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

Plan sponsors now have a deadline for providing lifetime income illustrations

By Greg Daugherty and Rich Helmreich on September 22, 2021

Employers who sponsor 401(k) plans and other defined contribution plans in which participants may direct the investments of their accounts now have a deadline to provide lifetime income illustrations in those plans’ benefit statements. The Department of Labor (DOL) recently published guidance addressing these requirements. While helpful, the guidance is still subject to change in … Continue Reading

New IRS guidance reminds employers about new long-term part-time employee eligibility rules for 401(k) plans

By Greg Daugherty and Rich Helmreich on October 12, 2020

Much of the employee benefits news this year has related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act, particularly with respect to the greater flexibility it provided 401(k) plan participants with respect to requesting in-service distributions and loans. That is not a surprise during this year of economic upheaval. Updating plan administrative procedures … Continue Reading