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SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

Proskauer's Employee Benefits & Executive Compensa

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

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4 changes that SECURE 2.0 already made to your retirement plans

Business Management Daily

Employers have been trying to unpack the provisions of SECURE 2.0 The law is nothing short of a detailed overhaul of employer retirement savings plans. Sutton of Strategic Retirement Partners (aka “The 401k Lady”) said the new rules came out before employers and the industry were ready.

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EPCRS Update Offers New Tools to Correct Retirement Plan Errors

Proskauer's Employee Benefits & Executive Compensa

The IRS recently updated its “Employee Plans Compliance Resolution System” (EPCRS). By way of background, EPCRS is a correction program administered by the IRS for plan sponsors to correct certain retirement plan errors. New Flexibility to Correct Retirement Plan Overpayments.

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Sweeping Changes Coming to Employer-Funded 401(k) Plans

Griffin Benefits

Faced with these obstacles, lawmakers are turning their attention to 401(k) plans, which are available to 68% of private industry workers, yet only 50% utilize them. Nevertheless, lawmakers believe that radical changes to what has now become this country’s primary retirement vehicle are in order. LAWMAKERS ARE STEPPING IN.

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Ten Upsides of Inflation

Money Talk

Not surprisingly, much of the news was negative; e.g., soaring prices for food, gas, utilities, cars, insurance, and more. Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., in June and a still-high 6.5% CPI at year-end. 401(k)s) and IRAs are pegged to inflation.

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4 Ways to Support Employee Mental Health and Wellbeing

Best Money Moves

Employers should be proactive and create support systems to enhance overall organizational success. Employers play a significant role in shaping the mental well-being of their employees. In light of the swiftly evolving technological landscape, it’s imperative to foster increased communication between employers and employees.

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A Return to Prioritizing Retirement Benefits 

HR Professionals Magazine

By Chuck Stinson The McGriff Retirement Benefit Survey, a follow-up to our 2023 National Benefit Trend Survey, provides a comprehensive view of retirement plan trends across a diverse landscape of industries and company sizes. The responses to the defined benefit plan portion of the survey further supports these views.