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Articles by Liz Deckman
Major SECURE 2.0 Guidance Issued: Extra Credit For Repaying Qualified Student Loans
Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the "Notice") providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by participants, rather than based only on elective deferrals, pursuant to the SECURE 2.0 Act of 2022. This post summarizes guidance under the Notice.
Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans | JD Supra
Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by participants, rather than based only on elective deferrals, pursuant to the SECURE 2.0 Act of 2022. This post summarizes guidance under the Notice.
Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans
Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by participants, rather than based only on elective deferrals, pursuant to the SECURE 2.0 Act of 2022. This post summarizes guidance under the Notice.
Washington Saves; Washington State's New State-Mandated Retirement Program - Employee Benefits & Compensation - United States
Seyfarth Synopsis: On March 28, 2024, Washington State's Governor, Jay Inslee, signed into law a bill that creates a new state-run retirement program called "Washington Saves." Under the program, "covered employers" must give "covered employees" the opportunity to contribute a portion of their pay to an individual retirement account ("IRA") on a pre-tax basis in order to save for retirement. Only "covered employers" must comply with Washington Saves.
Washington Saves; Washington State’s New State-Mandated Retirement Program | JD Supra
Seyfarth Synopsis: On March 28, 2024, Washington State’s Governor, Jay Inslee, signed into law a bill that creates a new state-run retirement program called “Washington Saves.” Under the program, “covered employers” must give “covered employees” the opportunity to contribute a portion of their pay to an individual retirement account (“IRA”) on a pre-tax basis in order to save for retirement. Only “covered employers” must comply with Washington Saves.
Washington Saves; Washington State’s New State-Mandated Retirement Program
Seyfarth Synopsis: On March 28, 2024, Washington State’s Governor, Jay Inslee, signed into law a bill that creates a new state-run retirement program called “Washington Saves.” Under the program, “covered employers” must give “covered employees” the opportunity to contribute a portion of their pay to an individual retirement account (“IRA”) on a pre-tax basis in order to save for retirement. Only “covered employers” must comply with Washington Saves.
Washington Saves; Washington State’s New State-Mandated Retirement Program
Seyfarth Synopsis: On March 28, 2024, Washington State’s Governor, Jay Inslee, signed into law a bill that creates a new state-run retirement program called “Washington Saves.” Under the program, “covered employers” must give “covered employees” the opportunity to contribute a portion of their pay to an individual retirement account (“IRA”) on a pre-tax basis in order to save for retirement. Only “covered employers” must comply with Washington Saves.
SECURE 2.0: Guidance On Exception To Early Distribution Penalty For Terminally Ill Individuals
Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2 (the "Notice") providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post summarizes the guidance under the Notice for in-service distributions to terminally ill employees that qualify for a waiver from the 10% early withdrawal tax that normally applies to early distributions from retirement plans.
SECURE 2.0: Guidance on Exception to Early Distribution Penalty for Terminally Ill Individuals | JD Supra
Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2 (the “Notice”) providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post summarizes the guidance under the Notice for in-service distributions to terminally ill employees that qualify for a waiver from the 10% early withdrawal tax that normally applies to early distributions from retirement plans.
SECURE 2.0: Guidance on Exception to Early Distribution Penalty for Terminally Ill Individuals
Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2(the “Notice”) providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post summarizes the guidance under the Notice for in-service distributions to terminally ill employees that qualify for a waiver from the 10% early withdrawal tax that normally applies to early distributions from retirement plans.
SECURE 2.0: Guidance on Exception to Early Distribution Penalty for Terminally Ill Individuals
Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2 (the “Notice”) providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post summarizes the guidance under the Notice for in-service distributions to terminally ill employees that qualify for a waiver from the 10% early withdrawal tax that normally applies to early distributions from retirement plans.
The IRS's Grab Bag Of SECURE 2.0 Guidance Is Here!
Seyfarth Synopsis: Adding to the holiday joy of employee benefits practitioners nationwide, yesterday the IRS issued guidance on several outstanding questions related to SECURE 2.0. At this time of year, we are especially thankful that the guidance was issued on a day other than the day before or following a national holiday.
