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.
Homework and Deadlines Matter: New IRS Pre-Audit Compliance Program for Retirement Plans
By Marchan Clark, Jeffrey Holdvogt and Diane Morgenthaler on Jun 16, 2022
Posted In Employee Benefits, Fiduciary and Investment Issues, Retirement Plans
Retirement plan sponsors should be aware of a new Internal Revenue Service (IRS) pilot program, which permits plan sponsors to conduct a pre-examination “check-up” of retirement plan administration before the IRS begins a plan examination. As part of the program, the IRS will send a letter notifying a plan sponsor that its retirement plan has...
Continue Reading
$4 Billion in Pension Payments Returned
By Jeffrey Holdvogt on Oct 5, 2021
Posted In Employee Benefits, Retirement Plans
Even though it is the employer’s responsibility to track down former employees and let them know of leftover retirement benefits, it doesn’t always work out that way. In recent years, the US Department of Labor’s Employee Benefits Security Administration has demanded companies improve their methods for finding former workers. In this article published by the...
Continue Reading
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...
Continue Reading
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...
Continue Reading
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...
Continue Reading
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.
Continue Reading
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...
Continue Reading
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...
Continue Reading
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,...
Continue Reading
Updated PBGC Guidance for Defined Benefit Plans
By Jeffrey Holdvogt 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...
Continue Reading
