This week, the IRS issued proposed regulations regarding the use of forfeitures in qualified retirement plans, including 401(k) plans. The proposed regulations include a deadline for the use of forfeitures in defined contribution plans and clarify the purposes for which forfeitures can be used in a defined contribution plan. The regulations ...
At the end of 2022, Congress passed SECURE 2.0. This legislation builds on the original SECURE Act (Setting Every Community Up for Retirement Enhancement Act) of 2019 that expanded access to retirement accounts, promoted participation, and preserved savings. This legislation adds benefits to both retirement plan sponsors and their ...
In law school, students flocked to any meeting that offered free pizza. Free pizza got me roped into being the secretary of the environmental law club in law school, which was an area I had no knowledge or real interest in. But they served pizza at the meetings and I was broke, so I attended! It always amazes me that even at our law firm, people show up ...
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By: Lyndsey Barnett and Michaela Taylor*
As we have mentioned in previous insights, the SECURE 2.0 Act, which was passed in December, has ushered in new ways for employers to assist their employees in building savings for the future. Two of these optional provisions specifically address expenses for emergencies.
Last year, the Consumer ...
Congress issued guidance on correction of plan errors through SECURE 2.0. The source of the guidance was unexpected, as guidance on plan administration has typically been left to the purview of the IRS. Section 301 of the Act addresses correction of plan overpayments and amends sections of both ERISA and the Code. These additions codify the ...
By: Lyndsey Barnett and Michaela Taylor*
Next up on our updates on SECURE 2.0 is Section 111 which addresses rising student loan debt. According to an article published by the Education Data Initiative last October, student loan debt totals $1.745 trillion. While SECURE 2.0 contains many new changes impacting benefit plans, this provision may ...
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 ...
As previously discussed in this blog, the waiver for no-cost telehealth services provided to HSA participants enacted as part of the CARES Act in 2020 was set to expire. As part of the recently passed omnibus spending bill, the waivers will be extended until December 31, 2024. Originally, the waivers were set to expire 60 days after the end of the ...
By: Lyndsey Barnett and Michaela Taylor*
On December 23, the Departments of Labor, Health and Human Services, and the Treasury (the “Departments”), issued a new FAQ granting flexibility for plans and issuers ahead of the December 27th Prescription Drug Data Collection (RxDC) reporting deadline.
Recognizing the significant ...