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Articles by Richard Schwartz
Catching-Up on Catch-Up Contribution Changes | JD Supra
Seyfarth Synopsis: New proposed regulations issued by The Department of Treasury and IRS provide guidance on the provisions related to catch-up contributions that were included under SECURE 2.0 Act of 2022 (“SECURE 2.0”).
Missing Participants – What to do With Abandoned Accounts | JD Supra
Seyfarth Synopsis: Over the years, plan sponsors and administrators have wrestled with the question of what to do with the accounts of participants who left employment years earlier and cannot now be located. Notwithstanding their best efforts, plans continue to maintain accounts of participants who are either missing or unresponsive to plan correspondence (“missing participants”).
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.
“SECURE-ing” the Answers to Outstanding Questions on the Rothification of Employer Contributions | JD Supra
Seyfarth Synopsis: Under Section 604 of Secure 2.0, sponsors of 401(k), 403(b) and governmental plans may allow employees to designate employer match (including match on student loan repayments) or nonelective contributions as Roth after-tax contributions at the time they are made. This provision was effective for contributions made after December 29, 2022 (i.e., the date Secure 2.0 was enacted).
You Can Call the DOL’s New Investment Fiduciary Rule by Another Name (“Retirement Security” Rule), but it’s Still the “Fiduciary Rule” | JD Supra
On October 31, 2023, the Department of Labor (“DOL”) issued its latest attempt at revising the rules regarding when investment professionals who provide “investment advice” to employee benefit plans or plan participants are a fiduciary under the Employee Retirement Income Security Act of 1974 (“ERISA”).
Wait What??? I Don’t Have to Audit My Small Employer Retirement Plan Anymore?? | JD Supra
Seyfarth Synopsis: New rules change the method of counting participants for Form 5500 purposes, possibly both eliminating audits and allowing use of the abbreviated Form 5500-SF. On February 23, 2023, the Department of Labor released its changes to the 2023 Form 5500 filing instructions.
Remedial Amendment Period Modifications and Other Technical Clarifications | JD Supra
Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) issued Revenue Procedure 2022-40, which made modifications impacting the remedial amendment period for both individually-designed qualified 401(a) plans and 403(b) plans, as well as clarifications about eligibility of a qualified plan for an initial determination letter and the timing of a determination letter filing regarding a plan merger.
Coming Soon to Your 403(b) Plan: IRS Determination Letters | JD Supra
February 13, 2023 Mary Kennedy, Richard Loebl, Richard Schwartz Seyfarth Shaw LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Seyfarth Synopsis: In November 2022, the Internal Revenue Service (IRS) announced in Revenue Procedure 2022-40 an expansion to its Determination Letter Program which for the first time will permit individually-designed 403(b) plans to apply for a favorable determination letter.
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