Beginning in 2024, SECURE 2.0 significantly changes the rules for catch-up contributions. Section 603 of SECURE 2.0 requires plans that permit catch-up contributions to accept catch-up contributions from participants who earned more than $145,000 in the prior year only on
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Law 360 Article: Fiduciaries Must Revisit ERISA Origins
By Sandra Cohen
ERISA was created with important protections for plan fiduciaries who are judged as prudent experts under ERISA’s fiduciary standard of care. In this article published May 24, 2023 by Law360, ERISA attorney Jeff Mamorsky explores the history of ERISA and…
Cohen & Buckmann Expands; Adds Mamorsky and Moore to ERISA Team
By Sandra Cohen
Cohen & Buckmann, P.C. announces the addition of ERISA and Employee Benefits leaders to the firm. Jeff Mamorsky joins the firm as a Partner and Terry Moore serves as the Director of Employee Benefits Services. Jeff and Terry will continue…
Speaker's Corner: Negotiating Executive Contracts
By Sandra Cohen
Sandra Cohen, Managing Partner will be speaking on April 27, 2023 at Practicing Law Institute (PLI) conference on Cool Compensation Considerations for the Private Company 2023: Pay, Performance, and PerspectivesSandra will be speaking on negotiating executive contracts, taking a…
Avoiding ERISA Coverage for HSAs-What Are the Dos and Don'ts?
Health Savings Accounts (HSAs) are used with high deductible health plans, but that doesn’t make them subject to ERISA. Carol Buckmann was a panelist at last week’s Plan Sponsor HSA Conference, where she discussed how to follow the DOL’s roadmap…
SECURE 2.0 Creates Life Preservers for Plan Participants in Crisis
Among the many changes enacted in SECURE 2.0 are provisions that will enable more 401(k) plan participants to qualify for distributions or higher loans when they suffer personal emergencies. In this blog post for Penchecks, Carol Buckmann explains the options…
Cohen & Buckmann's Guide to SECURE 2.0
Last year’s Consolidated Appropriations Act included the most comprehensive pension reform since 2006, though not all of the provisions are effective in 2023. Many changes affect 401(k) plans, but SECURE 2.0 will eventually impact all types of retirement plans, including…
Plan Committee Turnover Creates Risks
By Sandra Cohen
The Great Resignation is increasing plan committee turnover. Members of plan committees also change due to retirements, death, and corporate mergers and acquisitions. The increase in ERISA litigation can additionally deter members from wanting to continue to serve on committees.…
Special Rules for Special Plans-How SECURE 2.0 Impacts 403(b) Plans, MEPs and ESOPs
The reach of SECURE 2.0 is extensive. Its general provisions affect all types of retirement plans, but SECURE 2.0 also has some provisions targeted at plans subject to their own set of statutory and regulatory requirements. Sponsors of 403(b) plans,…
How SECURE 2.0 Helps Employees Save for Non-Retirement Needs
Continuing with our series of posts about SECURE 2.0, some portions of the new law will significantly increase the flexibility of 401(k) plans to encourage more workers to participate in workplace savings programs. In each case, workers can make better…