News & Analysis as of

Internal Revenue Code (IRC) SECURE Act

Bricker Graydon LLP

Final Warning: Distributions to Beneficiaries Must Begin in 2025

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The retirement plan industry has been wrestling with the changes to required minimum distribution (RMD) provisions made by the SECURE Act and SECURE 2.0. One issue in particular has caused considerable confusion....more

Laner Muchin, Ltd.

IRS Finalizes Required Minimum Distribution Regulations

Laner Muchin, Ltd. on

The IRS recently published its final regulations addressing changes to Tax Code Section 401(a)(9), relating to required minimum distributions (RMDs), under the Setting Every Community Up for Retirement Enhancement Act of 2019...more

Farrell Fritz, P.C.

IRS Issues Final Regulations Regarding Required Minimum Distributions (RMDs) from Retirement Accounts

Farrell Fritz, P.C. on

On July 18th, the Internal Revenue Service released final regulations regarding required minimum distributions (RMDs) from retirement accounts. The final regulations reflect changes to the Internal Revenue Code made by the...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

IRS clarifies emergency expense and domestic violence distributions

The Internal Revenue Service issued guidance in Notice 2024-55 on applying exceptions to the 10% excise tax under Internal Revenue Code (IRC) Section 72(t) for emergency personal expense distributions and domestic abuse...more

Foley & Lardner LLP

Five Things on the Department of Labor’s Radar for Employee Benefit Plans

Foley & Lardner LLP on

All qualified retirement plans are subject to a myriad of requirements of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The United States Department of Labor (DOL) is charged with enforcing the...more

McDermott Will & Emery

Weekly IRS Roundup April 29 – May 3, 2024

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of April 29, 2024 – May 3, 2024. ...more

Bricker Graydon LLP

I’ll Gladly Pay You Tuesday for an Education Today

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One of the many elements of business ownership and management is attracting and retaining productive employees. Offering the right mix of employee benefits tailored to your employee population can play an important role in...more

Jackson Lewis P.C.

Should We Submit Missing Participant Data to the DOL with the Plan’s Form 5500?

Jackson Lewis P.C. on

If the U.S. Department of Labor’s Notice of Proposed Information Collection Request, issued on April 15, 2024, becomes final, fiduciary retirement plan committees may be asked to evaluate the important question of whether the...more

Patterson Belknap Webb & Tyler LLP

Does Your Retirement Plan Need a 'PLESA'?

Pension-Linked Emergency Savings Accounts (“PLESAs”) are a special retirement plan feature created under SECURE ACT 2.0. PLESAs were first permitted to be made available to participants as of January 1, 2024. PLESAs, which...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

Jackson Lewis P.C.

You Don’t Have To Go Home, But You Can’t Stay Here

Jackson Lewis P.C. on

It’s 2024, which means a new batch of provisions from SECURE Act 2.0 have gone into effect. One of the more significant ones is an increase in the “cashout” limit that a qualified plan can impose to kick former employees with...more

McDermott Will & Emery

Weekly IRS Roundup January 22 – January 26, 2024

McDermott Will & Emery on

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 22, 2024 – January 26, 2024....more

Bricker Graydon LLP

403(b) Plans - Not Your Average Salary Deferral Plan

Bricker Graydon LLP on

Congress continues to pass laws that move 403(b) plans ever closer to 401(k) plans, but 403(b) plans remain distinct. Understanding these differences allows you to maintain a compliant plan that best serves the needs of your...more

Davis Wright Tremaine LLP

New IRS Guidance on Long-Term, Part-Time Employee Retirement Plan Participation

New proposed regulations clarify how employers should implement retirement plan eligibility rules for long-term, part-time ("LTPT") employees. While some questions remain, the proposed regulations provide a number of welcome...more

Seyfarth Shaw LLP

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

Seyfarth Shaw LLP on

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

Foley & Lardner LLP

Diving Into SECURE 2.0: Changes Affecting Non-Profit and Governmental Employers

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

Kohrman Jackson & Krantz LLP

Treasury Provides Temporary Relief from 401(k) Catch-up Contributions Rollback - Update

The Secure 2.0 Act (Secure 2.0), a sweeping retirement bill included in Division T of the Consolidated Appropriations Act of 2023, was a major bipartisan accomplishment of the 117th Congress. The bill included 82 provisions...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

Bricker Graydon LLP

To Roth or Not to Roth - That is No Longer the Question for Some Catch-Up Eligible Individuals

Bricker Graydon LLP on

IRS guidance issued last week delays the implementation of mandatory Roth catch-up contributions. As outlined in our blog post earlier this year, SECURE 2.0 amended the catch-up contribution provisions of the Code....more

Davis Wright Tremaine LLP

IRS Delays SECURE 2.0 Roth Requirement for Catch-up Contributions Until 2026

On Friday, Aug. 25, 2023, the IRS announced a two-year reprieve for employers on the implementation of SECURE 2.0's requirement that catch-up contributions made by higher-income participants be designated as after-tax Roth...more

Bricker Graydon LLP

Why Time is of the Essence More than Ever in Correcting Retirement Plan Errors

Bricker Graydon LLP on

Errors in retirement plans happen even to the most well-intentioned plan sponsors. Several decades ago, the IRS published the first version of the Employee Plans Compliance Resolution Program (EPCRS), which outlines...more

Keating Muething & Klekamp PLL

Estate Planning Update: Recent IRS Ruling Offers a Stark Reminder of the Benefits of Proper Estate Planning for Retirement...

Despite ultimately finding in favor of a taxpayer surviving spouse, IRS Private Letter Ruling 2023-22-014 (the “PLR”) is chock-full of reasons to ensure proper planning is in place when it comes to IRAs....more

Faegre Drinker Biddle & Reath LLP

The SECURE Act 2.0: The Most Impactful Provisions #14 — Automatic Portability for IRA Force-outs

The President signed the Consolidated Appropriations Act, which included SECURE Act 2.0, on December 29, 2022. SECURE Act 2.0 has over 90 provisions, some major and some minor; some mandatory and some optional; some...more

Jackson Lewis P.C.

How the RMD Rules Are Like a New Puppy

Jackson Lewis P.C. on

On July 17, the Internal Revenue Service (IRS) issued an advance version of Notice 2023-54 (the Notice) which will include transition relief for plan administrators in connection with the change in the required beginning date...more

Foley & Lardner LLP

Diving Into SECURE 2.0: Student Loans and 401(k) Plan Matching Contributions

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

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