For the second month in a row, the Internal Revenue Service and the U.S. Department of Labor were quiet on the retirement plans front. This was likely caused, at least in part, by their focus on drafting guidance pursuant to the SECURE Act (which I summarized in the January 2020 edition of this newsletter). Thus, […]

Since last month’s edition of The Speed Reader, the Internal Revenue Service and the U.S. Department of Labor have been quiet on the retirement plans front. Perhaps this was a result of their pending work drafting guidance pursuant to the SECURE Act, which was summarized in last month’s edition of this newsletter. Thus, this month’s […]

On December 20, 2019, President Trump signed into law the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “Act”). This constitutes the most comprehensive law in the retirement plans field since the Pension Protection Act of 2006. The Act’s provisions that affect defined contribution plans, such as 401(k) plans and 403(b) plans, […]

On November 6, 2019, via Notice 2019-59, the IRS announced the effect of cost-of-living adjustments on certain 2020 dollar limits for various retirement plans (e.g., 401(k) plans). Many of the limits will increase for 2020 because the increase in the cost-of-living index met statutory thresholds that trigger their adjustment. Here are the most notable figures […]

As the end of 2019 quickly approaches, retirement plan sponsors should promptly consider several important potential tasks. Examples include the following: December 1 Deadline for Certain Plan Communications to Participants: Depending on a plan’s design, one or more of the following annual notices might be required: safe harbor notice, qualified default investment alternative (“QDIA”) notice, […]

On September 23, 2019, the IRS published final regulations governing financial hardship distributions from 401(k) plans and 403(b) plans. As background, while a participant in one of those plans is working for the plan sponsor, his or her ability to withdraw money from the plan is quite limited. One of the permissible in-service distribution events […]

On August 14, 2019, the IRS published Revenue Ruling 2019-19 (the “Ruling”). Under the Ruling’s hypothetical facts, an employer sponsors a tax-qualified retirement plan that does not include a Roth contribution feature. A distribution of $900.00 is required to be made from the plan to Individual A in 2019. Individual A’s entire account consists of […]

Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of cases that were recently decided or filed is provided below. Bergamatto v. Board of Trustees of the NYSA- ILA Pension Fund (decided on August 6, 2019 by the U.S. Court of Appeals for the Third […]

On October 2, 2019, I will present at the 2019 COSHRM State Conference in Keystone, Colorado. The conference will be held from October 2 to October 4, and numerous speakers’ presentations will cover a wide array of workplace topics. In my presentation, which is titled “The Current State of ERISA Litigation,” I will discuss a […]

Since last month’s edition of The Speed Reader, the U.S. Department of Labor (“DOL”) published two pieces of guidance that affect multiple employer retirement plans (“MEPs”).  Final RegulationThe DOL published a final regulation on July 31 that, in the DOL’s words, “expands access to affordable quality retirement saving options by clarifying the circumstances under which an […]