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Oct 24, 2024 | 
lexology.com | Mary C. Niehaus
The U.S. Internal Revenue Service (IRS) recently issued long-awaited guidance on how to handle “inadvertent benefit overpayments” from qualified retirement plans (IRS Notice 2024-77 effective October 15, 2024) (Notice).
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Oct 8, 2024 | 
lexology.com | Mary C. Niehaus |Alexandra Green
On October 3, 2024, the U.S. Internal Revenue Service (IRS) issued Notice 2024-73 (Notice) providing further guidance regarding long-term, part-time employees (LTPTEs) in Internal Revenue Code (Code) Section 403(b) retirement plans, which are plans offered by public schools, certain charities, and other tax-exempt organizations and announcing a delayed applicability date for the final LTPTE regulations applicable to 401(k) plans.
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Feb 12, 2024 | 
lexology.com | Beth J. Dickstein |Mary C. Niehaus |Joanna Janica
The Internal Revenue Service (IRS) recently issued Notice 2024-2, which contains eagerly awaited guidance to tax-qualified retirement plans regarding the SECURE 2.0 Act of 2022 (SECURE 2.0). This overview summarizes this key guidance, including updated amendment deadlines, certain required actions that must be taken to comply with various SECURE 2.0 provisions, and discretionary actions that may be taken under SECURE 2.0.Provisions Relating to Plan Amendments.
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Dec 4, 2023 | 
lexology.com | Mary C. Niehaus |Alexandra Green
On November 27, 2023, the U.S. Internal Revenue Service (IRS) released long-anticipated proposed regulations regarding eligibility requirements for long-term, part-time employees (LTPTEs) for cash or deferred arrangements (CODAs) under Section 401(k) of the Internal Revenue Code (the Code).
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Jul 31, 2023 | 
lexology.com | Mary C. Niehaus
In the absence of final guidance on the recent changes made to the required minimum distributions (RMDs) rules under Section 401(a)(9) of the Internal Revenue Code (Code), the U.S. Internal Revenue Service (IRS) issued Notice 2023-54 (Notice), which provides transition relief relating to these RMD rules.
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Jul 25, 2023 | 
lexology.com | Mary C. Niehaus |Carolyn L. Ayaub |Paige Lommerin
Part of our ongoing series providing a more in-depth analysis of certain employee benefit provisions of the SECURE 2.0 Act. The SECURE 2.0 Act of 2022 (SECURE 2.0), which made sweeping changes to the rules governing tax-qualified plans, contains numerous changes that take effect in 2024.
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Apr 5, 2023 | 
lexology.com | Mary C. Niehaus |Joel N. Mackler
On February 27, 2023, the U.S. Internal Revenue Service (IRS) issued proposed rules (the Proposed Rule) for how and when to use forfeitures in qualified retirement plans. This is welcome news for plan administrators, as previously the IRS offered little formal or consistent guidance on this topic. The Proposed Rule provides guidance on how both defined benefit plans and defined contribution plans should treat forfeitures.
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Mar 29, 2023 | 
lexology.com | Melissa K. McGrory |Mary C. Niehaus |Joel N. Mackler
President Biden has announced that both the COVID-19 Public Health Emergency and the related National Emergency, ongoing since March 2020, will end on May 11, 2023. Pursuant to these emergency declarations, many federal agencies (including the Internal Revenue Service, the Department of Labor, and the Department of Health and Human Services) had previously provided for benefit coverage mandates and suspended benefit plan deadlines.
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Mar 1, 2023 | 
lexology.com | Beth J. Dickstein |Mary C. Niehaus |Ryan McLeod
The U.S. Internal Revenue Service (IRS) recently updated its Operational Compliance List (the List) for retirement plans to reflect changes and guidance that recently became effective. BackgroundThe IRS provides the List periodically, to help qualified retirement plan sponsors and practitioners achieve operational compliance by identifying material changes in qualification requirements for qualified retirement plans (including Section 403(b) plans) that become effective during a calendar year.
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Feb 13, 2023 | 
lexology.com | Beth J. Dickstein |Mary C. Niehaus |Joel N. Mackler
Part of our ongoing series providing a more in-depth analysis of certain employee benefit provisions of SECURE Act 2.0As noted in our client alert dated December 27, 2022, the U.S. SECURE Act 2.0 makes significant changes for correcting certain tax-qualified plan defects. The purpose of this alert is to do a deeper dive regarding the following changes that are effective immediately:(1) Plan fiduciaries are no longer required to seek recovery of overpayments in certain circumstances.
