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
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.
The Treasury Department and the IRS recently finalized new hardship distribution rules applicable to defined contribution plans. Plan sponsors should prepare for operational changes to comply with the new regulations, including some beginning January 1, 2020.
Recently the Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2020. In the article linked below, we compare the applicable dollar limits for certain employee benefit programs and the Social Security
With the uncertainty of the general election just one year away—and change on the horizon—now is the time to take stock of the legal and regulatory environment to prepare your organization for the future.
On September 10 in Boston, the ERISA Industry Committee (ERIC), Fidelity and McDermott invite you to join your peers and colleagues
Diane M. Morgenthaler and Jeffrey M. Holdvogt recently presented the webinar “Student Loan Benefits and Other 401(k) Developments” at the Worldwide Employee Benefits Network Chicagoland program. In the presentation, they discussed a variety of new 401(k) trends and developments, including:
Due to an Internal Revenue Service (IRS) change in course published in Notice 2019-18, plan sponsors may now offer retirees lump-sum windows as another pension “de-risking” option. Plan sponsors considering pension de-risking opportunities and options should carefully evaluate the potential benefits and risks of a retiree lump-sum window.
In a presentation at McDermott’s Employment and Employee Benefits Forum, Jeffrey Holdvogt discussed qualified plans, including student loan repayment benefits and the rise of DOL/IRS/PBGC plan activity. He also commented on the scrutiny on plan governance and fiduciary process materials. He addressed the legal challenges and mandates, such as state laws protecting against balance billing
In a presentation at McDermott’s Employment and Employee Benefits Forum, our lawyers discuss the patchwork of state and local laws surrounding pay equity for similarly situated employees doing the same job. Particularly in California, new developments have emerged further clarifying pay equity laws. For best practices, they recommend:
In late December, US Senator Ron Wyden introduced the Retirement Parity for Student Loans Act (Student Loan Act), which would allow employers to make matching contributions under 401(k), 403(b) and SIMPLE plans with respect to student loan repayments made by employees. If enacted, this legislation would provide powerful new guidance for employers looking to offer
