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About this Blog
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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Retirement Plan Dreams May Go Up in Smoke for Marijuana Companies
Companies in the medical and recreational marijuana industry continue to face an uphill battle for access to financial services. Although a number of states have legalized the medicinal and/or recreational use of marijuana, marijuana remains classified as a Schedule I … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), controlled substances act, financial services, IRS, marijuana, money laundering, qualified plan, regulation, weed
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A New Perspective on Student Loan Repayment Benefits
On August 17, 2018, the Internal Revenue Service (the “Service”) published a Private Letter Ruling (the “PLR”) describing a unique student loan repayment program in the context of a qualified retirement plan. Proposed Student Loan Repayment Program As described in … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), defined contribution, PLR, repayment, student loan, student loan benefit
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IRS Provides Relief for Correction of Elective Deferral Mistakes in 401(k) Plans
The IRS recently announced changes that make it significantly easier to correct employee deferral mistakes (also known as elective deferrals) in qualified retirement plans. The changes make modifications to the IRS’ Employee Plans Compliance Resolution System (“EPCRS”), which is the … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), 401(k) plan, automatic contribution, automatic enrollment, correction, elective deferral error, EPCRS, qualified retirement plans
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IRS Announces 2015 Cost-of-Living Adjustments for Retirement Plans
The IRS recently announced cost of living adjustments for 2015. The key dollar amounts for retirement plans (compared to the 2014 dollar limits) are noted below. Maximum Qualified Retirement Plan Dollar Limits 2015 2014 Limit on Section 401(k) … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), IRS, qualified retirement plan limits, qualified retirement plans, retirement plans
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IRS Announces 2014 Retirement Plan Limits
On October 31, 2013, the IRS announced the cost-of-living adjustments that will affect the dollar limitations for pension and other retirement plans for the 2014 tax year. Notably, the $17,500 annual contribution limit for employees who participate in 401(k) plans … Continue reading
Posted in Employee Benefits, Qualified Retirement Plans
| Tagged 401(k), IRS, qualified retirement plan limits, qualified retirement plans
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