Field Assistance Bulletin No. 2025-01, Missing Participants and Beneficiaries – Pension Plans’ Transfer of Small Retirement Benefit Payments to State Unclaimed Property Fund, announces a temporary enforcement policy applicable to small retirement benefit payments owed to missing participants or beneficiaries that a responsible plan fiduciary voluntarily decides to pay over to a state unclaimed property
Following up on proposed changes, the DOL has updated its Voluntary Fiduciary Correction Program (VFCP). The changes under the program now allow employers and plan officials to self-correct certain transactions without submitting a VFCP application. Additionally, employers and plan officials can use the self-correction component (SCC) to voluntarily self-correct delinquent participant contributions and loan repayments
The Department of the Treasury and the Internal Revenue Service recently issued proposed regulations addressing certain SECURE 2.0 Act provisions, including a provision generally requiring newly-established 401(k) and 403(b) plans to automatically enroll eligible employees beginning with the 2025 plan year. In general, unless an employee opts out, a plan must automatically enroll the employee at
The Department of the Treasury and the Internal Revenue Service issued on January 10, 2025 proposed regulations addressing several SECURE 2.0 Act provisions relating to catch-up contributions, which are additional contributions under a 401(k) or similar workplace retirement plan that generally are allowed with respect to employees who are age 50 or older. This includes
Notice 2024-82 sets forth the 2024 Required Amendments List (2024 RA List). The Required Amendments List (RA List) applies to individually designed plans qualified under section 401(a) of the Internal Revenue Code (Code) (qualified individually designed plans) and individually designed plans that satisfy the requirements of section 403(b) (section 403(b) individually designed plans). The RA
On November 18, 2024, the U.S. Department of Labor’s Employee Benefits Security Administration issued a notice requesting information from retirement plan administrators that will allow it to begin populating the Retirement Savings Lost and Found database, an online search tool to help America’s workers locate lost retirement savings they earned. Retirement plans, including pension and 401(k)
The Internal Revenue Service announced November 1, 2024 that the amount individuals can contribute to their 401(k) plans in 2025 has increased to $23,500, up from $23,000 for 2024. The IRS also issued technical guidance regarding all of the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax