Proskauer's Employee Benefits & Executive Compensa

DECEMBER 15, 2023

Act of 2022 (“SECURE 2.0”) was signed into law on December 29, 2022 as part of the 2023 Consolidated Appropriations Act, and included a myriad of required and optional plan design changes for retirement plan sponsors and employers (described in more detail here ). Automatic Enrollment Provision Applied to Multiemployer Plans.

401(k) 98

401(k) Retirement Plan Education Finance 98

Insperity

OCTOBER 10, 2023

At its most basic level, the law encourages people to not only save money for retirement , but to save more and also become financially stable in the present. To do this, the law makes broad changes to the foundation of retirement preparation in the U.S.: employer-sponsored 401(k) plans. The SECURE 2.0

401(k) 109

401(k) Retirement Plan Taxes Benefits Package 109

InterWest Insurance Services

DECEMBER 20, 2022

1, 2026, it applies to all licensed contractors or applicants for licensure, regardless of classification, unless they are organized as a joint venture and file a certificate of exemption from workers’ compensation. Tree service contractors (D-49). Starting Jan. 7) Permanent COVID standard.

401(k) 98

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 98

Snell & Wilmer Benefits

AUGUST 28, 2023

On August 25, 2023, the IRS issued Notice 2023-62 , which gives retirement plan sponsors a two-year administrative transition period to implement the SECURE 2.0 requirement that certain catch-up contributions to 401(k) and similar defined contribution plans be made on an after-tax Roth basis. Roth catch-up rule.

401(k) 52

401(k) Retirement Plan Taxes Employee Benefits 52

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

Proskauer's Employee Benefits & Executive Compensa

JANUARY 16, 2024

requires that 401(k) plans established after December 28, 2022, implement automatic enrollment provisions for plan years starting after December 31, 2024. Plan sponsors had questioned how the “establishment date” would apply in the context of plan mergers and spin-offs. Merger of Pre-SECURE 2.0

401(k) 111

401(k) Taxes Retirement Plan Employment 111

Benefits Notes

DECEMBER 28, 2022

Congress made several changes to retirement plans as part of the Consolidated Appropriations Act of 2023 , which recently passed both the House and Senate. The final bill contains several provisions affecting retirement plans under Division T of the bill titled “Secure 2.0 Act of 2022.”

401(k) 52

401(k) Retirement Plan Taxes Salary 52