Benefit professionals continue to navigate a regulatory environment made more complicated by SECURE 2.0, and one area ripe for confusion is the rules governing age‑based contribution limits and excess deferrals. While excess deferrals can arise in many situations, the new age‑60–63 “special catch‑up” rule provides an ...
As discussed in a prior post, a wave of ERISA lawsuits has challenged how employers use forfeited 401(k) plan assets, with plaintiffs arguing that applying forfeitures to offset employer contributions (rather than reallocating them to participants) violates a plan sponsor’s fiduciary duties. Employers and regulators argue that plan ...
As we round out the first month of the new year, many employers are reviewing and updating employee handbooks and workplace policies. At the same time, employers are increasingly offering or considering educational benefits in response to the rising cost of college. Employers should, however, take care to ensure these benefits are properly ...