Of the over 90 provisions contained in the SECURE 2.0 legislation is a handful that only apply to retirement plans of nonprofit, tax exempt organizations (EOs). One is specific to EOs sponsoring 457(b) plans and others involve 403(b) plans. These provisions are discussed below.
457 RMD Amendment Deadline Extended. Late last year, I wrote
By now you probably know that the $1.7 billion Budget Reconciliation Act of 2023 (Act) that kept the Federal government funded was enacted on December 29, 2022. You are probably also aware that the legislation known as SECURE 2.0 was part of the legislation. However, you might not know that there are close to a
On September 29, the House of Representatives passed the Mental Health Matters Act (Act) which included the provisions of another bill previously introduced, the Employee and Retiree Access to Justice Act (ERAJA). While the Act principally deals with health plans and expanding access to mental health and substance abuse services, ERAJA amends ERISA in two
There has been much press coverage on how the Inflation Reduction Act provides billions in funding for IRS enforcement. Some stories say that the IRS will be hiring 87,000 new agents to audit taxpayers over the next 10 years. This is disputed but there is no doubt that there is $80 billion in funding to
On August 3, 2022, the IRS issued Notice 2022-33 which extended the deadline for Employers to adopt certain amendments to their qualified plans, 403(b) plans, and governmental plans, resulting from recent legislation including the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Coronavirus Aid, Relief, and Economic Security Act (CARES
The provision mandating that employers not otherwise offering a retirement plan to employees must offer an elective deferral only 401(k) plan or payroll deduction IRA for employees to save for retirement (See “Could CalSavers Go National? Federal Mandated Payroll Deduction Plan Proposal Included In 3.5 Trillion Budget Proposal“) has been dropped from President
Who says Congress is too busy with impeachment to legislate. Last week, the Setting Every Community Up for Retirement Enhancement (SECURE) Act was enacted as part of the 2020 Appropriations Legislation that had to be enacted to prevent a government shut down. The President signed the legislation on December 20, 2019. SECURE contains a number
Last month, I reported on how California’s mandated payroll deduction IRA program known as CalSavers is being challenged in court as preempted by ERISA. CalSavers is California’s attempt to address the fact that many Americans do not have the opportunity to save for retirement at their workplace because their employer does not offer a retirement