The IRS announced recently the 2025 limits that apply to qualified retirement plans and IRA contributions. The new annual elective deferral limit under IRC Section 402(g) that applies for 401(k) and 403(b) plans rises by just $500, to $23,500. Catch-up contributions...
Only administrators of an ERISA employee benefit plan with at least 100 account balances (100 eligible participants for plan years beginning before January 1, 2023) are required to engage an independent Qualified Public Accountant (IQPA) to provide an opinion on...
Under the Internal Revenue Code (IRC), qualified plans and 403(b) plans are required to be in writing and to contain certain provisions specified under the IRC and associated Treasury Regulations, in addition to reflecting compliant design provisions. Qualified...
Required minimum distributions (RMDs) under I.R.C. § 401(a)(9) were established generally to ensure that individuals begin withdrawing funds from their retirement plans, like 401(k)s and IRAs, at a specific age. The policy helps the federal government collect...
Having a choice is nice! Fries or a side salad? Fresh ground pepper on that? In a private letter ruling, the IRS just okayed offering choice to employees, to be communicated at open enrolment, for each employee to elect, irrevocably, to allocate an employer payment...
Plan sponsors have many decisions to make in designing exit programs and should be aware of the consequences of their choices. Considerations include whether to offer a voluntary or involuntary plan, whether to seek coverage under ERISA for such a plan, and, if...
IRS, Treasury, DOL, EBSA, HHS, and CMS have jointly issued final mental health and substance use disorder regulations with a focus on improving mental health coverage in group health plans and insured plans so that nonquantitative treatment limitations (NQTLs)...
There are many reasons employees may take leave (bereavement, sickness, vacation, sabbatical, disability, military leave). Some leaves provide employees with protections, such as leaves under the Family Medical Leave Act, USERRA, the Pregnancy Discrimination Act...
By: Jeffrey D. Mamorsky , COHEN & BUCKMANN, P.C. THIS VIDEO SERIES CELEBRATES THE ENACTMENT of the Employee Retirement Income Security Act (ERISA), signed by President Gerald Ford on September 2, 1974, and generally effective for plan years starting on or...
Cybersecurity is the word, and fiduciaries of employee benefit plans governed by the Employee Retirement Income Security Act of 1974 should implement cybersecurity risk management strategies to mitigate the risks of liabilities that can result from cybersecurity...
On August 20, 2024, the Northern District of Texas issued its final ruling in Ryan , LLC . v . FTC on the merits of summary judgment cross-motions, contesting the legality of the Federal Trade Commission’s NonCompete‑ Rule which would prohibit most employee...
In some M&A transactions, pre-existing employment contracts might provide certain employees with rights that must be dealt with in connection with acquisition, in some cases even if such employees will not be retained by the buyer. For example, an officer may...
Open enrollment, which often occurs in October or November for calendar year plans, is a time when employees and other eligible individuals can enroll in or make changes to their employer-based health insurance and fringe benefit options. The term has sole reference...
Few people today recall the 1963 failure of automaker Studebaker and the resulting loss of workers’ pensions. It started the buzz about the state of pension law in the United States with many issues to be resolved. For example, before ERISA, employers could...
Stock purchase agreements and asset purchase agreements will differ in how the parties approach the target's 401(k) plan(s). Generally, there are three options: (1) continue operations, (2) terminate the target 401(k) plan, or (3) merge the target 401(k) plan...