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Department of Labor Provides Guidance on Retirement Plan Obligations When Employees Return From Military Service

USA - September 20 2019 The Department of Labor recently issued a Fact Sheet intended to help employers understand their retirement plan obligations under the Uniformed…

IRS No Longer Forbids Pension Plans From Offering Lump Sum Payouts To Retirees Currently Receiving Payments

USA - April 1 2019 Over the past several years, sponsors of defined benefit pension plans have examined and implemented ways to reduce their pension liabilities. This…

IRS Proposed Regulations Implementing Changes To Hardship Distribution Rules

USA - November 26 2018 Earlier this year we reported on legislative changes that modified the requirements related to hardship distributions from 401(k) plans. Recently, the…

Illinois secure choice retirement savings program no longer mandatory?

USA - August 17 2018 The future of the Illinois Secure Choice Savings Program Act (Secure Choice) is uncertain following Governor Bruce Rauner’s amendatory veto that…

Joy M. Napier-Joyce, Kathryn W. Wheeler

IRS finalizes regulations allowing plan forfeitures to fund QNECS and QMACS

USA - August 17 2018 The IRS recently finalized regulations that allow 401(k) plans to use forfeiture money to fund qualified non-elective contributions (“QNECs”) and…