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Earlier this week, the IRS released Notice 2024-77, which provides much-anticipated guidance related to the handling of so-called “inadvertent benefit overpayments” from qualified retirement plans under the SECURE 2.0 Act. ...more
Over the past few months, the IRS has released guidance that may prove helpful for employers planning for open enrollment and Form W-2 reporting. In particular, we discuss how implementing certain SECURE 2.0 and CARES Act...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) made significant changes to the rules governing the correction of overpayments from employer sponsored retirement plans, including 401(k) plans, 403(b) plans, and defined benefit...more
The IRS recently issued Notice 2024-73, which provides much-needed guidance on long-term, part-time (“LTPT”) employees in ERISA-governed 403(b) retirement plans. Following passage of the SECURE 2.0 Act, an employee is...more
Fall greetings from the Kaufman & Canoles ESOPs, Benefits & Compensation team. We hope you’re enjoying the cooler weather, changing leaves, and—of course—the continual pace of change in employee benefits. Please find below a...more
On August 19, 2024, the Internal Revenue Service (IRS) issued Notice 2024-63 (the Notice), providing guidance regarding the implementation of Section 110 of the SECURE 2.0 Act of 2022 (SECURE 2.0), which permits employers...more
Employers now have a new benefit option in their toolbelt: The Qualified Student Loan Payment (QSLP) match. But is it worth implementing? Before diving into the specific legal requirements for a QSLP match program, this...more
On July 18, 2024, the Internal Revenue Service (IRS) issued final regulations updating the required minimum distribution (RMD) rules. The final regulations reflect changes made by the Setting Every Community Up for Retirement...more
The Internal Revenue Service issued interim guidance on employer matching contributions made to retirement plans related to qualified student loan payments (QSLPs) made by employees....more
Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by...more
Section 110 of the SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers maintaining a 401(k), 403(b), governmental 457(b), or SIMPLE IRA plan to make matching contributions based on qualified student loan payments...more
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
The August Monthly Minute highlights new IRS guidance addressing student loan matching programs, HHS’s increases to civil monetary penalties and Form 5330 paper filing updates....more
Since 1984, citation to Chevron v. Natural Resources Defense Council ("Chevron") has meant that courts should defer to an agency's interpretations of an ambiguous statute—as long as the agency's interpretation is...more
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) permits employers to match student loan payments made by employees under 401(k), 403(b), governmental 457(b), or SIMPLE IRA plans in plan years beginning on or after January 1, 2024....more
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
On June 20, 2024, the Internal Revenue Service (“IRS”) released Notice 2024-55 (the “Notice”) offering guidance on two (2) new types of distributions exempt from the 10% early withdrawal penalty: emergency personal expense...more
On behalf of the ESOPs, Benefits & Compensation team, we hope your Summer is off to a great start. In the time of family vacations and out-of-office replies, the pace of employee benefits changes—both large and small—remains...more
The IRS has for the third consecutive year offered relief to taxpayers covered by the “10-year rule” for required minimum distributions (RMDs) from inherited IRAs or other defined contribution plans. Let’s look at how this...more
On July 18, 2024, the IRS finalized changes to the regulations governing required minimum distributions (“RMDs”) to reflect changes made by the Setting Every Community Up for Retirement Act of 2019 (“SECURE Act”) and SECURE...more
At long last, the Treasury Department and the Internal Revenue Service (“IRS”) issued final (and new proposed) regulations that address the major changes to Code section 401(a)(9) under the Setting Every Community Up for...more
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
The SECURE 2.0 Act of 2022 (“SECURE 2.0”) made numerous changes to the complex web that makes up U.S. retirement plan laws. Of interest to S corporations that may be considering an employee stock ownership plan (“ESOP”) is...more
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
The ERISA Industry Committee (ERIC) is pushing back on the Department of Labor (DOL) ask to require retirement plans to provide what it calls excessive amounts of participant information for its SECURE 2.0-mandated...more