News & Analysis as of

New Rules Retirement Plan Internal Revenue Service

Bricker Graydon LLP

Final Warning: Distributions to Beneficiaries Must Begin in 2025

Bricker Graydon LLP on

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

Harris Beach PLLC

IRS Releases “Issue Snapshot” on the Timing Rules Governing the Deductibility of Retroactive Employer Contributions to a 401(k)...

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The IRS periodically issues tax-related “Issue Snapshots” that can be of interest to employers and practitioners alike. A recent “Issue Snapshot” discusses the timing rules that govern the deductibility of retroactive...more

Bowditch & Dewey

Two-Year Delay for Changes to Catch-up Contribution Rules

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On August 25, 2023, the Internal Revenue Service announced a two-year delay in implementing changes to the catch-up retirement contributions of certain taxpayers....more

Proskauer - Employee Benefits & Executive...

SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

As part of our ongoing series on SECURE 2.0, this post discusses three significant changes to corrections of common retirement plan errors: (1) New rules for correcting overpayments, (2) expansion of the Self-Correction...more

Stark & Stark

[Webinar] The IRS Proposes New Rules for IRA Distributions: What Do I Need to Know? - April 20th, 12:00 pm - 12:45 pm ET

Stark & Stark on

The IRS issued proposed regulations governing required minimum distributions (RMDs) from IRAs and other retirement accounts under the Setting Every Community Up for Retirement Enhancement (SECURE) Act. Join Robert Morris from...more

Verrill

Employee Benefits & Executive Compensation 2020 Year-End Client Advisory

Verrill on

This Client Advisory highlights important developments in the law governing employee benefit plans over the past year. It offers insight into what these developments mean for employers and plan sponsors and previews...more

Groom Law Group, Chartered

Final Regulations Remove Longstanding Default Pension Withholding Provisions, but Delay New Form W-4P

The Tax Cuts and Jobs Act of 2017 amended long-standing periodic pension default withholding where a Form W-4P (or its substitute) is not received from the payee. Effective January 1, 2018, the Act replaced the “married with...more

Fisher Phillips

Labor Department Creates New Options For Employers To Electronically Distribute Retirement Plan Notices

Fisher Phillips on

The Department of Labor recently issued a new rule providing an additional safe harbor for electronic disclosure of pension plan notices effective July 27, 2020. Prior to the new rule, the DOL’s only safe harbor for...more

Fisher Phillips

New Benefit Plan Deadline Extensions Provide Opportunities For Participants – And Burdens For Plan Sponsors

Fisher Phillips on

The Department of Labor (DOL), in coordination with the IRS and the Treasury Department, recently issued new rules extending key deadlines for health, retirement, and welfare plans subject to ERISA and the Internal Revenue...more

Groom Law Group, Chartered

SECURE Act Testing Relief for Closed/Frozen Defined Benefit Plans

In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans.  Over time these plans may have difficulty continuing to satisfy the...more

Snell & Wilmer

IRS Issues Final Regulations for Hardship Distributions

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We previously reported on the Bipartisan Budget Act (the “Budget Act”) hardship distribution rule changes for qualified retirement plans. On September 23, 2019, the IRS issued final regulations implementing certain statutory...more

McDermott Will & Emery

Smarter and Not Harder: The New IRS Hardship Distribution Regulations

McDermott Will & Emery on

The Treasury Department and the IRS recently finalized new hardship distribution rules applicable to defined contribution plans. Plan sponsors should prepare for operational changes to comply with the new regulations,...more

Laner Muchin, Ltd.

IRS Finalizes Hardship Distribution Regulations For Qualified Retirement Plans

Laner Muchin, Ltd. on

Earlier this year, we summarized proposed Treasury regulations and the Bipartisan Budget Act of 2018, which made changes to the rules governing hardship distributions from 401(k) and 403(b) plans....more

McDermott Will & Emery

Hardship Distribution Changes: What's Next?

McDermott Will & Emery on

In 2018, the Treasury Department and the IRS issued new hardship distribution rules applicable to defined contribution plans, and many plans have begun administering these new rules. While plan sponsors may want to wait for...more

Proskauer - Employee Benefits & Executive...

Treasury and IRS Issue Eagerly-Awaited Guidance on Hardship Distributions – with a Few Surprises

Last Friday, the IRS issued eagerly-awaited proposed regulations regarding hardship distributions under section 401(k) and 403(b) plans (the “Proposed Regulations”). The Proposed Regulations primarily address hardship...more

Bowditch & Dewey

Trump’s Tax Reform: Effect on Nonprofits

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The Administration’s frenzy to pass “tax reform” created tax breaks for some—I’m looking at you, the Trump family—increased taxes for others, and confusion for everyone, at least until the IRS is able to promulgate official...more

Holland & Knight LLP

Tax Reform's Impact on 401(k) Plan Loan Offset Treatment - Actions for Plan Administrators and Human Resources Benefits Managers

Holland & Knight LLP on

• The recent Tax Cuts and Jobs Act of 2017 (the Act), enacted on Dec. 22, 2017, contains a few rules that will impact benefit administrators. • This client alert focuses on changes made to the tax treatment of plan loan...more

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