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Significant changes to the catch-up contribution rules for 401(k) plans will be taking effect in 2025 under the recently enacted SECURE 2.0 Act. One change is optional for many plans, however there are other changes that will be mandatory.

The Internal Revenue Service(IRS) and the Social Security Administration have increased the maximum benefit/contribution limits for 2024.

President Biden signed into law SECURE 2.0, an Act which implicates a variety of different legal fields, none more significantly than ERISA law. Under the Act, the law now allows talented employees with student loan debt to be compensated for their work through employer matching contributions to a retirement plan.

The Internal Revenue Service(IRS) and the Social Security Administration have increased the maximum benefit/contribution limits for 2023.

Retired and Rehired: The IRS had previously issued FAQs to explain the retirement plan rules of the CARES Act. The original guidance answered questions about expanded distribution options and favorable tax treatment for retirement distributions needed because of the impact of coronavirus.

Larry W. Rudawsky is joining Barrett McNagny as Senior Counsel. He brings over thirty years of experience in the area of employee benefits and has extensive knowledge in the areas of reviewing, developing and implementing defined benefit plans, defined contribution plans, non-qualified deferred compensation plans, employer-sponsored IRA plans and managed IRAs.

On March 11, 2020, the IRS released Notice 2020-15, which addresses testing and treatment of the 2019 Novel Coronavirus (COVID-19) under a high deductible health plan (HDHP).

With few exceptions, the premium costs paid by employees for group health benefits are paid with pre-tax dollars. In other words, the employee’s portion of healthcare premiums is taken out of the employee’s pay before the employer withholds taxes.

The IRS recently announced increases in the health savings account (HSA) contribution limits for the next calendar year.

This is to update you on certain recent developments pertaining to 401(k) and 403(b) plans, which may affect your plan operations and plan document.

On December 28, 2015, the IRS pushed back the date employers must distribute the Form 1095, which was originally due when the Form W-2 was due. Employers now have until March 31, 2016, to send 1095 forms to employees notifying them of their health care coverage for 2015. 

The Affordable Care Act "Cadillac Tax" delayed for two years.