required minimum distributions Archives

Webinar Replay: What to Know About SECURE 2.0

by Sarah L. Engle, Jeffrey Holdvogt, Andrew Liazos, Lisa Loesel, Jacob Mattinson and Brian Tiemann | Feb 1, 2023 | Employee Benefits, Fiduciary and Investment Issues, Retirement Plans, SECURE 2.0 Act

What do retirement plan professionals and participants need to know about the recently passed SECURE 2.0 Act of 2022? In this webinar replay, McDermott’s Employee Benefits team discusses the many changes to retirement plans and individual retirement accounts, including the key changes for 401(k), 403(b) and defined benefit plans as well as other changes impacting health and welfare plans. Discussion topics include the following:

Automatic plan enrollment and escalation
Allowance of matching contributions for elective deferred student loan repayments
Emergency savings option
Expansion of Roth account contributions
Automatic cashout, hardship and disaster changes
Penalty-free distributions
Changes to required minimum distributions

Access the webinar.

Access the webinar’s slides.

Read the On the Subject about SECURE 2.0 here.

JOIN US: SECURE 2.0 Takes Second Bite at Retirement Security

by Sarah L. Engle, Jeffrey Holdvogt, Andrew Liazos, Lisa Loesel, Jacob Mattinson and Brian Tiemann | Jan 24, 2023 | Employee Benefits, Fiduciary and Investment Issues, Retirement Plans, SECURE 2.0 Act

Join partners from McDermott’s Employee Benefits team on Wednesday, January 25, 2023, as they discuss the impact of the recently passed SECURE 2.0 Act of 2022. With over 90 changes to retirement plans and individual retirement accounts (IRAs), this webinar will highlight the key changes for 401(k) and 403(b) plans and defined benefit plans, as well as changes in the Consolidated Appropriations Act, 2023 impacting health and welfare plans.

Topics Include:

Automatic Plan Enrollment and Escalation
Allowance of Matching Contribution for Elective Deferred Student Loan Repayments
Emergency Savings Option
Expansion of Roth Account Contributions
Automatic Cashout, Hardship and Disaster Changes
Penalty-Free Distributions
Changes to Required Minimum Distributions

To learn more, read the full On the Subject here.

REGISTER FOR THE WEBINAR HERE.

Four Mistakes Clients Make with Roth IRAs and Their Estate

by Bobbi J. Bierhals | Mar 8, 2022 | Fiduciary and Investment Issues, Retirement Plans

The Roth IRA is a powerful and popular tool for all investors. Investors make Roth contributions with after-tax money, and all distributions are tax-free so long as account holders are at least 59.5 years old and the account is at least five years old. In this Investopedia article, McDermott Partner Bobbi J. Bierhals offers insight about the Roth IRA’s biggest benefits for estate planning.

Access the article.

CARES Act Impacts All Benefit Plans

by Sarah L. Engle, Andrew Liazos, Erin Steele, Evan A. Belosa, Jacob Mattinson, Lindsay Ditlow, Lisa Loesel, Ralph E. DeJong and Samuel Everett Dewey | Mar 31, 2020 | Employee Benefits, Employment, Executive Compensation, Health and Welfare Plans, Retirement Plans

In the ongoing effort to help individuals impacted by COVID-19, Congress passed the Coronavirus Aid, Relief, and Economic Securities Act (CARES Act) on March 27, 2020. The President signed the CARES Act into law the same day. The historic stimulus package provides wide-ranging relief for both employers and employees. This includes rules that impact health and welfare, retirement and executive compensation plans and programs.

For more information about the impact of the CARES Act on employer-provided benefits, access our On the Subject articles on the:

In addition, for information about the frequently asked questions regarding health and welfare, retirement and executive compensation issues in the COVID-19 era, access our FAQs.

White House Budget Proposal Includes Many Retirement-Related Provisions

by Stephen Pavlick | Mar 5, 2015 | Employee Stock Ownership Plans (ESOPs), Retirement Plans

On February 2, 2015, the White House released its Fiscal Year 2016 Budget, which includes a number of tax reforms targeting retirement savings. The provisions, if enacted as presented, would have a significant effect on current retirement-related tax incentives.

Read the full article.