December 4, 2018

401(k): DOL Proposes Prohibited Transaction Exemption For Certain Plan Transfers

On November 7, 2018, the U.S. Department of Labor (“DOL”) issued a proposed exemption related to the consolidation of small retirement savings accounts in 401(k) plans and IRAs when workers change jobs. See “Notice of Proposed Exemption Regarding Clearinghouse, LLC (“RCH” or the Applicant) – Located in Charlotte, North Carolina” Generally stated, prohibited transactions are… Continue Reading

November 15, 2018

401(k): Proposed Regulations Would Relax Hardship Distribution Rules

On November 9, 2018, the Internal Revenue Service (“IRS”) released a Notice of Proposed Rulemaking (proposed regulations) that, if finalized in present form, would significantly modify and relax some of the rules that govern hardship distributions (also known as hardship withdrawals) from 401(k) plans. The changes generally reflect relevant provisions included in the Bipartisan Budget… Continue Reading

November 6, 2018

401(k): IRS Announces 2019 Adjusted Dollar Limits For 401(K) Plans

On November 1, 2018, the Internal Revenue Service released IRS Notice 2018-83, which sets forth the various dollar limitations for contributions and benefits under qualified retirement plans, including 401(k) plans, that will be in effect as of January 1, 2019.  The adjusted dollar limits for 401(k) plans that will increase in 2019 from the dollar… Continue Reading

October 11, 2018

401(k): House Passes Some 401(k) Plan Reforms

On Thursday and Friday, September 27 and 28, the U.S. House of Representatives passed three separate Republican-sponsored bills that collectively form major follow-up tax legislation (dubbed “Tax Reform 2.0”).  Collectively, the three bills contain a number of 401(k)-related provisions, most of which mirror the proposals that we have been reporting about throughout the spring and… Continue Reading

September 4, 2018

401(k): Coverage Under 401(K) Plans Expanding?

President Trump Issues Executive Order Aimed at Expanding Coverage under 401(k) Plans On August 31, 2018, President Trump signed an executive order (“Order”) aimed to jump-start efforts to expand coverage under 401(k) plans.  The Order directs the U.S. Departments of Treasury and Labor to consider revising existing regulations in an attempt to make it easier… Continue Reading

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