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-- An attorney subscriber
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Search the News Archive
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52 Matching News Items |
| 1. |
Hanson Bridgett LLP
Nov. 5, 2025
"Generally, 401(k), 403(b) and 457(b) plans must comply with the Roth catch-up requirement as of January 1, 2026.... Employers may implement a 'deemed election' for participants who are subject to the Roth catch-up requirement. If an employer implements the deemed election, there are two new correction methods available to fix catch-up contribution characterization mistakes."
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| 2. |
Hanson Bridgett LLP
July 23, 2025
"Generally, adjustments or refunds of income tax withheld on a retirement plan distribution are not available when the retirement check goes uncashed.... Form 1099-R reporting for a subsequently reissued check is only required when the reissued check is greater than the original check amount and the difference is $10 or more."
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| 3. |
Hanson Bridgett LLP
Dec. 5, 2024
"Form 15620 provides a uniform format for filing Section 83(b) Elections, offering an alternative to submitting a written statement using sample election language provided in Revenue Procedure 2012-29 ... While the IRS still requires that the Form 15620 be filed via mail ... the IRS is expected to support electronic filing eventually.... Form 15620 provides clear guidance on required information[.]"
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| 4. |
Hanson Bridgett LLP
Jan. 31, 2024
"The proposed IRS regulations provide clarification on who long-term, part-time employees are and how to determine their eligibility and vesting rights. Long-term, part-time employees may be excluded from nondiscrimination and coverage testing, and top-heavy vesting and contributions. The IRS summary indicates that the long-term, part-time employee rules also apply to ERISA-exempt governmental and church plans, but the IRS is requesting comments on that issue."
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| 5. |
Hanson Bridgett LLP
Oct. 16, 2023
"SB 616 increases the number of paid sick leave days an employer must provide eligible employees each year from three days/24 hours to five days/40 hours.... Accrued paid sick leave requirements, including the annual usage cap, will increase.... The carry over accrual cap will also increase but can be capped for employees who receive their sick leave in the beginning of the year.... SB 616 preempts local ordinances.... SB 616 maintains the CBA exemption, with a twist."
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| 6. |
Hanson Bridgett LLP
Oct. 9, 2023
"The IRS lowered the threshold for 'affordable' employer coverage under the [ACA] for 2024 to 8.39% of an employee's household income, down from 9.12% in 2023. Employers should evaluate the effect of the revised affordability threshold percentage on health plan contributions and may need to consider lowering employees' contributions for the 2024 plan year. Non-compliance with the affordability threshold could lead to IRS-assessed penalties."
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| 7. |
Hanson Bridgett LLP
July 18, 2023
"[1] A plan won't violate the rollover rules by failing to treat distributions between January 1 and July 31, 2023 to participants who reach age 72 in 2023 as eligible rollover distributions. [2] The 60-day indirect rollover period for such distributions is extended until September 30, 2023. [3] A defined contribution plan won't violate Code section 401(a)(9) by failing to make a 'specified RMD' to a beneficiary in 2023. [4] The Code section 4974 excise tax won't apply to a beneficiary because the beneficiary failed to take a 'specified RMD' in 2023."
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| 8. |
Hanson Bridgett LLP
Apr. 26, 2023
"In the FAQs, the Departments 'encourage' plans to continue providing COVID-19 diagnostic testing coverage without cost-sharing or other requirements, and to notify participants of any changes in coverage of COVID-19 testing.... Employers may want to consider notifying participants that standard deadlines for these plan-related actions will apply again after the end of the Outbreak Period."
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| 9. |
Hanson Bridgett LLP
Jan. 3, 2023
"While there is an extended period before formal plan amendments need to be adopted to reflect the new changes ... operational compliance with the changes will be required as soon as they are effective -- with some changes becoming effective immediately. Because of the need to comply operationally with all changes, plan sponsors and plan administrators ... may want to align plan document language with operations well before the plan amendment deadlines."
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| 10. |
Hanson Bridgett LLP
Dec. 6, 2022
"Limited duration for post-retirement employment will mean up to 24 consecutive months, with potential extensions up to 48 consecutive months, or longer with CalPERS' approval. The 24-month rule will also apply to time served by active employees appointed to upgraded positions or classifications for purposes of reporting 'temporary upgrade pay' to CalPERS."
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