To help increase participation in retirement plans, the SECURE Act of 2019 required 401(k) plans to allow “long-term, part-time employees” (“LTPT employees”) to be eligible to make elective deferral contributions. SECURE 2.0 amended those rules, and in November 2023, the IRS issued proposed regulations interpreting the new laws. Despite the […]
Benefits Quarterly
Common Compliance Issues: Failure to Maintain a Section 125 Plan
on Wednesday, 15 May 2024 in
Benefits Quarterly: Morgan L. Kreiser, Editor
As employee benefits attorneys, one of the most common compliance mistakes we encounter while advising clients is the employer’s failure to adopt and maintain a Section 125 plan. Whether we are onboarding a new client or assisting a client in purchasing or selling a business, one of the first items […]