Key Takeaways The SECURE Act 2.0 required that “new” 401(k) and private sector 403(b) plans automatically enroll their eligible employees, but not until plan years beginning after December 31, 2024…just days ago. “New” plans include most that were established on or after the enactment date of SECURE 2.0—December 29, 2022.
Key Takeaways SECURE Act 1.0 required that long-term, part-time (LTPT) employees be allowed to defer into 401(k) plans beginning January 1, 2024 for calendar year plans. However, plan sponsors are not required to contribute for them. LTPT employees for SECURE 1.0 are those who have worked at least 500 hours
Key Takeaways The SECURE Act 2.0 required that “new” 401(k) and private sector 403(b) plans automatically enroll their eligible employees, but not until plan years beginning after December 31, 2024…just weeks from now. “New” plans include most that were established on or after the enactment date of SECURE 2.0—December 29,
Key Takeaways The SECURE Act 2.0 required that “new” 401(k) and private sector 403(b) plans automatically enroll their eligible employees, but not until plan years beginning after December 31, 2024…just weeks from now. “New” plans include most that were established on or after the enactment date of SECURE 2.0—December 29,
Key Takeaways The SECURE Act 2.0 requires that “new” 401(k) and private sector 403(b) plans automatically enroll their eligible employees, but not until plan years beginning after December 31, 2024…just weeks from now. Unfortunately, there are unanswered questions about how the automatic enrollment requirement will be applied. This article discusses
This starts a new series of blog posts…Things I Worry About. I will number these, but they will be more episodic than sequential. Key Takeaways The SECURE Act 2.0 requires that “new” 401(k) and private sector 403(b) plans automatically enroll their eligible employees, but not until plan years beginning after
Key Takeaways Most employees who work for large and mid-sized employers have the opportunity to defer money from their paychecks into a savings-based retirement plan. That is not the case with many small employers, though, where large numbers of employees work for firms that do not offer plans. However, savings-based
Key Takeaways The SECURE Act 1.0 gave us Pooled Employer Plans, PEPs, for qualified plans. SECURE Act 2.0—effective for plan years beginning after December 31, 2022—extends PEPs and MEPs to 403(b) plans. While the legal effective date is already here, I haven’t yet seen any 403(b) MEPs or PEPs in
Key Takeaways “New” 401(k) and 403(b) plans must be automatically enrolled, with automatic deferral increases, no later than the plan year beginning after December 31, 2024 (e.g., 2025 for calendar year plans). Any plan “established” on or after December 29, 2022 is considered a new plan. Defaulting participants must be
Lessons Learned from Litigation (#5)—The Johns Hopkins Case This is the twelfth in a series of articles about Best Practices for Plan Sponsors. To be clear, “best practices” are not the same as legal requirements. Instead, they are about better ways to manage retirement plans. In many cases, though, “best
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