As featured in #WorkforceWednesday: The SECURE 2.0 Act revolutionized retirement planning by simplifying and expanding retirement and health plan benefits.
Over a year after the legislation became law, provisions are still rolling out. So, what’s new in 2024?
Epstein Becker Green attorneys Cassandra Labbees and Mason Gardner tell us more about the recent updates and guidance on the SECURE 2.0 Act.
On July 28, 2023, Governor J.B. Pritzker signed into law House Bill No. 2068, “Transportation Benefits Program Act” (“Illinois Transit Law”), which requires employers to offer pre-tax transportation fringe benefits (“Transit Benefits”) to employees.
The Illinois Transit Law joins the growing trend of similar local and state pre-tax transportation fringe benefit laws already in effect in various cities and states, including New Jersey, New York City, Washington DC, San Francisco, and Seattle (See our previous blog post here and here).
Who is Subject to the ...
Section 603 of the SECURE 2.0 Act of 2022 (“Section 603”) implements changes to catch-up contributions and is applicable to employers who maintain a 401(k), 403(b), or 457(b) plan with participants who are age 50 and older and whose income from the prior year exceeded $145,000. Section 603 requires that catch-up contributions must be made as Roth contributions (i.e., after tax basis) for those earning more than $145,000. Originally, Section 603 was set to become effective starting in 2024. However, on August 25th, 2023, in response to many industry groups urging for an ...
The State of Texas infrequently regulates the workplace. This summer, however, Texas enacted two notable workplace laws about which employers should be aware.
Texas Regulatory Consistency Act
On June 13, 2023, Governor Greg Abbott signed House Bill 2127, the Texas Regulatory Consistency Act (the “Act” or “H.B. 2127”), which amends various Texas statutory codes, including the Labor Code, and preempts local lawmaking in various statutorily governed areas to assert Texas’s “sovereign regulatory powers.” Referred to by its opponents as the “Death Star Bill,” the Act is slated to take effect on September 1, 2023, and effectively prevents cities and counties from passing local ordinances beyond the scope of existing state laws in numerous fields of regulation, including labor and employment, agriculture, and finance.
Blog Editors
Recent Updates
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- Video: California Governor’s PAGA Deal: What Employers Need to Know - Employment Law This Week
- Act Now: New York Employers Must Provide Paid Lactation Breaks to Employees
- Supreme Court Overturns Chevron—but for Stakeholders, the Impact Is No Cause for Alarm
- Fifth Circuit Narrows Application of the Crime-Fraud Exception to the Attorney-Client Privilege in Investigations