January 20, 2023

2023 PENALTY AMOUNTS FOR HEALTH AND WELFARE AND 401(K) PLANS

On January 13, 2023, the U.S. Department of Labor (“DOL”) published its annual announcement of civil monetary penalties for various employee benefits-related violations under ERISA, as in effect for calendar year 2023. To encourage compliance with the law, ERISA imposes various sanctions, including fines, which are subject to adjustment each year for inflation. Legislation enacted in… Continue Reading

January 5, 2023

ENCORE! SECURE 2.0 PASSES, REPRESENTING AN EVEN LARGER COLLECTION OF 401(K) PLAN REFORMS

In a whirlwind of year-end activity, Congress has at long last succeeded in passing the SECURE 2.0 Act of 2022 (“SECURE 2.0”), a huge package of retirement provisions that will have a major impact on 401(k) plans. Included as part of the larger Consolidated Appropriations Act, 2023 (“CAA”), SECURE 2.0 augments and expands upon many… Continue Reading

December 1, 2022

DOL ISSUES FINAL REGULATIONS ON PRUDENCE AND LOYALTY IN SELECTING 401(K) PLAN INVESTMENTS – ESG FUNDS GET A THUMBS-UP

On November 22, 2022, the U.S. Department of Labor (DOL) released Final Regulations on ERISA’s fiduciary duties of prudence and loyalty as it concerns retirement plan investing, focusing particularly on  environmental, social, or governance (ESG) investments. Broadly stated, the new rule generally permits retirement plan fiduciaries, such as 401(k) plan sponsors, to consider ESG factors… Continue Reading

November 29, 2022

401(K) CURRENT EVENTS: FOR SECOND CONSECUTIVE YEAR, IRS 2022 REQUIRED AMENDMENTS LIST DOES NOT AFFECT 401(K) PLANS

On November 21, 2022, the IRS released Notice 2022-62, its annual list of required amendments (RA List) for individually designed qualified retirement plans, including 401(k) plans. Notably, for the second consecutive year, the RA List contains no provisions directly applicable to 401(k) plans — and, in fact, contains no changes affecting retirement plans at all…. Continue Reading

November 21, 2022

401(k) CURRENT EVENTS: IRS EXPANDS DETERMINATION LETTER PROCESS FOR CERTAIN INDIVIDUALLY DESIGNED 401(K) PLANS

On November 7, 2022, the IRS released Revenue Procedure (Rev. Proc.) 2022-40 which generally updates the determination letter submission process for qualified retirement plans, including 401(k) plans. In particular, among other changes, the program expands the eligibility for requesting determination letters for certain individually designed plans (see our Compliance Task entitled “Individually Designed Plan Document”… Continue Reading

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