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Employee Plans Compliance Resolution System 403(b) Plans

Foley & Lardner LLP

To 457(b) or Not to 457(b): Five Rules You Must Follow to Keep Your 457(b) Plan Compliant

Foley & Lardner LLP on

Recruiting and retaining top executives can be challenging for non-governmental tax-exempt organizations such as Code §501(c)(3) organizations, private universities, and certain healthcare organizations (Nonprofits). Not only...more

Davis Wright Tremaine LLP

SECURE 2.0 Medley – IRS and DOL Guidance for Plan Sponsors on Recent Changes

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

Eversheds Sutherland (US) LLP

IRS SECURE 2.0 guidance answers key questions

The IRS released long-awaited guidance under the SECURE 2.0 Act on December 20, 2023. Notice 2024-2 (Notice) provides clarification of various provisions, including several optional features that plan sponsors have been...more

Foley & Lardner LLP

Diving Into SECURE 2.0: New DOL Lost and Found, Updates to EPCRS, and Delayed Implementation of Roth Catch-up Requirement

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

FordHarrison

SECURE 2.0 Requires Major Changes to Retirement Plans and EPCRS

FordHarrison on

Executive Summary: On December 23, 2022, the Consolidated Appropriations Act of 2023 was passed by Congress, which included the SECURE 2.0 Act of 2022 (“SECURE 2.0” or “the Act”). This legislation greatly impacts retirement...more

Neal, Gerber & Eisenberg LLP

Client Alert: Raising the Curtain on the Next Act: SECURE ACT 2.0

Introduction - On December 29, 2022, the President signed into law the SECURE 2.0 Act of 2022 (“SECURE 2.0”). As its name suggests, SECURE 2.0 expands on actions taken by the original SECURE Act of 2019 (“SECURE 1.0”). ...more

Tarter Krinsky & Drogin LLP

What You Need to Know About The Secure Act 2.0

On December 29, 2022, President Biden signed into law the long-awaited Secure Act 2.0 of 2022 (Secure Act 2.0 or the Act), adding another round of major retirement plan changes to those made by the first Setting Every...more

Keating Muething & Klekamp PLL

What Employers Need to Know About SECURE 2.0

The Senate ushered in the New Year with a bang by passing SECURE 2.0 on December 22, 2022. SECURE 2.0 includes many updates to the sweeping changes brought about under 2019’s original SECURE Act legislation...more

Bradley Arant Boult Cummings LLP

SECURE 2.0: Retirement Plan Changes for 2023

The SECURE 2.0 Act of 2022 was enacted at the end of last year as part of the Consolidated Appropriations Act of 2023. The act sets forth a number of changes affecting retirement plans that go into effect over several years....more

Sherman & Howard L.L.C.

SECURE 2.0 Changes for the New Year: Key Takeaways for Plan Sponsors, Part 1

On December 29, 2022, President Joe Biden signed the SECURE 2.0 Act of 2022 (“SECURE 2.0”), a division of the Consolidated Appropriations Act, 2023 into law. SECURE 2.0 includes a wide range of changes geared toward...more

Foley & Lardner LLP

SECURE 2.0 Changes Rules for Retirement Plans

Foley & Lardner LLP on

SECURE 2.0 Act of 2022 (the “Act”) was signed into law by President Biden on December 29, 2022 (the date of enactment), as part of the larger government funding bill. The Act makes numerous changes affecting retirement plans....more

Stinson - Benefits Notes Blog

Congress Delivers SECURE 2.0 for the Holidays

Congress made several changes to retirement plans as part of the Consolidated Appropriations Act of 2023, which recently passed both the House and Senate. The final bill contains several provisions affecting retirement plans...more

Groom Law Group, Chartered

IRS Provides Guidance for Late Pre-Approved Plan Restatements

As employers using a pre-approved plan document are aware, a plan restatement must be adopted by the end of the two-year window following the 6-year remedial amendment period cycle. With the Cycle 3 deadline for defined...more

Verrill

Correcting 401(k) Plan Excess Elective Deferrals

Verrill on

With the April 15 deadline for distributing excess elective deferrals fast approaching, this post summarizes the rules for correcting excess elective deferrals made to a 401(k) plan. In brief, excess elective deferrals not...more

Stinson LLP

IRS Releases Revised Employee Plans Compliance Resolution System

Stinson LLP on

On Friday, July 16, 2021, the Internal Revenue Service (IRS) published the most recent revision to the Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2021-30. Revenue Procedure 2021-30 supersedes and...more

Faegre Drinker Biddle & Reath LLP

SECURE Act 2.0: Key Provisions Affecting Retirement Plans

Late last year, House Ways and Means Committee Chairman Richard E. Neal (D-MA) and Ranking Member Kevin Brady (R-TX) introduced the Securing a Strong Retirement Act of 2020 (SECURE 2.0), a bipartisan legislative proposal that...more

McDermott Will & Emery

Deja Vu with Retirement Plan Extension 2

McDermott Will & Emery on

In response to the continued administrative difficulties due to the COVID-19 pandemic, recent Internal Revenue Service (IRS) guidance extends additional retirement plan deadlines for 2020...more

Groom Law Group, Chartered

IRS Extends More Pension Deadlines For COVID-19

IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more

Morgan Lewis

Section 403(b) Plan Remedial Amendment Periods: Out with the Old, In with the New

Morgan Lewis on

With the March 31 deadline to correct form defects in plan documents under the Initial Remedial Amendment Period fast approaching, employers now have less than two months to ensure that their 403(b) plans are in compliance...more

Best Best & Krieger LLP

Ways To Correct Governmental Plan Problems

There are several tools that can be used to correct or fix governmental plan problems. First, some classification. Practically all the retirement plans we discuss are “tax-advantaged” in one form or another. However,...more

Locke Lord LLP

Time to Restate Your 403B Plan

Locke Lord LLP on

The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans. ...more

Cozen O'Connor

IRS Sets March 31, 2020 Deadline for 403(b) Plan Document Compliance

Cozen O'Connor on

The United States Internal Revenue Service (the “IRS”) has released Revenue Procedure 2019-39, which sets forth a March 31, 2020 deadline by which tax-qualified 403(b) plans must have plan documents that fully comply with the...more

Proskauer - Employee Benefits & Executive...

Deadline Approaching for 403(b) Sponsors to Review Plan Documents for Compliance

Section 403(b) plans must be maintained pursuant to a written plan document that meets detailed requirements set forth in IRS regulations. If a plan contains a defect as to form (e.g., a provision does not comply with the...more

King & Spalding

Compensation and Benefits Insights – June 2019

King & Spalding on

On April 19, 2019, the Internal Revenue Service (“IRS”) released Revenue Procedure 2019-19 (the “Revenue Procedure”) and a separate IRS Release (the “Release”) updating the Employee Plans Compliance Resolution System...more

Wilson Sonsini Goodrich & Rosati

Updated Employee Plans Compliance Resolution System Expands Self-Correction Opportunities for Retirement Plan Sponsors

The Internal Revenue Service (IRS) recently expanded self-correction opportunities under its Employee Plans Compliance Resolution System (EPCRS) in Revenue Procedure 2019-19, which was effective as of April 19, 2019. EPCRS...more

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