Abby Brothers

Nov 7, 2024 | mondaq.com | David Rogers |Joseph Adams |Anne Becker |Abby Brothers

The IRS recently released Notice 2024-80 to announce cost-of-living adjustments to the indexed dollar limits applicable to retirement plans. The chart below shows how the 2025 limits compare to the 2024 limits. Most importantly, the new IRS guidance addresses the SECURE 2.0 change to the catch-up contribution limit for participants aged 60 to 63; this "super-catch-up" is effective January 1, 2025.

Oct 29, 2024 | mondaq.com | Joseph Adams |Amy Gordon |Anne Becker |Abby Brothers

On October 4, 2024, the U.S. Supreme Court agreed to resolve a three-way circuit split regarding the pleading standard for alleged prohibited-transaction claims under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The case is Cunningham v. Cornell University, Nos. 21-88, 21-96, 21-114 (U.S. Oct. 4, 2024). See here.

Jan 10, 2024 | mondaq.com | David Rogers |Abby Brothers |Justin A. Linder

The IRS recently published Notice 2024-2 (Notice) in the form of Q&As. The Notice was issued to provide guidance for implementing certain provisions of the SECURE 2.0 Act, signed into law on December 29, 2022 (Act). Of particular interest for our client base regarding qualified retirement plans are the following: Automatic Enrollment.

Aug 30, 2023 | mondaq.com | David Rogers |Abby Brothers

On August 25, 2023, the IRS issued Notice 2023-62, which effectively delays for two years the requirement that certain catch-up contributions in 401(k), 403(b), or governmental 457(b) plans be made as Roth contributions. This requirement, added to the Internal Revenue Code (the Code) by the SECURE 2.0 Act, was to be effective for taxable years beginning after December 31, 2023.