how to best attract, incentivize, and retain...more

Foley & Lardner LLP

Diving Into SECURE 2.0: Expanding Access to 401(k) Plan Savings for Long-Term Part-Time Employees

Foley & Lardner LLP on

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

McDermott Will & Emery

Just Catching Up? For SECURE 2.0’s Catch-Up Contributions, Age Is More Than Just a Number

McDermott Will & Emery on

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. Nearly all employers offer eligible participants the opportunity to make...more

McDermott Will & Emery

Just Catching Up? All for One, or None for All, Catch-Up Contributions Under SECURE 2.0

McDermott Will & Emery on

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act indicates that any plan that permits catch-up contributions...more

McDermott Will & Emery

Just Catching Up? Wages, by Any Other Name, Not So Sweet for Employers Under SECURE 2.0

McDermott Will & Emery on

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act indicates that any plan that permits catch-up contributions...more

Foley & Lardner LLP

Diving Into SECURE 2.0: Changes for Small Employer Retirement Plans

Foley & Lardner LLP on

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

McDermott Will & Emery

All for One, or None for All, Catch-Up Contributions Under SECURE 2.0

McDermott Will & Emery on

In this series of articles, we explore the implications of SECURE 2.0’s changes to catch-up contributions and how employers should respond. The SECURE 2.0 Act indicates that any plan that permits catch-up contributions...more

Holland & Hart - The Benefits Dial

Easy Money…Self-Certify Your Hardships Away

If a 401(k) or 403(b) plan permits employees to take in-service hardship withdrawals in the event of an immediate and heavy financial need, new legislation provides that, effective for plan years beginning in 2023, employers...more

Bradley Arant Boult Cummings LLP

Don’t Overlook These 5 Benefits Issues Facing Higher Education Institutions

All employers are faced with challenges and compliance risks associated with providing benefits to their employees. However, these risks and challenges can vary greatly by industry. Employers (and their advisors) who...more

Brooks Pierce

SECURE 2.0: Recent Changes to Retirement Plan Laws

Brooks Pierce on

While most of us were busy preparing for the holidays and making New Year’s resolutions, Congress and President Biden were busy rolling out new retirement plan legislation. On Dec. 22 and Dec. 23, respectively, the Senate and...more

McDermott Will & Emery

SECURE 2.0 Takes Second Bite at Retirement Security

McDermott Will & Emery on

The US Congress recently passed the SECURE 2.0 Act of 2022 (SECURE 2.0). Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 (SECURE 1.0), SECURE 2.0 strives to expand retirement plan...more

Mintz - Employment Viewpoints

Expanding Coverage and Increasing Retirement Savings with the SECURE 2.0 Act

Congress has passed long-awaited retirement legislation under Division T of the Consolidated Appropriations Act of 2023 known as the SECURE 2.0 Act of 2022 (the “Act”), which awaits the President’s signature. The Act is a...more

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