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Save It for a Rainy Day: Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts

McDermott Will & Emery Employee Benefits

The post Save It for a Rainy Day: Recent Amendment Extensions for Qualified Retirement Plans, 403(b) Plans and Individual Retirement Accounts appeared first on EMPLOYEE BENEFITS BLOG.

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Top 10 Compensation Courses & Certifications in 2024

HR Lineup

Key Features: In-depth modules on compensation management fundamentals. Focus on the latest trends in compensation, including pay equity and executive compensation. Best For: HR professionals aiming to specialize in compensation or those already working in compensation roles seeking formal recognition of their expertise.

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IRS Announces Delay of Implementation of SECURE 2.0 Act’s Roth Catch-up Contribution Provision for Two Years

Benefits Notes

Act of 2022 (“SECURE 2.0”) required that effective as of January 1, 2024 , participants in 401(k) plans, 403(b) plans, or governmental 457(b) plans, who were age 50 or older and whose Social Security wages for the previous year exceed $145,000 (indexed), only be permitted to make catch-up contributions under such plans on a Roth (after-tax) basis.

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M&A in your future? You need an Employee Benefits Audit.

CorpStrat

Are your retirement plan programs in full compliance with ERISA and fiduciary responsibilities including filings of all required tax reporting? Do you know who the fiduciary on your plan is? Is your benefits package competitive enough to attract and retain talent? If you don’t know, its likely you — the business owner.

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Employment Agreements and Employment Litigation

McDermott Will & Emery Employee Benefits

In these slides, McDermott Partners Andrew Liazos and Ashley Altschuler summarize some of the key developments in hiring, executive compensation, remote work and more. What effects did the COVID-19 pandemic have on employers and employment litigation in 2021? Access the slides.

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Save It for a Rainy Day Part 2: IRS Announces Additional Plan Amendment Extensions

McDermott Will & Emery Employee Benefits

On September 26, 2022, the Internal Revenue Service (IRS) extended the amendment deadline for non-governmental qualified retirement plans, plans covered under Section 403(b) of the Internal Revenue Code (Code) and individual retirement accounts (IRAs).

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The Fiduciary Duties of 457(b) Plans and How to Mitigate Potential Risks

McDermott Will & Emery Employee Benefits

Fiduciaries of 403(b), 401(a) and 457(b) retirement plans have come under increased scrutiny in recent years, in part due to participant lawsuits filed against plan sponsors and the resulting media attention.