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The Fiduciary Duties of 457(b) Plans and How to Mitigate Potential Risks

Fiduciaries of 403(b), 401(a) and 457(b) retirement plans have come under increased scrutiny in recent years, in part due to participant lawsuits filed against plan sponsors and the resulting media attention. In this presentation with the 457 Consulting Group, McDermott Partner Todd Solomon discusses the fiduciary duties of plan sponsors and how to mitigate potential risks. The content in these slides applies to governmental 457(b) plans.

Access the slides.




IRS Announces 2022 Employee Benefit Plan Limits

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 2022. Most of the dollar limits currently in effect for 2021 will increase.

View the adjustments here.




IRS Announces 2022 Retirement Plan Limits

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for retirement plans for 2022. Most of the dollar limits currently in effect for 2021 will increase, with only the catch-up contribution limit remaining the same for 2022.

View the adjustments here.




Securing Retirement: Additional SECURE Act and Miners Act Guidance for 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 Act”).

Teal Trujillo, an incoming associate in our Chicago office, also contributed to this On the Subject.

Access the article.




New Law Expands “In-Plan” Roth 401(k) Conversions

by Nancy S. Gerrie, Elizabeth A. Savard and Joseph K. Urwitz

The American Taxpayer Relief Act of 2012 (the “fiscal cliff” bill) allows employers to amend 401(k), 403(b) and governmental 457(b) plans to permit participants to convert pre-tax account balances to Roth account balances.  Previously, such conversions were permitted only when the pre-tax amounts could be distributed.

To read the full article, click here.




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