On November 1, 2024, the Internal Revenue Service issued Notice 2024-80 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2025 calendar year.
New for 2025 and courtesy of SECURE 2.0, a “super” catch-up contribution limit for…
The area of law related to employer-sponsored health and welfare benefit plans impacts all employers in one way or another.
In this episode of the Krieg DeVault Podcast Series, Krieg DeVault attorney George C. Lepeniotis is joined by fellow colleague Catherine “Katy” Stowers, a member of the firm’s…
In a widely publicized lawsuit filed in February of this year, former Johnson & Johnson (“J&J”) employee Ann Lewandowski sued the pharmaceutical giant for allegedly breaching its fiduciary duties under the Employee Retirement Income Security Act of 1974 (“ERISA”). The lawsuit seeks class action…
Effective for plan years beginning on or after January 1, 2024, plan sponsors of 401(k) plans must comply with new rules covering temporary, part-time, and seasonal workers. The Internal Revenue Service (“IRS”) issued proposed regulations on November 27, 2023 which provided much-needed guidance on…
On November 1, 2023, the Internal Revenue Service issued Notice 2023-75 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2024 calendar year. Most of the dollar limits applicable to contribution and benefit limits, including the…
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial…
Welcome news was delivered by the Internal Revenue Service last Friday afternoon, under IRS Notice 2023-62. The IRS has extended the January 1, 2024 deadline for employer-sponsored retirement plans to implement Section 603 of SECURE 2.0 (“Section 603”) which would require an employer to treat all…
On August 9, 2023, the Internal Revenue Service (the “IRS”) issued a cautionary statement to business owners, plan sponsors, individual taxpayers, advisors, and attorneys concerning a range of compliance issues associated with employee stock ownership plans (“ESOPs”). The IRS emphasizes the need to…
On May 16, 2023, the IRS released Revenue Procedure 2023-23. This new Revenue Procedure included the 2024 Health Savings Account (HSA) contribution limits and the 2024 minimum statutory deductibles and maximum out-of-pocket contributions for High Deductible Health Plans (HDHPs).
For 2024, the annual…
The SECURE Act 2.0 of 2022, arguably one of the most significant pieces of legislation affecting retirement plans in many years, was signed into law by President Biden on December 29, 2022 with the 2023 Consolidated Appropriations Act. Several provisions and requirements went into effect…
If your company is the sponsor of a group health plan governed by the Employer Retirement Income Security Act of 1974 (“ERISA”), you may have already received a new compensation disclosure from providers of brokerage and consulting services to your health plan. If not, you soon should. The…
With the end of the 2022 calendar year quickly approaching, the Internal Revenue Service (“IRS”) and Department of Treasury (“Treasury Department”) have published Notice 2022-53, offering some insight on the forthcoming final regulations relating to the changes to Required Minimum Distributions (“…
