By: Lyndsey Barnett and Michaela Taylor*
Catch-up eligible individuals enrolled in an employer-sponsored retirement plan have new changes coming their way under Secure 2.0. Beginning in 2024, individuals age 50 or older by the end of the calendar year in which the plan year ends, that made over $145,000 in wages in the previous year with the same ...
By: Lyndsey Barnett and Michaela Taylor*
As we have mentioned in previous insights, SECURE 2.0 has provided several opportunities for plan administrators to assist participants in tackling emergency expenses. Two of these provisions updated the administration of hardship withdrawals to plan participants.
Previously, the IRS permitted ...
Our webinar series continues on SECURE 2.0, the latest legislation passed by Congress at the end of 2022. Building on the success of the original SECURE Act of 2019, this new legislation aims to further expand access to retirement accounts, promote participation, and preserve savings. Our experts broke down the key provisions of SECURE 2.0 and ...
This week, the IRS issued proposed regulations regarding the use of forfeitures in qualified retirement plans, including 401(k) plans. The proposed regulations include a deadline for the use of forfeitures in defined contribution plans and clarify the purposes for which forfeitures can be used in a defined contribution plan. The regulations ...