On May 4, the IRS issued Notice 2023-36 inviting the public to submit recommendations for its 2023-2024 Priority Guidance Plan. While the IRS has its hands full due to the over 90 changes to retirement plan law contained in the
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New Look for a New Firm
You may have noticed that The Benefit of Benefits Blog looks different. That is because it has been re-designed to match the branding of my new law firm. I am very pleased to have joined the ERISA and Employee Benefits
No Fooling Employers Should Consider An NQDC Plan For Pre-Tax Make-Up Contributions
Several studies continue to show the importance of nonqualified deferred compensation (NQDC) plans to attract and retain executive level talent for employers. See Study Shows The Need For Nonqualified Plans To Attract And Retain Talent. SECURE 2.0 also contains
SECURE 2.0 Provisions Allowing Greater Access to Retirement Money
Among the many changes in the SECURE 2.0 legislation are a number of provisions allowing participants to access their retirement funds without incurring a penalty excise tax. These provisions are discussed below.
Withdrawals for Terminal Illness or Domestic Abuse. Effective
SECURE 2.0 Provisions Encouraging Employee Participation
Among the many provisions of the SECURE 2.0 legislation are a number of provisions designed to encourage employees to participate in and contribute to their employer provided retirement plan. Still other provisions provide more access to money in such plans
SECURE 2.0 Provisions Encouraging Employers to Adopt A Plan
Among the many changes to retirement plans made by the SECURE 2.0 legislation are changes meant to encourage more employers to adopt retirement plans for their employees. Additionally there are provisions simplifying many rules of operating plans and provisions encouraging
SECURE 2.0 Requires Auto-Enrollment, Auto-Escalation For Most New Plans
A provision of the SECURE 2.0 legislation will affect an employer’s decision as to whether to adopt a 401(k) plan or 403(b) plan. The provision requires most 401(k) plans and 403(b) plans (Plans) adopted after the date of enactment of
SECURE 2.0 Changes Specific to Plans of Tax-Exempt Organizations
Of the over 90 provisions contained in the SECURE 2.0 legislation is a handful that only apply to retirement plans of nonprofit, tax exempt organizations (EOs). One is specific to EOs sponsoring 457(b) plans and others involve 403(b) plans. These
SECURE 2.0 Is Too Big For One Post
By now you probably know that the $1.7 billion Budget Reconciliation Act of 2023 (Act) that kept the Federal government funded was enacted on December 29, 2022. You are probably also aware that the legislation known as SECURE 2.0 was
Recent Complaint Emphasizes Sponsor’s Need To Monitor Recordkeeping Fees
An ERISA class action suit recently filed in the United States District Court for the District of Arizona maintains the plan administrator breached its fiduciary duties by allowing participants to be charged unreasonable recordkeeping fees for years. Hagins et al