The IRS’s Grab Bag of SECURE 2.0 Guidance is Here! | JD Supra
Seyfarth Synopsis: Adding to the holiday joy of employee benefits practitioners nationwide, yesterday the IRS issued guidance on several outstanding questions related to SECURE 2.0. At this time of year, we are especially thankful that the guidance was issued on a day other than the day before or following a national holiday.
The IRS’s Grab Bag of SECURE 2.0 Guidance is Here!
Seyfarth Synopsis: Adding to the holiday joy of employee benefits practitioners nationwide, yesterday the IRS issued guidance on several outstanding questions related to SECURE 2.0. At this time of year, we are especially thankful that the guidance was issued on a day other than the day before or following a national holiday.
The IRS’s Grab Bag of SECURE 2.0 Guidance is Here!
Seyfarth Synopsis: Adding to the holiday joy of employee benefits practitioners nationwide, yesterday the IRS issued guidance on several outstanding questions related to SECURE 2.0. At this time of year, we are especially thankful that the guidance was issued on a day other than the day before or following a national holiday.
The Benefits Of Flying Into SFO; Employees Have Free Family Health Insurance – For Now - Employee Benefits & Compensation - United States
Seyfarth Synopsis: In August, the Ninth Circuit Court of Appeals revived a challenge by an airline trade association, Airlines for America ("A4A"), to the Healthy Airport Ordinance.
The Benefits of Flying into SFO; Employees Have Free Family Health Insurance – For Now | JD Supra
Seyfarth Synopsis: In August, the Ninth Circuit Court of Appeals revived a challenge by an airline trade association, Airlines for America (“A4A”), to the Healthy Airport Ordinance. The San Francisco ordinance requires airlines that use the San Francisco International Airport, which the City runs, to cover 100% of health care plan costs, offer a “platinum” plan and require that plans cover not only the employees, but their spouses and dependents.
The Benefits of Flying into SFO; Employees Have Free Family Health Insurance - For Now
Seyfarth Synopsis: In August, the Ninth Circuit Court of Appeals revived a challenge by an airline trade association, Airlines for America (“A4A”), to the Healthy Airport Ordinance. The San Francisco ordinance requires airlines that use the San Francisco International Airport, which the City runs, to cover 100% of health care plan costs, offer a “platinum” plan and require that plans cover not only the employees, but their spouses and dependents.
A Reminder – Washington Cares Fund Premium Payments To Begin July 2023 | JD Supra
Seyfarth Synopsis: As a reminder to companies with workers in Washington State, payroll tax withholding under the Washington State Long Term Care Act will begin on July 1, 2023, unless an employee qualifies for an exemption. Companies with employees in Washington will need to be ready to withhold the payroll tax and keep track of employees who are exempt from withholding.
A Reminder - Washington Cares Fund Premium Payments To Begin July 2023
Seyfarth Synopsis: As a reminder to companies with workers in Washington State, payroll tax withholding under the Washington State Long Term Care Act will begin on July 1, 2023, unless an employee qualifies for an exemption. Companies with employees in Washington will need to be ready to withhold the payroll tax and keep track of employees who are exempt from withholding.
A Reminder - Washington Cares Fund Premium Payments To Begin July 2023
Seyfarth Synopsis: As a reminder to companies with workers in Washington State, payroll tax withholding under the Washington State Long Term Care Act will begin on July 1, 2023, unless an employee qualifies for an exemption. Companies with employees in Washington will need to be ready to withhold the payroll tax and keep track of employees who are exempt from withholding.
Time is On Our Side 2.0; More Time to Amend for CARES Act Optional Amendments | JD Supra
Seyfarth Synopsys: On September 26, 2022, the IRS issued Notice 2022-45, extending the deadline for amending retirement plans and individual retirement accounts (“IRAs”) for optional changes under the CARES Act. As we discussed in our prior blog post [here], on August 3, 2022.
Time is On Our Side 2.0; More Time to Amend for CARES Act Optional Amendments
Seyfarth Synopsys: On September 26, 2022, the IRS issued Notice 2022-45, extending the deadline for amending retirement plans and individual retirement accounts (“IRAs”) for optional changes under the CARES Act. As we discussed in our prior blog post [here], on August 3, 2022.
