The IRS has issued long-awaited final regulations regarding the requirement included in the SECURE 2.0 Act of 2022 that catch-up contributions made during a plan year under a 401(k) or 403(b) plan by participants with FICA wages from the employer sponsoring the plan during the prior calendar year that exceed a specified dollar amount may
The Department of Labor’s (“DOL”) Employee Benefits Security Administration recently issued Pooled Employer Plans: Big Plans for Small Businesses, which contains interpretive guidance that seeks to encourage the establishment and adoption of pooled employer plans (“PEPs”) by demonstrating how DOL currently believes that PEPs can minimize employers’ fiduciary risks. The
The California wildfires were officially declared a federal disaster by the Federal Emergency Management Agency (FEMA) on January 7, 2025. Plan sponsors and participants continue to navigate the financial and administrative impacts of these events. During this unpredictable time, plan sponsors may be able to provide various forms of relief to impacted participants. Plan sponsors
Effective January 1, 2024, the Setting Every Community Up for Retirement 2.0 Act (“SECURE 2.0”) allows employers to make matching contributions under defined contribution plans based on employees’ qualified student loan payments. Although student loan matching contribution programs could provide a significant new benefit for employees with student loan obligations, few employers have amended their