Maggie McTigue  Maggie McTigue 

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Maggie McTigue focuses her practice on employee benefits matters relating to pension and 401(k) plans, executive compensation, and health and welfare benefit plans. She regularly assists clients with employee benefit plan filings and notices required by the Department of Labor and the Internal Revenue Service. Maggie also has experience regarding plan investment issues under the Employee Retirement Income Security Act of 1974 (ERISA). Read Maggie McTigue's full bio.

Smarter and Not Harder: The New IRS Hardship Distribution Regulations


By and on Nov 19, 2019
Posted In Employee Benefits, Retirement Plans

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. Access the full article.

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Hardship Distribution Changes: What’s Next?


By and on Jul 16, 2019
Posted In Employee Benefits, Retirement Plans

In 2018, the Treasury Department and the IRS issued new hardship distribution rules applicable to defined contribution plans, and many plans have begun administering these new rules. While plan sponsors may want to wait for further IRS guidance before amending their plans, they should take steps now to inform employees of changes in hardship distribution...

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IRS Corrections Go Digital in 2019


By , and on Oct 23, 2018
Posted In Employee Benefits, Retirement Plans

Late last month, the IRS released the latest version of its Employee Plans Compliance Resolution System, the IRS’s program for correcting retirement plan errors. The newest version of the correction program—effective beginning in 2019—includes mostly minor changes and clarifications. Most importantly, however, it requires electronic filing of Voluntary Correction Program submissions beginning April 1, 2019....

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No Stone Unturned: Locating Missing Participants under the PBGC’s Expanded Program for Terminated Plans


By , and on Apr 5, 2018
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

The PBGC’s missing participants program, which previously applied only to single-employer defined benefit pension plans, has been expanded to defined contribution plans, multiemployer defined benefit plans and small professional service defined benefit plans that end on or after January 1, 2018. The revised program provides a helpful alternative for plan administrators of terminating defined contribution plans, and...

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McDermott Announces Determination Letter Replacement Program, Addressing the Gap in Retirement Plan Compliance


By , , , , , , , , , , , , , , , , and on Oct 10, 2017
Posted In Employee Benefits, Employee Stock Ownership Plans (ESOPs), Fiduciary and Investment Issues, Retirement Plans

Since the announcement by the Internal Revenue Service (IRS) that sponsors of individually designed retirement plans may no longer receive a periodic determination letter, plan sponsors have faced uncertainty about how to demonstrate compliance for their retirement plans. Our McDermott Retirement Plan Compliance Program, a new opinion letter and operational review program for individually designed...

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Staying Out of Trouble: How to Avoid IRS and DOL Audits


By and on Sep 14, 2017
Posted In Employee Benefits, Health and Welfare Plans, Retirement Plans

The Internal Revenue Service (IRS) and the Department of Labor (DOL) conduct different types of benefit plan audits, such as retirement plans and health and welfare plans, and for various reasons. In a presentation, Jeffrey Holdvogt and Maggie McTigue discuss IRS and DOL audit triggers, the process for each and what to do if your...

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Puerto Rico Legislation May Require Changes to Retirement Plans


By and on Apr 20, 2017
Posted In Employee Benefits, Retirement Plans

Puerto Rico enacted new legislation in February that will require changes to tax-qualified retirement plans covering Puerto Rico employees, including both Puerto Rico-only and dual-qualified (US and Puerto Rico) retirement plans. Act No. 9-2017 revises a number of Puerto Rico qualified retirement plan rules including contribution limits, rules related to nondiscrimination testing and employer deductions...

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IRS Will Now Permit DC Plan Hardship Withdrawal Self-Certification Summaries


By on Apr 6, 2017
Posted In Employee Benefits, Retirement Plans

Two recently published memoranda by the Internal Revenue Service (the IRS) indicate that it is permissible for 401(k) and 403(b) plan sponsors and their third party administrators (TPAs) to rely on participants’ written summaries describing their financial hardships when processing hardship withdrawals from plans that apply the safe harbor event rules. Plan sponsors and TPAs...

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Protecting Defined Contribution Plan Retirement Savings During Disability


By and on Nov 8, 2016
Posted In Retirement Plans

As employers have moved away from traditional defined benefit plans toward defined contribution plans as the primary retirement savings vehicle for their employees, much has been written about the risks of shifting the retirement savings burden from the employer to the employee. One widely-recognized consequence of this shift in retirement savings methods is that many...

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IRS Announces Additional Changes in Determination Letter Program


By and on Feb 9, 2016
Posted In Employee Benefits, Employment, Retirement Plans

The Internal Revenue Service (the IRS) recently issued Notice 2016-03 (the Notice) addressing three topics and expanding on its earlier announcement of major changes in the determination letter program for individually designed retirement plans. The Notice will likely be followed by additional guidance from the IRS, addressing features of the determination letter program. Read the...

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