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IRS Announces 2023 Cost-of-Living Adjustments for Qualified Retirement Plans

As inflation and expectations of further interest rate increases by the Federal Reserve continue to challenge the U.S. economy, a silver lining of sorts is the opportunity to save at record levels, on a tax-deferred basis. In...more

New IRS Compliance Program Should Be On Every Plan Sponsor’s Radar

The IRS announced in its June 3 Employee Plans Newsletter a new 90-day Pre-Examination Compliance Pilot Program. Under the program, which is in effect, the IRS will notify an employer that it intends to audit the employer’s...more

Qualified Retirement Plan Distributions and the Impact of COVID-19

Under the terms of most qualified retirement plans, distribution is available only upon separation from service (whether voluntary or involuntary) or attainment of a specified age. The possibility of rehire after such a...more

The 2022 Increases for Retirement Plan Participants and Social Security Recipients

Late last year, the IRS confirmed the widely expected cost-of-living adjustments to the various dollar limitations applicable to qualified retirement plans for 2022. Here are a few of the changes outlined in Notice 2021-61. ...more

Benefit Statement Changes Begin In September. Is Your Plan Administrator Ready?

Effective September 18, 2021, plan administrators of ERISA-covered defined contribution plans must update their benefit statements to display each participant’s account balance expressed as both a single life annuity and a...more

Summary Of CARES Act Provisions Affecting Employer-Sponsored Retirement Plans

The Coronavirus Aid, Relief and Economic Security Act or CARES Act, signed into law on March 27, 2020, includes many employment and employee benefit plan provisions. Set forth below is a summary of the significant changes...more

For Your Benefit- Fall-2018

After a long period of relative stability enjoyed by sponsors of qualified retirement plans, several significant modifications have been made by the Bipartisan Budget Act of 2018 (Act), following closely on the heels of...more

Retirement Plan Participants Reap Some Benefit From Tax Reform

After a long period of relative stability enjoyed by sponsors of qualified retirement plans, several significant modifications have been made by the Bipartisan Budget Act of 2018 (Act), following closely on the heels of...more

IRS Announces Benefits Relief For Hurricane Victims

In the wake of Hurricane Harvey, the IRS provided some employee benefits-related relief to plan sponsors and participants. That relief was then extended to the victims of Hurricane Irma....more

Full Implementation of Fiduciary Rules Likely To Be Extended

In April 2016, the Department of Labor issued regulations to expand the definition of “fiduciary” under ERISA and the Internal Revenue Code as applied to those who render investment advice for a fee or other compensation with...more

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