Retirement plans face increased risks for cyber-attacks resulting in theft of plan assets. Few entities can keep up with the pace set by cyber-criminals for theft from accounts, and security requirements for industries protecting funds change often and rapidly. When
Continue Reading Can employers face liability when a cyber-attacker steals funds from an employee’s individual 401(k) account?
HSB Webinar Announcement: What does the SECURE Act 2.0 mean for employers and retirement plan compliance?
On April 20 Haynsworth Sinkler Boyd’s Mac McLean discussed the SECURE Act 2.0. Topics covered during this presentation included:
The SECURE Act 2.0 Makes Major Changes to Retirement Plan Law
In late December of 2022, the Consolidated Appropriations Act of 2023 (the “Act”), which was part of the larger Securing a Strong Retirement Act, became law. Approximately ninety provisions in the Act affect qualified retirement plans. The Act has been
Continue Reading The SECURE Act 2.0 Makes Major Changes to Retirement Plan LawUpdates to IRS Correction Principles for Qualified Plans
The IRS Employee Plans Compliance Resolution System (EPCRS) permits any plan sponsor of a retirement plan (including SEP and SIMPLE IRA plans) to correct plan failures. Three correction programs exist:
- Self-Correction Program (SCP) – authorizes corrections, consistent with recommended fixes
Continue Reading Updates to IRS Correction Principles for Qualified Plans