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Welcome to the Snell & Wilmer Benefits Blog. We will be posting about current employee benefits and executive compensation topics and issues. We invite you to contact the authors with your thoughts or questions.Blog Contributors
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In Case You Missed It – Summer 2021
Summer has come and gone, but there was no summer vacation for employee benefits legislation and guidance. In case you have been too busy to check out our blogs lately, here are some key items to help you stay organized … Continue reading
Posted in Employee Benefits
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With a New Administration, Will the Department of Labor’s Fiduciary Rule Once Again be Revised?
The Department of Labor’s (the “DOL”) attempts to regulate the conduct of fiduciaries under ERISA and the Code has been mired in controversy. In 2010, the Obama administration’s DOL proposed a fiduciary regulation that was met with so much criticism … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged DOL, ERISA, fiduciary duty, financial institutions, iras, plan investments
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IRS Publishes 2019 Required Amendments List
In our 2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Plans, we suggested that sponsors of all qualified retirement plans should be on the lookout for the Internal Revenue Service’s (“IRS”) 2019 Required Amendments List (“2019 … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 2019, cash balance, hardship, hybrid defined benefit, Part A, Part B, RAL List, Required Amendments 2019, Required Amendments List
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IRS Changes Course on Lump Sums to Retirees
In Notice 2019-18, the Internal Revenue Service (the “IRS”) changed its position and now will permit employers to offer lump sum payments to retirees who are currently receiving annuity payments from a defined benefit plan. This is a reversal from … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged annuities, annuity, IRS, lump sum, notice 2015-49, notice 2019-18, retirees
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IRS Issues Updated Tax Notice for Qualified Retirement Plan Distributions
The Internal Revenue Service (“IRS”) recently released guidance that contains two updated safe harbor notices that retirement plans may use to satisfy the requirements of the Internal Revenue Code (the “Code”) to provide an advance notice to a participant prior … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 402(f), Internal Revenue Code, IRS, model notice, Notice, safe harbor
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Much Ado about $50… IRS Announces Relief for Reduction of Maximum HSA Contributions
On April 3, we blogged about a reduction in the HSA contribution limit for family coverage in 2018 from $6,900 to $6,850. This was a technical change resulting from the Tax Cuts and Jobs Act that adjusted the method for … Continue reading
Posted in Employee Benefits, Health & Welfare Plans
| Tagged Contribution limit, HSA, revenue procedure 2018-27
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Review of Qualified Plan Compensation Definition May be Needed Due To Tax Reform
Tax reform made few changes that directly impact qualified retirement plans; however, it made some changes that may indirectly impact qualified retirement plans. We previously blogged on the indirect changes that tax reform had on hardship distributions. Tax reform also … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged compensation, definition, fringe benefits, moving expenses, qualified plan, tax reform
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IRS Publishes 2017 Required Amendments List
In our 2017 End of Year Plan Sponsor “To Do” List (Part 4) Qualified Plans, we suggested that sponsors of all qualified retirement plans should be on the lookout for the Internal Revenue Service’s (“IRS”) 2017 Required Amendments List … Continue reading
Posted in Employee Benefits, Health & Welfare Plans, Qualified Retirement Plans
| Tagged IRS, Notice 2017-72, RA List, required amendments
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IRS Issues Hurricane Harvey Relief
In Announcement 2017-11, the IRS relaxed standards for hardship distributions and loans from qualified retirement plans for those affected by Hurricane Harvey. This relief applies to employees or former employees and their family members who live or work in the … Continue reading
Posted in Employee Benefits
| Tagged contributions, distributions, hardship, harvey, Hurricane Harvey, IRS, loan, relief, six-month delay
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Potential $2.4 Billion and Countless Trees Saved – Department of Labor’s Proposed Rule on Electronic Disclosure for Retirement Plans
The Department of Labor recently issued a proposed rule that allows certain retirement plan disclosures to be posted online, rather than requiring such disclosures to be printed and mailed. The Department of Labor anticipates this rule, if finalized, would save … Continue reading →
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