Benefits Blast

On August 25, 2023, the IRS issued Notice 2023-62, which effectively delays for two years the requirement that certain catch-up contributions in 401(k), 403(b), or governmental 457(b) plans be made as Roth contributions.

Section 280G of the Internal Revenue Code is intended to discourage excessive compensation (sometimes referred to as “golden parachute payments”) to certain officers, highly compensated individuals, and greater than 1% shareholders (called “disqualified individuals”) of a corporation undergoing a change in control. Parachute payments include any compensatory payments or benefits contingent upon a change in control.

Yesterday, in Field Assistance Bulletin No. 2018-02, the Department of Labor’s Employee Benefit Security Administration  issued a temporary non-enforcement policy with regard to the ERISA Fiduciary Rule.