The Internal Revenue Service (IRS) gave plan sponsors an early Christmas gift with the release of new guidance late last year addressing several key provisions contained in SECURE 2.0. A welcome portion of the notice was further guidance on the new option allowing for participants in 401(k) and 403(b) plans to elect to receive employer matching ...
By: Lyndsey Barnett and Michaela Taylor*
Catch-up eligible individuals enrolled in an employer-sponsored retirement plan have new changes coming their way under Secure 2.0. Beginning in 2024, individuals age 50 or older by the end of the calendar year in which the plan year ends, that made over $145,000 in wages in the previous year with the same ...
At the end of last year, Congress passed, and President Biden signed, the new appropriations bill which contained the SECURE 2.0 Act. The legislation provides numerous changes that impact retirement plans and is an expansion of the earlier SECURE Act law. The previous SECURE Act changed the age at which retirees had to take required minimum ...
By: Lyndsey Barnett and Michaela Taylor*
On June 21, 2022, the Sixth Circuit in Smith v. CommonSpirit Health provided updated guidance for plan sponsors in excessive 401(k) fee complaint cases. In their opinion, which affirmed a September 2021 decision from the Eastern District of Kentucky, the court held that whether an ERISA excessive fee claim ...