We have reported previously on the importance of understanding the coverage and reporting rules of the Affordable Care Act. In particular, Code Section 4980H imposes penalties on large employers for failure to offer minimum essential coverage to 95% or more
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IRS Delays Roth Catch-Up Contribution Requirement
On August 25, 2023, the IRS issued Notice 2023-62, which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on…
Compliant Clawback Policies Must be Adopted Before December 1, 2023
By Greg Gautam
As noted in a prior post, both the New York Stock Exchange (“NYSE”) and Nasdaq have adopted listing standards that requires issuers to adopt compliant clawback policies by December 1, 2023. Adoption of such policies and/or the amendment of…
Three Facts Every Employer Should Know about Code Section 4980H Penalties
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Another HIPAA Special Enrollment Deadline Extension – What’s a Group Health Plan to Do?
Just when you thought the confusing COVID-19 ERISA deadline extensions were behind you, the Biden-Harris Administration asks you to reconsider.
Recap – In response to the COVID-19 National Emergency, DOL and Treasury issued guidance requiring benefit plans to extend certain…
SECURE 2.0 and Required Minimum Distributions in 401(k) Plans: What Plan Sponsors Need to Know
SECURE 2.0 brought significant changes to retirement planning and distributions, including updating the Required Minimum Distribution (RMD) requirements. As background, RMDs are the minimum amounts that individuals who attain their “required beginning date” must withdraw from their retirement accounts each…
SECURE 2.0 Expands Self-Correction Under EPCRS
Effective December 29, 2022, Section 305 of SECURE 2.0 expands the ability for plan sponsors to self-correct certain plan failures under the Employee Plans Compliance Resolution System (“EPCRS”). Section 305 of SECURE 2.0 generally permits the self-correction of certain “eligible…
Ready for Roth Catch-Up Contributions?
- Currently, employers can (but are not required to) permit retirement plan participants who are age 50 or older to make catch-up contributions that exceed the otherwise applicable Section 402(g) limit (which is $22,500 for 2023). The 2023 catch-up contribution limit
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Five Facts About the Annual Gag Clause Prohibition Compliance Attestation
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NYSE and Nasdaq File Amended Proposed Clawback-Related Listing Standards
By Greg Gautam
As described in Part 4 of our 2022 end of year plan sponsor “to do” list, on October 26, 2022, the Securities and Exchange Commission published the final clawback rules under the Dodd-Frank Wall Street Reform and Consumer Protection Act…