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“BenefitsLink continues to be the most valuable resource we have at the firm.”
-- An attorney subscriber
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Search the News Archive
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10 Matching News Items |
| 1. |
Roberts & Holland LLP
Apr. 30, 2025
"[F]or plan sponsors seeking to correct delinquent payments to retirement plans, the new SCC program can only be used if lost earnings do not exceed $1,000 per payroll period and the delinquent payments have been remitted to the plan within 180 days. As such, large plans may not be able to benefit from using the SCC rather than a full VFCP application[.]"
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| 2. |
Roberts & Holland LLP
Feb. 4, 2025
"If the proposed regulations are ultimately issued in final form, they will require publicly held corporations to take additional steps to determine their covered employees under Section 162(m) for tax years beginning after December 31, 2026. Given the multi-year structure of many compensation arrangements for executives and other highly paid employees, consideration of the impact of the ARPA changes should begin well before that effective date."
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| 3. |
Roberts & Holland LLP
Sept. 1, 2022
"A response to the IRS must be sent, and appropriate action must be taken, within the 90-day window. Not all errors are eligible to be self-corrected under the principles of ECPRS. Closing agreements reached under the 90-day pre-examination compliance program will include sanctions determined according to the VCP fee structure, which are likely to be significantly less than equivalent Audit CAP sanctions."
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| 4. |
Roberts & Holland LLP
Feb. 22, 2022
"[F]iduciaries should ensure that benchmarks and standards for evaluating investments and fees are formalized in their plan's investment policy statement and/or other applicable governance documents. Moreover, such regular review should be adequately documented in the plan's records in order to demonstrate that fiduciaries are prudently monitoring plan investments." [Hughes v. Northwestern Univ., No. 19-1401 (S. Ct. Jan. 24, 2022)]
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| 5. |
Roberts & Holland LLP
Aug. 10, 2020
"The IRS has now announced that any defined contribution plan participants who received RMDs in 2020 -- including RMDs paid in January 2020 or later -- may recontribute these RMDs to a tax-qualified plan or IRA by an extended deadline of August 31, 2020.... These recontributions are permitted only if the qualified plan accepts incoming rollover contributions by participants."
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| 6. |
Roberts & Holland LLP
July 27, 2020
"[P]lan sponsors have inquired whether they can reduce safe harbor contributions to their safe harbor plan solely on behalf of highly compensated employees (HCEs) without triggering the mid-year change rules. The Safe Harbor Relief Notice clarifies that the mid-year change rules do not apply for HCEs; however, plan sponsors are still required to timely provide an updated safe harbor notice and an opportunity for the affected HCEs to change their election."
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| 7. |
Roberts & Holland LLP
July 23, 2020
"The DOL has permitted electronic distribution of participant communications to plan participants since 2002, but only to [certain] individuals ... The new DOL final regulations provide administrators two ways to use electronic delivery as the default method for distributing required communications to participants: [1] the administrator may post the document or notice on a website, or [2] the administrator may email or text the document or notice to the participant's email address or smartphone."
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| 8. |
Roberts & Holland LLP
Mar. 30, 2020
"The CARES Act leaves open significant questions as to the tax treatment of CRD repayments which are made after all or a portion of the CRD has already been included as taxable income to the participant.... The CARES Act waives RMDs that are due in 2020.... In contrast to the other retirement plan provisions in the CARES Act, this provision is not limited to those participants impacted by the coronavirus."
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| 9. |
Roberts & Holland LLP
Dec. 29, 2019
"The SECURE Act requires employers to allow long-term part-time employees to participate in the elective deferral portion of their 401(k) plans so long as the employee works three consecutive 12-month periods with at least 500 hours in each period.... [T]he SECURE Act amends ERISA to require defined contribution plans to provide participants with an annual benefit statement that includes a 'lifetime income disclosure.' "
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| 10. |
Roberts & Holland LLP
July 6, 2019
"The proposed regulations do not apply to retirement plan distributions that are considered to be 'eligible rollover distributions' ... which are subject to mandatory federal income tax withholding at a 20% rate unless the payee elects to directly roll over the distribution to another tax-qualified plan or IRA. Additionally, the proposed regulations do not apply to nonresident aliens, who generally remain subject to a tax withholding rate of 30%."
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