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High earners will be required to make all catch-up contributions on a Roth basis beginning in 2026. Implementing the new requirement will require applying special rules that don’t apply for any other purpose and will require plan sponsors to coordinate with their recordkeepers and payroll providers. This can’t be done at the last minute.
Read MoreRMDs generally were established to ensure that individuals begin withdrawing funds from their retirement plans, like 401(k)s, and IRAs, at a specific age. This policy helps the government collect taxes on these savings, which were initially tax-deferred. With people living longer, the age for RMDs was recently pushed back, giving your savings more time to grow before you dip in.
Read MoreCritics have called the 401(k) plan a “failed experiment” and maintain that it does not provide retirement security to low and middle income employees. Does the 401(k) plan really deserve a failing grade? Recent developments suggest otherwise.
Read MoreWhat does a retirement plan self-audit have in common with routine auto maintenance? You really should not put it off until later! There is a big financial benefit to employers who find and fix their plan problems before the IRS and DOL do!
Read MoreMost new plans will be required to have auto-enrollment and auto-escalation beginning in 2025. The “grab bag” guidance in Notice 2024-02 addresses how this requirement will be applied to mergers and spinoffs, but leaves other basic questions unanswered.
Read MoreClarification of the rules for electing Roth employer contributions should spur more plan sponsors and vendors to consider allowing them.
Read MoreHere are some developments that could change things for the better in 2024.
Read MoreIn this Op-ed for Bloomberg Tax, Carol Buckmann comments on the implications of this welcome delay in this new requirement applying to high earners.
Read MoreSECURE 2.0 expands the ability of plan sponsors to self-correct inadvertent plan errors without making a formal IRS filing. In Notice 2023-43, the IRS provides guidance to follow until a revised revenue procedure can be issued.
Read MoreA short provision of SECURE 2.0 raises a long list of compliance questions. Here are some of them.
Read MorePlan sponsors who want to help participants facing personal emergencies have many new options under SECURE 2.0.
Read MoreHere is a reference guide on the most comprehensive pension reform legislation since the Pension Protection Act of 2006.
Read MoreSECURE 2.0’s general changes apply to 403(b) plans, MEPs and ESOPs. However, there are also specific provisions targeted at these specialized plans and intended to solve their unique problems.
Read MoreSECURE 2.0 gives plan sponsors new tools to help participants with emergency needs and student debt.
Read MoreSECURE 2.0 contains big changes to the required minimum distribution rules, including changes that could encourage annuitization of 401(k) plan benefits. Here are the important takeaways.
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