IRS Extends Amendment Deadline for Certain Qualified Plan Amendments

The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans).  Notice 2022-33 extends the deadline for adopting amendments required by the Setting Every Community Up for … Continue reading

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A Running Start: IRS Pilots New Pre-Examination Program

The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022.  The pilot program is designed to reduce the amount of time and resources the IRS … Continue reading

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To the Moon After All? DOL Targets Cryptocurrency in Retirement Plans

In Compliance Assistance Release No. 2022-01 (the “Release”), the Department of Labor (the “Department”) signaled its intention to scrutinize inclusion of cryptocurrency assets and crypto-derivative products as investments in ERISA-covered retirement plans.  In particular, the Release articulates the Department’s view … Continue reading

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New Ways to Self-Correct Overpayments Under EPCRS

On July 16, 2021, IRS issued Revenue Procedure 2021-30 to update the Employee Plans Compliance Resolutions System (the “EPCRS”).  The update in part expands the opportunities for plan sponsors to self-correct failures under the EPCRS by:  (1) extending the self-correction … Continue reading

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CalCurrent Podcast and Equity Compensation for Startups

On May 13, 2021, Phoenix executive compensation and employee benefits partner, Greg Gautam, joined Snell & Wilmer’s “CalCurrent” podcast.  On his episode,  Greg covered five common pitfalls private companies and startup companies should watch out for when structuring their equity … Continue reading

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In Case You Missed It – Key 2021 Employee Benefits Topics

This year is off to a fast start and plan sponsors might find their heads spinning as they try to keep track of rapidly developing employee benefits legislation and guidance.  We periodically consolidate key newsletters and blog posts to help … Continue reading

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Credit Where Credit Is Due: IRS Offers Long-Sought Guidance on Employer Retention Credit Program

As we previously reported, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provided for an employee retention credit (“ERC”) designed to encourage employers to retain workers during the COVID-19 crisis.  In general, the ERC permits eligible employers … Continue reading

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IRS Clarifies SECURE Act Changes to Qualified Automatic Contribution Arrangements

The IRS recently published Notice 2020-86 (the “Notice”), which provides clarification with respect to certain changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”). In particular, the Notice answers several outstanding questions … Continue reading

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‘Tis the Season: Four Year-End Employee Benefit Plan Checklists

Each year, we publish health and welfare, cost-of-living, executive compensation, and qualified retirement plan checklists to help individuals and employers stay apprised of updates to the law of employee benefits.  We recently published the last of these annual checklists.  In … Continue reading

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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

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