Jeffrey Holdvogt
Subscribe to Jeffrey Holdvogt's PostsJeffrey (Jeff) M. Holdvogt advises clients regarding a wide range of employee benefits matters. He focuses primarily on the design and administration of complex pension, defined contribution and executive deferred compensation arrangements. Jeff counsels privately and publicly held corporations on ongoing day-to-day retirement and executive compensation issues, as well as employee benefits design and transition matters arising from corporate mergers, acquisitions and divestitures. Read Jeff Holdvogt's full bio.
Need a Do-Over? IRS Expands and Updates Qualified Plans Correction Guidance
By Nick Paul, Jeffrey Holdvogt and Diane Morgenthaler on Sep 8, 2021
Posted In Employee Benefits, Employment, Retirement Plans
The Internal Revenue Service (IRS) recently issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to correct tax-qualified plan errors. This EPCRS update expands plan sponsors’ ability and methods to correct overpayments and to self-correct certain plan failures...
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Recent Developments in Employer Student Loan Repayment Benefits
By Jeffrey Holdvogt on Apr 29, 2021
Posted In Employee Benefits, Employment, Retirement Plans
Last month, McDermott partner Jeffrey M. Holdvogt was a speaker at the ERIC March Financial Wellness Huddle on the topic of Recent Developments in Employer Student Loan Repayment Benefits. His presentation covered: Student loan repayment benefits Employer options for student loan benefits CARES Act Educational Assistance Program Converting unused PTO funds to student loan debt...
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Securing Retirement: Additional SECURE Act and Miners Act Guidance for Retirement Plans
By Jeffrey Holdvogt and Diane Morgenthaler on Dec 9, 2020
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Employment, Executive Compensation, Retirement Plans
The Internal Revenue Service (IRS) recently issued practical and helpful guidance in a question-and-answer format for tax-qualified retirement plans and for an Individual Retirement Arrangement (IRA), regarding the legislative changes under the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Bipartisan American Miners Act of 2019 (the “Miners...
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IRS Announces 2021 Employee Benefit Plan Limits
By Jeffrey Holdvogt, Jacob Mattinson, Brian Tiemann and Judith Wethall on Oct 28, 2020
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Health and Welfare Plans, Retirement Plans
The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2021. Nearly all of the dollar limits currently in effect for 2020 will remain the same, with only a few amounts experiencing minor increases for 2021. Access the article.
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After Layoffs, Employers Might Owe Unvested 401(k) Money
By Jeffrey Holdvogt on Sep 29, 2020
Posted In Employee Benefits, Retirement Plans
With mass layoffs commonplace during the COVID-19 pandemic, employers asked the Internal Revenue Service for advice on how to deal with the partial termination rule relating to employer contributions to their employees’ 401(k) workplace retirement accounts. It’s an obscure issue, but it’s a big deal for the employees that it affects: It could mean thousands...
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Last Chance for Enhanced COVID-19-Related 401(k) Loans: September 22
By Jeffrey Holdvogt on Sep 18, 2020
Posted In Employee Benefits, Retirement Plans
The Coronavirus Aid, Relief and Economic Security (CARES) Act, passed by US Congress in March in response to the COVID-19 pandemic, permits a “qualified individual” to increase the amount they can borrow from a 401(k). Such individuals may borrow 100% of their account balance up to $100,000 (less any outstanding loans). The deadline for taking...
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Using Paid Time Off Funds to Provide Student Loan Relief to Employees
By Jeffrey Holdvogt on Sep 17, 2020
Posted In Employee Benefits, Employment, Retirement Plans
What do unused paid-time-off (PTO) days, student loan debt and the coronavirus have in common? An opportunity for employers to provide financial relief to employees who are increasingly putting off vacations due to the COVID-19 pandemic. In a recent article by the Society of Human Resource Management, Jeff Holdvogt, a partner in McDermott’s Chicago office,...
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Updated PBGC Guidance for Defined Benefit Plans
By Jeffrey Holdvogt and Joshua N. Lerner on Aug 21, 2020
Posted In Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
Earlier this year, the US Pension Benefit Guaranty Corporation (PBGC) issued a final rule, modifying PBGC regulations that apply to defined benefit pension plans. Among those changes were revisions to: (i) the reportable event notification requirements; (ii) annual financial and actuarial information (Form 4010) reporting; (iii) single-employer plan termination rules; and (iv) the premium rate...
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Addressing Employees’ Student Loan Debt in 2020
By Jeffrey Holdvogt on Jan 21, 2020
Posted In Employee Benefits, Retirement Plans
Student loan debt skyrocketed in the past decade, topping $1.5 trillion among millions of Americans. The crisis has prompted US employers to address it in their benefits programs. McDermott’s Jeffrey M. Holdvogt contributes to a Plan Sponsor article that provides a review of how employers can help employees break free from the bind student loan...
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Finally SECURE: Opportunities in the 2019 SECURE Act for Plan Sponsors
By Sarah L. Engle, Lisa Loesel, Judith Wethall and Jeffrey Holdvogt on Jan 9, 2020
Posted In Employee Benefits, Employment, Health and Welfare Plans, Retirement Plans
The SECURE Act—the most significant piece of retirement plan legislation in more than a decade—is now law. Plan sponsors should immediately start considering how changes included in the SECURE Act could impact their retirement and health and welfare plans in 2020 and beyond. Access the full article.
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