Photo of Amal Rafiq

In late 2022, Congress passed the SECURE Act 2.0, which, along with other items, introduced a new rule requiring that catch-up contributions made by highly compensated employees be made on a Roth after-tax basis only. Less than one year later, and only a few months before this new rule was to go into effect, the IRS issued Notice 2023-62, which provides highly anticipated transition relief for the Roth catch-up contribution rule by extending the compliance period by two years.Continue Reading Just Dropped: IRS Provides Relief on Roth Contributions for HCEs

Previously, we discussed the Seventh Circuit’s August 2022 decision applying the context-specific language in the Supreme Court’s Hughes v. Northwestern decision to affirm the dismissal of an excessive fee case brought against the Oshkosh Corporation. On September 22, 2022, a federal judge in the Northern District of Illinois dismissed a similar excessive fee case brought against the Exelon Corporation.  In Baumeister, et al. v. Exelon Corp., plaintiffs claimed breach of fiduciary duty by Exelon’s 401(k) plan fiduciaries based on the failure to monitor recordkeeping, investment advisory, and investment management costs under Exelon’s 401(k) plan. The district court dismissed the case, stating that, similar to Albert v. Oshkosh, the plaintiffs’ pleadings did not include sufficient context-specific facts to rise to the level of plausibility required to survive a motion to dismiss.Continue Reading Illinois Federal Court Applies Seventh Circuit’s Albert v. Oshkosh Decision to Dismiss ERISA Excess Fee Case