On February 25, 2026, the Department of Labor (DOL) issued proposed regulations implementing Section 338 of SECURE 2.0, which generally requires defined contribution plan administrators to furnish at least one benefit statement on paper every calendar year and defined benefit plan administrators to furnish at least one pension benefit statement on paper every three calendar
Seyfarth Synopsis: The IRS is back to work and just announced the 2026 annual limits that will apply to tax-qualified retirement plans. But wait, there’s more – a surprise increase in the inaugural FICA wage limit for purposes of the mandatory Roth catch-up requirement. Employers maintaining tax-qualified retirement plans will need to make sure their plans’ administrative procedures are adjusted accordingly.
In Notice 2025-67, the IRS announced the various limits that apply to tax-qualified retirement plans in 2026. The “regular” contribution limit for employees who participate in 401(k), 403(b) and most 457 plans will increase from $23,500 to $24,500 in 2026. The “catch-up” contribution limit for individuals who are or will be age 50 by the end of 2026 is increased from $7,500 to $8,000.
However, the “super” catch-up contribution limit for individuals aged 60 to 63 on December 31, 2026, remains $11,250. Some were expecting that limit to be indexed to 150% of the regular catch-up limit. However, the Internal Revenue Code provides that the limit is the greater of $10,000 or 150% of the 2024 catch-up limit (i.e., $7,500). As a result, the “super” catch-up contribution limit remains $11,250 for 2026, and the $11,250 limit may be indexed for inflation in future years.
Continue Reading Shutdown’s Over—IRS Wastes No Time Reminding You You’re Still Not Saving Enough
Seyfarth Synopsis: Under the current administration, the Department of Labor has once again changed course on its view of permissible investing strategies for retirement plans, warming to crypto and private equity, and confirming their distrust of ESG.
Over the last decade, there has been quite a bit of back and forth surrounding permissible investments
This post has been updated as of March 4, 2025.
Seyfarth Synopsis: On December 17, 2024,
the House Ways and Means Committee and the Senate Finance Committee presented
two bills – the Paperwork Burden Reduction Act (HR 3797) and the Employer Reporting Improvement Act (HR 3801) – to President Biden, which he signed into
Seyfarth Synopsis: On August 19, 2024, the IRS issued Notice 2024-63 (the “Notice”) providing guidance for plan sponsors that wish to provide matching contributions based on eligible student loan repayments made by participants, rather than based only on elective deferrals, pursuant to the SECURE 2.0 Act of 2022. This post summarizes guidance under the Notice.
Section 110 of the SECURE 2.0 Act of 2022 codified rules that permitted plan sponsors to make a matching contribution to a 401(k), 403(b), SIMPLE or governmental 457(b) plan based on a participant’s “qualified student loan payment,” in addition to matching contributions on a participant’s elective deferral contribution to the plan. These rules already took effect this year, and the IRS has now issued welcome guidance on how this provision should be implemented.
Continue Reading Major SECURE 2.0 Guidance Issued: Extra Credit for Repaying Qualified Student Loans
Seyfarth Synopsis: As previously reported here, on December 20, 2023, the IRS issued Notice 2024-2 (the “Notice”) providing guidance on several outstanding questions related to provisions under SECURE 2.0. This blog post summarizes the guidance under the Notice for in-service distributions to terminally ill employees that qualify for a waiver from the 10%
The Internal Revenue Code provides significant tax benefits for both employers and employees participating in a 401(k) or 403(b) plan. In exchange for these tax benefits, the plan must satisfy a litany of requirements, notably that a plan be administered in accordance with its plan document. Failure to do so could result in the plan’s
Seyfarth Synopsis: Recently the U.S. Treasury Department (Treasury) and Internal Revenue Service (IRS) issued regulations (the “Final Regulations”) which finalized previously proposed relief for furnishing Forms 1095-B and 1095-C to individuals. Notably, the Final Regulations provide a permanent 30-day extension to the due date for furnishing Form 1095-C to individuals. This extension was previously granted in the 2021 final instructions for completing Forms 1094-C and 1095-C for 2021 (see our blog here) issued in December 2021.
Continue Reading Permanent Extension to the ACA Reporting Deadline
Seyfarth Synopsis: The SECURE Act, passed just before the onset of the COVID-19 pandemic at the end of 2019, significantly altered the retirement plan landscape. For a reminder on how the SECURE Act changed the retirement landscape click here and here. In 2021, another bill, Securing a Strong Retirement Act of 2021, was considered
Seyfarth Synopsis: The IRS has released final instructions for completing Forms 1094-C and 1095-C for 2021. Notably the instructions provide that the due date for furnishing Form 1095-C to individuals is extended to March 2, 2022. As expected, the instructions no longer offer penalty relief for good faith incorrect or incomplete filings and Form