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Legislative Highlight - IRS Publishes 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans

The Internal Revenue Service (IRS) published Notice 2024-03 on December 20, 2023, which includes the 2023 list of changes in plan qualification requirements for defined contribution qualified pre-approved plans. The 2023 Cumulative List will assist providers applying to the IRS for opinion letters for the fourth remedial amendment cycle for defined contribution qualified pre-approved plans (Cycle 4) under the IRS’s pre-approved plan program.
March 6, 2024 By Nick Stucko Education, SECURE 2.0 Act   Comments Read More >>
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Long Awaited IRS Proposed Regulations for Long-Term Part-Time Employees

On November 24, 2023, the Internal Revenue Service (IRS) released proposed regulations concerning the long-term part-time (LTPT) employee rules beginning in the 2024 plan year. The LTPT employee rules were originally established under the SECURE Act of 2019 and then modified under the recent SECURE 2.0 Act of 2022. SECURE 2.0 made changes to shorten the initial LTPT eligibility requirements and expanded them to include 403(b) plans. The new guidelines help define LTPT employees and certain eligibility conditions.
March 6, 2024 By Nick Stucko Education, SECURE 2.0 Act   Comments Read More >>
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Navigating Change: Important Updates to the Family Attribution Rule

As a plan sponsor, it is important to understand your organization’s ownership structure and controlled group status. This will help your qualified plan remain compliant with the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC). Neglecting a controlled group member or attribution of ownership can lead to a failed coverage test resulting in steep penalties or even plan disqualification.
March 6, 2024 By Nick Stucko Education, SECURE 2.0 Act   Comments Read More >>
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SECURE 2.0 Implementation Considerations for Long-Term Part-Time Employees

The SECURE 2.0 Act continues to broaden access for American workers to save for retirement through their workplace retirement plan. One of the Act’s mandatory provisions focuses on expanding eligibility to long-term part-time employees. These employees are those who, in each of the last three consecutive years (long-term), worked at least 500 but less than 999 hours (part-time).
November 15, 2023 By Nick Stucko SECURE 2.0 Act   Comments Read More >>
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Exploring Penalty-Free Distribution Provisions Under SECURE 2.0

The SECURE 2.0 Act of 2022 has made it easier for participants to access their retirement savings in times of need without having to incur the 10% early withdrawal penalty, in certain situations. Plan sponsors now have the ability to allow participants who are going through or have experienced a natural disaster, terminal illness, domestic abuse situation or an immediate financial need to take a penalty free distribution from their employer-sponsored retirement plan.
November 15, 2023 By Nick Stucko SECURE 2.0 Act   Comments Read More >>
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SECURE 2.0 Expansion of the Employee Plans Compliance Resolution System (EPCRS)

On May 25, 2023, the Internal Revenue Service (IRS) provided new interim guidance with Notice 2023-43 for plan sponsors participating in self-correction through the Employee Plans Compliance Resolution System (EPCRS). This notice provides guidance and clarity in the form of questions and answers with respect to the expansion of EPCRS for plan failures under section 305 of the SECURE 2.0 Act.
November 15, 2023 By Nick Stucko SECURE 2.0 Act   Comments Read More >>
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SECURE 2.0 Act: Important Updates and Considerations

As we get closer to 2024, many of the provisions within the SECURE 2.0 Act will begin taking effect. This new legislation will have a profound impact on plan design with the goal of making saving for retirement easier and more accessible for employees. However, many of these provisions will create significant administrative complexities for plan sponsors and service providers.
November 15, 2023 By Nick Stucko SECURE 2.0 Act   Comments Read More >>
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How the SECURE 2.0 Act will Impact your Retirement Plan Starting in 2025 and Beyond

It is no surprise that the SECURE 2.0 Act continues to dominate the headlines. After all, it is one of the most significant pieces of retirement reform in decades. This Act will not only help employees obtain access to a workplace retirement plan, but it will also allow them to save more once enrolled in the plan.
May 11, 2023 By Nick Stucko SECURE 2.0 Act SECURE, SECURE 2.0 Act, Retirement Plan Legislation, 401(k), Pension   Comments Read More >>
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How the SECURE 2.0 Act will Impact your Retirement Plan in 2024

As the SECURE 2.0 Act makes its way through the headlines, plan sponsors may start to feel overwhelmed by the many provisions contained within this Act. To help alleviate some of this concern, plan sponsors may want to focus on the provisions that are both mandatory and will be effective within the next 2 years.
February 24, 2023 By Nick Stucko SECURE 2.0 Act SECURE, SECURE 2.0 Act, Retirement Plan Legislation, 401(k), Pension   Comments Read More >>
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ERISA Workplace Retirement Plan Limits

The federal government annually publishes updated qualified retirement plan limits, which impact the contributions, benefit accruals, and compliance of ERISA covered qualified retirement plans. The below tables summarize the most significant changes in recent history.