In efforts to expand access to retirement savings programs for more Americans, the SECURE Act and SECURE 2.0 both included new rules that will require plans to allow long-term part-time (LTPT) employees to make elective deferrals into a 401(k) plan if they meet certain minimum hours requirements. This post updates our earlier post on the subject as ...
While many provisions of SECURE 2.0 apply to various types of retirement plans, including 403(b) plans, this update will focus on those provisions of the Act that apply only to 403(b) plans. Please check out our prior blog posts for other SECURE 2.0 provisions that impact 403(b) plans as well as other types of retirement plans.
Effective for ...
By: Michaela Taylor*
If you sponsor a group health plan, make sure you set a calendar alert before the winter holidays to submit the annual gag clause prohibition compliance attestation. Under the Consolidated Appropriations Act of 2021 (CAA), group health plans and health insurance issuers are prohibited from entering into agreements with ...
In welcomed news, under newly released DOL regulations, the Department of Labor (DOL) has updated the Form 5500 filing requirements to reduce the number of plans that will be required to obtain an annual audit. The rule remains that retirement plans with 100 or more participants must obtain an annual audit report from an independent qualified ...
For the third year in a row, the IRS adjusted the affordability percentage used for the shared responsibility penalties down. The IRS recently announced that the affordability percentage for 2024 will be 8.39%. This is down from 9.12% in 2023. For employers this means that if you set your employee premium costs last year right at the ...