Seyfarth Synopsis: New rules change the method of counting participants for Form 5500 purposes, possibly both eliminating audits and allowing use of the abbreviated Form 5500-SF.

On February 23, 2023, the Department of Labor released its changes to the 2023 Form 5500 filing instructions. Among the changes was a modification of the participant counting

Signed into law in the waning days of 2022, the SECURE 2.0 Act contains over 90 provisions impacting qualified retirement plans. Several of these provisions materially expand how Roth contributions are to be used, that impact employers and participants alike. We are witnessing the Rothification of retirement accounts. Grab your cup of coffee and tune

Seyfarth Synopsis: New IRS guidance suggest that many NFTs may be considered “collectibles,” causing concerns for IRAs and individually-directed accounts under a tax-qualified plan.

On March 21, 2023, the Internal Revenue Service (IRS) issued Notice 2023-27, announcing that the Treasury Department and the IRS intend to issue guidance with respect to the treatment

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

‘Missing’ or lost participants often raise a handful of legal and administrative issues for plan sponsors. The lack of definitive guidance has led to confusion for plan sponsors in deciding what to do about missing participants. While the IRS and DOL have their own separate concerns, both agencies are concerned and likely to inquire about

In December 2019, The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) was enacted and signed into law. The Act was the most significant piece of legislation impacting employee benefit plans since the Pension Protection Act in 2006, and includes a plethora of changes to the laws governing employer-sponsored retirement plans, specifically impacting

Seyfarth Synopsis: The IRS just announced the 2023 annual limits that will apply to tax-qualified retirement plans. For a second year in a row, the IRS increased the annual limits, allowing participants to save even more in 2023. Employers maintaining tax-qualified retirement plans will need to make sure their plans’ administrative procedures are adjusted accordingly.

Seyfarth Synopsys: On September 26, 2022, the IRS issued Notice 2022-45, extending the deadline for amending retirement plans and individual retirement accounts (“IRAs”) for optional changes under the CARES Act.

As we discussed in our prior blog post [here], on August 3, 2022. the IRS issued Notice 2022-33, extending the deadlines for amending

Termination of employment is a distribution event under many retirement plans, and particularly under individual account defined contribution plans. But what does it mean to terminate employment? Is there such a thing as a “sham” termination? It’s an important question for plans sponsors to consider before distributing a retirement benefit following the plan participant’s departure

Seyfarth Synopsis: On August 3, the IRS issued Notice 2022-33, extending the deadlines for amending retirement plans and individual retirement accounts (“IRAs”) for changes under the (i) Setting Every Community Up For Retirement Enhancement Act of 2019 (the “SECURE Act”); (ii) Bipartisan American Miners Act of 2019 (the “Miners Act”); and (iii) Section 2203 of