Coffee Talk With Benefits Episode 4: Summary Plan Descriptions (SPDs): Do's And Don'ts (Podcast)
Summary Plan Descriptions (SPDs) are an essential mechanism for employers to use when informing employees and participants of benefits offered under their plans. What kind of information is required to be included in an SPD? Should you consider including information that's not required? Who drafts them? How are SPDs distributed, and how often?
Class Action Lawsuit Filed Against Washington State's Long Term Cares Act
Seyfarth Synopsis: A federal judge has dismissed a class action lawsuit that challenged the Washington Long-Term Cares Act ("Cares Act"), ruling that because the Cares Act is not established or maintained by an employer and/or employee organization, it is not an employee benefit plan and therefore not governed or preempted by ERISA. The Court also held that the premiums assessed by the Cares Act constitute a state tax.
Class Action Lawsuit Filed Against Washington State’s Long Term Cares Act - Dismissed! | JD Supra
Seyfarth Synopsis: A federal judge has dismissed a class action lawsuit that challenged the Washington Long-Term Cares Act (“Cares Act”), ruling that because the Cares Act is not established or maintained by an employer and/or employee organization, it is not an employee benefit plan and therefore not governed or preempted by ERISA. The Court also held that the premiums assessed by the Cares Act constitute a state tax.
Class Action Lawsuit Filed Against Washington State’s Long Term Cares Act - Dismissed!
A federal judge has dismissed a class action lawsuit that challenged the Washington Long-Term Cares Act (“Cares Act”), ruling that because the Cares Act is not established or maintained by an employer and/or employee organization, it is not an employee benefit plan and therefore not governed or preempted by ERISA. The Court also held that the premiums assessed by the Cares Act constitute a state tax. As such, only state courts, not U.S. federal courts, have jurisdiction to rule on the Cares Act.
SECURE 2.0: Here We Go Again
United States: SECURE 2.0: Here We Go Again 06 April 2022 by Liz J. Deckman , Sarah N. Magill and Christina Cerasale Seyfarth Shaw LLP Your LinkedIn Connections with the authors Seyfarth Synopsis: The SECURE Act, passed just before the onset of the COVID-19 pandemic at the end of 2019, significantly altered the retirement plan landscape. For a reminder on how the SECURE Act changed the retirement landscape click here and here.
Supreme Court Asked To Assess Whether City Of Seattle's Hotel Workers Insurance Ordinance Is Preempted
To print this article, all you need is to be registered or login on Mondaq.com. Seyfarth Synopsis: A City of Seattle ordinance requires large hotels and related businesses to give workers either health insurance coverage or additional compensation. Earlier this month, the ERISA Industry Committee (ERIC) petitioned the U.S. Supreme Court, seeking a determination of whether this ordinance is preempted by the federal Employee Retirement Income Security Act of 1974, as amended (ERISA).
Supreme Court Asked to Assess Whether City of Seattle’s Hotel Workers Insurance Ordinance Is Preempted. | JD Supra Original
Seyfarth Synopsis: A City of Seattle ordinance requires large hotels and related businesses to give workers either health insurance coverage or additional compensation. Earlier this month, the ERISA Industry Committee (ERIC) petitioned the U.S. Supreme Court, seeking a determination of whether this ordinance is preempted by the federal Employee Retirement Income Security Act of 1974, as amended (ERISA).
It’s Official: Governor Inslee Signs Bills to Delay and Modify Washington’s Long Term Care Act | JD Supra Original
Seyfarth Synopsis: After announcing a moratorium on the State’s collection of the Washington Cares Fund long term care (“LTC”) payroll tax from employers on December 17, 2021, Governor Inslee signed into law House Bills 1732 and 1733 on Thursday. The bills formally delay the program until July 1, 2023, and implement several changes that are intended to address criticisms levelled at the first-of-its-kind program.
Washington State LTC Act; State Not Collecting Payroll Tax From Employers, But Employers To Collect Tax From Employees?
United States: Washington State LTC Act; State Not Collecting Payroll Tax From Employers, But Employers To Collect Tax From Employees? 03 January 2022 Seyfarth Shaw LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Washington State LTC Act; State Not Collecting Payroll Tax from Employers, but Employers to Collect Tax from Employees? | JD Supra
Seyfarth Synopsis: Although Washington State Governor, Jay Inslee, has announced a moratorium on the State’s collection of the Washington Cares Fund long term care (“LTC”) payroll tax from employers without penalty, last Thursday he backtracked somewhat, saying that he does not have the authority to allow employers not to collect the tax from employees, leaving employers wondering whether to collect the tax or not.
