SECURE 2.0 codified that for plan years beginning after 2023, 401(k), 403(b), governmental 457(b) and SIMPLE IRA plans can provide matching contributions based on a participant’s repayment of student loan obligations that meet the requirements to be a qualified student loan repayment (QSLP). The Internal Revenue Service (IRS) had previously blessed such a plan design
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Texas Court Strikes Down FTC Non-Compete Rule
As reported in previous posts, on April 23, 2024, the Federal Trade Commission (FTC) issued a final rule that generally prohibits covenants not to compete (Rule). The rule was set to become effective September 4, 2024. See FTC’s Non-Compete Rule Affecting Executive Compensation Challenged in Courts. The Rule was immediately challenged in courts. On…
Court Denies Expanding Preliminary Injunction on FTC Non-Compete Rule
As reported in my previous article, Court Grants Preliminary Injunction Against FTC Ban on Non-Compete Agreements, the District Court granting the preliminary injunction from the FTC enforcing its ban on non-compete agreements limited the relief to only the plaintiff bringing the case, Ryan LLC, and not all business nationwide. I predicted that the Plaintiff…
Court Grants Preliminary Injunction Against FTC Ban on Non-Compete Agreements
As I wrote in April, a lawsuit filed by Ryan, LLC in the United States District Court for the Northern District of Texas, challenged the recently adopted Federal Trade Commission’s (FTC) rule making most non-compete agreements unenforceable (Rule). See FTC’s Non-Compete Rule Affecting Executive Compensation Challenged in Courts. On July 3, 2024, the court…
FTC’s Non-Compete Rule Affecting Executive Compensation Challenged in Courts
On April 23, 2024 the Federal Trade Commission (FTC) issued its final rule that prohibits most non-compete clauses. The rule is effective 120 days after its publishing in the Federal Register (scheduled for May 7). However, lawsuits challenging the rule have already been filed.
Prohibition on Non-Compete Clauses.
Clauses preventing employees, especially higher-paid executives, from…
Notice 2024-02 Guidance on Distributions to the Terminally Ill
This article is the fifth in the series addressing the 81 pages of guidance on the legislation known as SECURE 2.0 (the Act) enacted on December 29, 2022, issued by the IRS on December 20, 2023 as Notice 2024-02 (Notice). The first article addressed the extension of the deadline for written amendments and de minimis…
When Automatic Isn’t Automatic: Notice 2024-02 Guidance on Self-Correcting Auto-Enrollment And Auto-Escalation Failures
This article is the fourth in the series addressing the 81 pages of guidance on the legislation known as SECURE 2.0 (the Act) enacted on December 29, 2022, issued by the IRS on December 20, 2023 as Notice 2024-02 (Notice). The first article addressed the extension of the deadline for written amendments and de minimis…
New Plan Automatic Enrollment Guidance Under IRS Notice 2024-02
This article is the third in the series addressing the 81 pages of guidance on the legislation known as SECURE 2.0 (the Act) enacted on December 29, 2022, issued by the IRS on December 20, 2023 as Notice 2024-02 (Notice). The first article addressed the extension of the deadline for written amendments and de minimis…
Guidance on Roth Matching or Nonelective Contributions in IRS Notice 2024-02
This article is the second in the series addressing the 81 pages of guidance on the legislation known as SECURE 2.0 (the Act) enacted on December 29, 2022, issued by the IRS on December 20, 2023 in Notice 2024-02 (Notice). The first article addressed the extension of the deadline for written amendments and de minimis…
Notice 2024-02 Extends Deadline For SECURE 2.0 Amendments And Provides Other Guidance
On December 20, 2023 the IRS gave plan sponsors an early Christmas gift of 81 pages of guidance on a myriad of employee benefit plan law changes in the legislation known as SECURE 2.0 (Act) when it issued IRS Notice 2024-02 (Notice). This is the first of a series of blog articles that will discuss…