ESOP regulatory update regarding potential plan amendments

By Greg Daugherty and Victoria Hanohano-Hong on April 1, 2024

It has been a busy end of 2023 and first quarter of 2024 for the Internal Revenue Service and Department of Labor when it comes to implementing qualified plan regulatory guidance. You may have heard of some or more of these changes, many of which come from the SECURE Act and more recent SECURE 2.0. … Continue Reading

Proposed regulation for long-term part-time employees: Plan sponsors act now

By Rich Helmreich and Greg Daugherty on December 11, 2023

savings, money, annuity insurance, retirement and people concept - close up of senior woman hand putting coin into piggy bank

Effective Jan. 1, 2024, employers who sponsor 401(k) plans must allow employees who work at least 500 hours a year over a period of consecutive years (“long-term part-time” or “LTPT employees”) to be eligible to make deferrals into the plan. This change requires immediate action by plan sponsors to change the way they administer their … Continue Reading

IRS updates Nonqualified Plan Audit Technique Guide—Is a new enforcement initiative on the horizon?

By Greg Daugherty, Dave Tumen and Rich Helmreich on July 19, 2021

The Internal Revenue Service (IRS) recently updated its Nonqualified Deferred Compensation Audit Techniques Guide (NQDC). It released Publication 5528 (NQDC guide) on June 1, 2021. The IRS last updated the NQDC Guide in 2015. Interestingly, the 2015 NQDC Guide was published shortly after the IRS sent information document requests to publicly traded companies to determine … Continue Reading