On September 26, 2022, the IRS released IRS Notice 2022-45, which corrected a potential oversight in IRS Notice 2022-33, discussed in detail here. Notice 2022-33 had extended the deadline to adopt certain retirement and savings plan amendments required by the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) and the Coronavirus … Continue Reading
On August 3, 2022, in a welcome and surprising move, the IRS released Notice 2022-33, providing for an extension for qualified retirement plans to adopt amendments under the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), the Bipartisan Miners Act of 2019 (the “Miners Act”) (which provided defined benefit plans with … Continue Reading
As part of our ongoing series on the SECURE Act, this post discusses two key changes affecting defined benefit plans: (1) the ability to start in-service distributions at age 59½ (reduced from 62), and (2) new tools for closed defined benefit plans to pass nondiscrimination tests. Below we discuss each change and its potential impact … Continue Reading
The SECURE Act, included as part of the Further Consolidated Appropriations Act, 2020, was signed into law on December 20, 2019. This post highlights changes that are exclusive to 401(k) plans. For a chronological guide to key retirement plan issues raised by the new law, please click here. Increase to Maximum Default Deferral Rate for … Continue Reading
As previewed in our prior blog post, the recently enacted SECURE Act includes many changes that affect employer-sponsored benefit plans and require the attention of plan administrators. Among these changes, effective for distributions made after December 31, 2019 (for individuals who reach age 70½ after that date), is the delay of the “required beginning date” … Continue Reading
The SECURE Act, included as part of the Further Consolidated Appropriations Act, 2020, was signed into law on December 20, 2019. This new law contains many significant changes that may impact employer-sponsored benefit plans. Given the scope of the law and the number of changes, we will release a series of blog posts exploring the … Continue Reading
Last week, the U.S. House of Representatives passed the Setting Every Community Up for Retirement Enhancements (SECURE) Act of 2019. To become law, the bill still needs to be passed by the Senate and signed by the President. Because there appears to be bipartisan support, there is a chance that some form of the SECURE … Continue Reading
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