With the November 7 passage of Issue 2, effective December 7, 2023, Ohioans will be able to purchase and possess up to 2.5 ounces of cannabis and grow marijuana plants in their home. Ohio is the 24th state to allow recreational marijuana. When Ohio allowed medical marijuana back in 2016, Ohio employers had to learn …
Mastering Retirement Plan Forfeitures: A Deep Dive into IRS’s 2023 Proposals & Fiduciary Litigation Trends
When a participant terminates employment without being fully vested in their qualified retirement plan account, the non-vested portion of the account is a “forfeiture.” While forfeitures are a common element of most retirement plans, many plan sponsors remain unclear on how and when forfeitures may be used. This led the Internal Revenue Service (“IRS”) to …