The Internal Revenue Service gave retirement plan sponsors end-of-the-year gifts by providing guidance under twelve sections of the SECURE 2.0 Act of 2022 (“SECURE 2.0”). Although Notice 2024-2, released December 20, 2023 (the “Notice”), expressly does not provide “comprehensive guidance,”
Verrill Dana, LLP
Verrill Dana is a full service law firm with more than 130 attorneys and a growing number of service-based practice groups. The firm has a regional presence in the Northeast, with offices from Maine to Washington, D.C., allowing us to serve clients with interests across the country and around the world. Through scalable staffing, careful communication and skillful project management, Verrill Dana helps individuals and businesses achieve their goals in a manner that suits their unique legal needs and preferred work methods.
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HR Power Hour with James Cluskey
On this episode of HR Power Hour, join Verrill attorney Tawny Alvarez as she talks to James Cluskey. This episode discusses how embracing pressure impacts performance outcomes. James is a former professional tennis player turned entrepreneur and private tennis coach…
HR Power Hour with Jermey Vesta
On this episode of HR Power Hour, join Verrill attorney Tawny Alvarez as she talks to Jeremy Vesta. This episode discuses addressing the hidden cost of insurance. James is Chief Financial Officer of Curally where he uses his expertise as…
SECURE 2.0 Provisions with 2024 Implementation Dates
HR Power Hour with Lori Wallace
On this episode of HR Power Hour, join Verrill attorney Tawny Alvarez as she talks to Lori Wallace. This episode discusses how many common interview practices have damaging effects on applicants and their ability to successfully present themselves in interviews.…
Proposed Regulations Regarding Long-Term, Part-Time Employees
Newly issued IRS Proposed Regulations regarding the special eligibility and vesting requirements for long-term, part-time employees provide guidance that 401(k) plan sponsors have been waiting for since these requirements were established under SECURE 1.0. Though it has been three years…
Use of Retirement Plan Forfeitures: The IRS Proposed Regulations, Recent Litigation, and the DOL’s Position
In five recently filed class action lawsuits,[1] 401(k) plan participants allege that plan fiduciaries violated ERISA by using plan forfeitures to offset employer contributions instead of paying plan expenses. The use of forfeitures to offset employer contributions is a…
HIPAA Privacy Rule Changes: Just in time for the New Year?
In 2021, the Department of Health and Human Services (HHS) proposed changes to the Privacy Rule under the Health Insurance Portability and Accessibility Act of 1996 (HIPAA) that would significantly alter the current regulations (Proposed Rules). The Proposed Rules are…
Maine’s Mandatory Retirement Savings Program: What Employers Need to Know
The Department of Labor Proposes Its New Fiduciary Rule
On October 31, 2023, the Department of Labor published a new proposed regulation (the “Proposed Rule”) defining “investment advice” for purposes of determining when someone advising an ERISA plan or participant or an IRA owner is a fiduciary.…