On June 20, the IRS published Notice 2024-55 (the “Notice”). The Notice explains SECURE 2.0 provisions regarding emergency personal expense distributions and domestic abuse victim distributions. If applicable requirements are satisfied, as explained in the Notice, the 10 percent penalty tax under section 72(t) of the Internal Revenue Code (the “Code”) does not apply to […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past 18 years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
We have the rare situation where neither the Internal Revenue Service nor the Department of Labor issued any retirement plan guidance since the last edition of The Speed Reader was published. Thus, this month’s edition focuses solely on recent ERISA litigation. The most common type of ERISA case for approximately the past 18 years […]
On May 2, the IRS published a Fact Sheet providing guidance on Form W-2 and 1099-R reporting, in light of certain SECURE 2.0 provisions. The Fact Sheet addresses provisions in that law which are permitted but not required in retirement plans. Per this IRS guidance, the SECURE 2.0 provisions potentially affecting Forms W-2 are as […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past 18 years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past 18 years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
As explained in the September 2023 edition of The Speed Reader, in the IRS’s September 1, 2023 edition of its Employee Plans News publication, the IRS addressed a programming issue in its system that receives Forms 8955-SSA. As a result of that issue, the IRS distributed CP 283-C penalty notices to many plan sponsors that […]
On February 13, 2024, the DOL posted an article to its website to summarize its 2023 activity regarding employee benefit plans. The majority of its $1.4 billion in recoveries consisted of the following: The article also states that in addition to those monetary recoveries, during 2023 the DOL “made a difference for current and future […]
Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of recent cases is provided below. The most common type of ERISA case for approximately the past seventeen years involves retirement plan participants’ allegations that plan fiduciaries caused participants to pay excessive recordkeeping and investment fees […]
On February 7, 2024, the IRS published its Employee Plans News newsletter to explain that the IRS has started the second phase of its pilot Pre-Examination Retirement Plan Compliance Program (the “Program”). Under the Program, the IRS notifies plan sponsors via a letter that their retirement plan has been selected. The letter gives plan sponsors […]