The Internal Revenue Service on November 27, 2023 published proposed regulations that would provide definitions under Section 401(k) regarding the long-term, part-time employee rules, recently enacted under the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and SECURE Act 2.0 of 2022 (“SECURE 2.0”).
On Wednesday, November 1, 2023, the Internal Revenue Service (IRS) announced the 2024 annual cost-of-living adjustments to the dollar limits applicable to certain employer-sponsored retirement and welfare plans. In addition, previously, the IRS released certain other health and welfare plan limits applicable for 2024 and the Social Security Administration separately released the taxable wage base amounts for 2024.
In the continuing saga of the (possible) use of Environmental Social and Governance (“ESG”) factors by retirement plan fiduciaries under the Employee Retirement Income Security Act (“ERISA”), on Thursday, March 23, 2023, the House in a 219-200 vote failed to reach the two-thirds majority required to overturn a presidential veto regarding a joint resolution of
In a follow-up to our February 3, 2023 Blog post, DOL Finalizes New Regulations –Retirement Plan Fiduciaries May—But Are Not Required To –Take Into Account Environmental, Social, and Governance Factors When Making Investment Decisions and Exercising Shareholder Rights | The Energy Law Blog:
On Tuesday and Wednesday, the U.S. Congress, split primarily along party lines
Recently, the U.S. Department of Labor released a new highly anticipated final regulation under which retirement plan fiduciaries, such as 401(k) plan sponsors, are permitted—but are not obligated—to consider climate change and other environmental, social and governance (“ESG”) factors when selecting retirement plan investments or exercising shareholder investment rights, such as proxy voting, under
The SECURE 2.0 Act of 2022 (“SECURE 2.0”), signed into law by President Biden on December 29, 2022, is another round of retirement reforms that began with the original SECURE Act (i.e., the “Setting Every Community Up for Retirement Enhancement Act”) passed in 2019. SECURE 2.0 is memorialized in “Division T” of the