Washington State LTC Act; State Not Collecting Payroll Tax from Employers, but Employers to Collect Tax from Employees?
Seyfarth Synopsis: Although Washington State Governor, Jay Inslee, has announced a moratorium on the State’s collection of the Washington Cares Fund long term care (“LTC”) payroll tax from employers without penalty, last Thursday he backtracked somewhat, saying that he does not have the authority to allow employers not to collect the tax from employees, leaving employers wondering whether to collect the tax or not.
An Early Holiday Present For Washington State Employers; Long Term Care Act Payroll Tax Moratorium Announced
United States: An Early Holiday Present For Washington State Employers; Long Term Care Act Payroll Tax Moratorium Announced 24 December 2021 Seyfarth Shaw LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com. Seyfarth Synopsis: On Friday, Washington State Governor, Jay Inslee, announced a moratorium on the State's collection of the Washington Cares Fund long term care ("LTC") payroll tax.
An Early Holiday Present for Washington State Employers; Long Term Care Act Payroll Tax Moratorium Announced | JD Supra
Seyfarth Synopsis: On Friday, Washington State Governor, Jay Inslee, announced a moratorium on the State’s collection of the Washington Cares Fund long term care (“LTC”) payroll tax. The Washington Cares Fund was originally set to begin collecting taxes in January 2022 to help pay for the LTC expenses of the State’s residents. For more information on Washington Cares, see our blog post, our legal update, and a recording of our webinar.
An Early Holiday Present for Washington State Employers; Long Term Care Act Payroll Tax Moratorium Announced
Seyfarth Synopsis: On Friday, Washington State Governor, Jay Inslee, announced a moratorium on the State’s collection of the Washington Cares Fund long term care (“LTC”) payroll tax. The Washington Cares Fund was originally set to begin collecting taxes in January 2022 to help pay for the LTC expenses of the State’s residents. For more information on Washington Cares, see our blog post, our legal update, and a recording of our webinar.
Class Action Lawsuit Filed Against Washington State's Long Term Care Act
United States: Class Action Lawsuit Filed Against Washington State's Long Term Care Act 24 November 2021 Seyfarth Shaw LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Class Action Lawsuit Filed Against Washington State’s Long Term Care Act | JD Supra
Seyfarth Synopsis: A class action lawsuit has been filed against Washington State’s Long-Term Services and Supports Trust Act (the “Act”) that requires each worker in Washington to contribute $0.58 per $100 (0.58%) of wages to a trust set aside to pay long-term care benefits for its residents. The lawsuit challenges the Act and requests a declaratory judgment that the Act is unenforceable as it violates ERISA and federal and state laws governing employee benefit plans.
Class Action Lawsuit Filed Against Washington State’s Long Term Care Act
A class action lawsuit has been filed against Washington State’s Long-Term Services and Supports Trust Act (the “Act”) that requires each worker in Washington to contribute $0.58 per $100 (0.58%) of wages to a trust set aside to pay long-term care benefits for its residents. The lawsuit challenges the Act and requests a declaratory judgment that the Act is unenforceable as it violates ERISA and federal and state laws governing employee benefit plans. See Pacific Bells LLC et al v.
Hello… Goodbye… Hello Again: New IRS FAQs Discuss Rehires and Bona Fide Retirements In Light of COVID-Related Labor Shortages | JD Supra
Seyfarth Synopsis: The IRS recently sought to reassure employers that they will not jeopardize their retirement plan’s tax qualified status if they permit employees who have a bona fide separation from service to take a distribution from their retirement plan, even if they are rehired shortly thereafter by the same employer. The reassurance comes in the form of two FAQs that address COVID-related labor shortages and in-service distribution rules.
Hello… Goodbye… Hello Again: New IRS FAQs Discuss Rehires and Bona Fide Retirements In Light of COVID-Related Labor Shortages
Seyfarth Synopsis: The IRS recently sought to reassure employers that they will not jeopardize their retirement plan’s tax qualified status if they permit employees who have a bona fide separation from service to take a distribution from their retirement plan, even if they are rehired shortly thereafter by the same employer. The reassurance comes in the form of two FAQs that address COVID-related labor shortages and in-service distribution rules.
Ninth Circuit Rules – State Pension Mandate Not Preempted Even Though An Employer Chooses Not To Establish ERISA Plan - Employment and HR - United States
United States: Ninth Circuit Rules – State Pension Mandate Not Preempted Even Though An Employer Chooses Not To Establish ERISA Plan 10 June 2021 by Liz J. Deckman and Mark Casciari Seyfarth Shaw LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Ninth Circuit Rules – State Pension Mandate Not Preempted Even Though An Employer Chooses Not To Establish ERISA Plan | JD Supra
Seyfarth Synopsis: The Court of Appeals for the Ninth Circuit has once again upheld against an ERISA preemption challenge, a State private sector benefits mandate, notwithstanding that ERISA provides that the decision to establish an ERISA plan rests solely with the employer. The Supreme Court has often stated that ERISA is not a pension mandate statute; rather it simply encourages private sector employers to establish ERISA pension plans. See Gobeille v. Liberty Mutual Ins.
Ninth Circuit Rules - State Pension Mandate Not Preempted Even Though An Employer Chooses Not To Establish ERISA Plan
By Liz Deckman and Mark Casciari Seyfarth Synopsis: The Court of Appeals for the Ninth Circuit has once again upheld against an ERISA preemption challenge, a State private sector benefits mandate, notwithstanding that ERISA provides that the decision to establish an ERISA plan rests solely with the employer. The Supreme Court has often stated that ERISA is not a pension mandate statute; rather it simply encourages private sector employers to establish ERISA pension plans. See Gobeille v.
Don’t Look Now, But Is That A New SECURE Act On the Horizon? | JD Supra
Seyfarth Synopsis: The SECURE Act, passed at the end of 2019, significantly altered the retirement landscape. Now, proposed legislation, “SECURE Act 2.0,” sets out to make even more changes. As before, several of the proposed provisions will require employers to closely consider the new rules. For newly established plans, there will be requirements that did not exist before. For a reminder on how the SECURE Act 1.0 changed the retirement landscape in 2020 click here and here.
Don’t Look Now, But Is That A New SECURE Act On the Horizon?
Seyfarth Synopsis: The SECURE Act, passed at the end of 2019, significantly altered the retirement landscape. Now, proposed legislation, “SECURE Act 2.0,” sets out to make even more changes. As before, several of the proposed provisions will require employers to closely consider the new rules. For newly established plans, there will be requirements that did not exist before. For a reminder on how the SECURE Act 1.0 changed the retirement landscape in 2020 click here and here.
Do You Have Employees In Washington State? Take Note: New Long-Term Care Payroll Tax Goes Into Effect January 1, 2022
United States: Do You Have Employees In Washington State? Take Note: New Long-Term Care Payroll Tax Goes Into Effect January 1, 2022 26 April 2021 by Liz J. Deckman and Kelly Pointer Seyfarth Shaw LLP Your LinkedIn Connections with the authors To print this article, all you need is to be registered or login on Mondaq.com.
Do You Have Employees in Washington State? Take Note: New Long-Term Care Payroll Tax Goes Into Effect January 1, 2022 | JD Supra
Seyfarth Synopsis: In an effort to plan for the projected long-term care needs of its residents, State of Washington passed the Long-Term Services and Supports Trust Act (SHB 1323) requiring each worker in Washington to contribute $0.58 per $100 (0.58%) of wages to a trust set aside to pay long-term care benefits for its residents. The law was enacted in 2019 and becomes effective in 2022. Benefits under the Act are first payable in 2025.
Do You Have Employees in Washington State? Take Note: New Long-Term Care Payroll Tax Goes Into Effect January 1, 2022
Seyfarth Synopsis: In an effort to plan for the projected long-term care needs of its residents, the State of Washington passed the Long-Term Services and Supports Trust Act (SHB 1323) requiring each worker in Washington to contribute $0.58 per $100 (0.58%) of wages to a trust set aside to pay long-term care benefits for its residents. The law was enacted in 2019 and becomes effective in 2022. Benefits under the Act are first payable in 2025.
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