Benefits Notes

AUGUST 29, 2023

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.

401(k) 52

401(k) Retirement Plan Executive Compensation Taxes 52

McDermott Will & Emery Employee Benefits

OCTOBER 12, 2022

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).

Retirement Plan 79

Retirement Plan IT Employee Benefits Executive Compensation 79

McDermott Will & Emery Employee Benefits

APRIL 6, 2022

The increased penalties generally apply to reporting and disclosure failures if the penalty is assessed after January 15, 2022, and if the violation occurred after […]. The post Inflation and ERISA Penalties: Hand in Hand for 2022 appeared first on EMPLOYEE BENEFITS BLOG.

Employee Benefits 80

Employee Benefits Health and Welfare Executive Compensation Retirement Plan 80

Proskauer's Employee Benefits & Executive Compensa

NOVEMBER 2, 2022

Twelve years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and many years after the Securities and Exchange Commission started considering regulations implementing the clawback provisions of Dodd-Frank, the SEC published the Final “Clawback” Rules (the “Final Rules”) on October 26, 2022.

Executive Compensation 52

Executive Compensation Incentive Compensation Retirement Plan Taxes 52

McDermott Will & Emery Employee Benefits

SEPTEMBER 15, 2022

On August 25, 2022, the US Securities and Exchange Commission (SEC) adopted final rules to implement the pay versus performance disclosure requirement mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act).

Commissions 85

Commissions Employee Benefits Executive Compensation Retirement Plan 85

McDermott Will & Emery Employee Benefits

JUNE 9, 2022

On May 5, 2022, McDermott Partner Erin Turley delivered a presentation during the 2022 TEA National Conference titled “Understanding a Trustee’s Role in Management Incentive Plans.”

Management 70

Management Employee Benefits Executive Compensation Retirement Plan 70

McDermott Will & Emery Employee Benefits

JANUARY 11, 2023

We recently reported on an FAQ issued December 23, 2022 (FAQ About Affordable Care Act and Consolidated Appropriations Act, 2021 Implementation Part 56) by the US Departments of Labor, Health and Human Services and the Treasury (collectively, the Departments).

Employee Benefits 75

Employee Benefits Health and Welfare Executive Compensation Retirement Plan 75