IRS and SSA Announce 2025 Indexed Numbers -
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2025....more
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2024....more
11/6/2023
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Cafeteria Plans ,
Contribution Limits ,
Cost-of-Living Adjustment (COLA) ,
Defined Contribution Plans ,
Employee Benefits ,
Health Savings Accounts ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Social Security Administration (SSA) ,
Social Security Benefits
New legislation commonly called “SECURE 2.0” was signed into law this past December. The new legislation includes almost 100 different changes that are linked to retirement plans....more
New legislation commonly called “SECURE 2.0” was passed by Congress last week and signed into law on Tuesday by President Biden. The new legislation includes almost 100 different changes that are linked to retirement plans. ...more
12/30/2022
/ 401k ,
403(b) Plans ,
Contribution Limits ,
Employee Benefits ,
Employee Contributions ,
Employer Contributions ,
Hardship Distributions ,
New Legislation ,
Pension Plan Amendments ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Roth IRA ,
SECURE Act ,
Small Business
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2023....more
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2022....more
11/12/2021
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Cost-of-Living Adjustment (COLA) ,
Employee Benefits ,
FSA ,
Health Savings Accounts ,
Individual Retirement Account (IRA) ,
IRS ,
Retirement Plan ,
Social Security Administration (SSA)
A recent survey shows that more participants are more positive this year about meeting their retirement objectives than last year. This may be due in part to a renewed commitment to save more by almost half of those surveyed....more
Certain elections made by participants and spouses under retirement plans must be signed “in the physical presence of a plan representative or a notary public.” The IRS provided relief from this physical presence requirement...more
7/13/2021
/ Coronavirus/COVID-19 ,
Employee Benefits ,
IRS ,
Notarization ,
Physical Presence Test ,
Plan Participants ,
Relief Measures ,
Remote Notarization ,
Retirement Plan ,
Signatures ,
Time Extensions
The EEOC issued guidance on May 28 about what employers may or may not do about a wide range of COVID issues, including vaccine mandates and incentives. For example...more
As of 2018, the DOL estimates that there are 34 million defined benefit (DB) plan participants in private pension plans and 106 million defined contribution (DC) plan participants with combined assets of $9.3 trillion....more
Effective sometime later this year, but no later than September 18, benefit statements issued to participants for defined contribution plans (i.e., 401(k) plans) will be required at least once per year to include a disclosure...more
The IRS recently issued more guidance about the flexibility that employers may provide to employees during 2021 and 2022 for health FSAs and dependent care FSAs. IRS Notice 2021-15 offers more details about how FSAs can be...more
The CMS, DOL and Treasury Departments recently and jointly issued FAQs about how group health plans are required to cover COVID-19 Diagnostic Testing without cost-sharing. The guidance makes clear that private group health...more
3/3/2021
/ Centers for Medicare & Medicaid Services (CMS) ,
Coronavirus/COVID-19 ,
Cost-Sharing ,
Department of Labor (DOL) ,
Diagnostic Tests ,
Employer Group Health Plans ,
Employer Responsibilities ,
Joint Statements ,
U.S. Treasury ,
Vaccinations ,
Virus Testing
Beginning this year, employers that sponsor 401(k) plans must satisfy a new requirement. 401(k) plans must allow certain part-time employees to make voluntary 401(k) contributions....more
The DOL issued Disaster Relief Notice 2021-01 this past Friday about different deadlines that were extended last year due to COVID from March 1, 2020 through February 28, 2021. The deadlines were extended for COBRA election...more
3/3/2021
/ Benefit Plan Sponsors ,
COBRA ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Filing Deadlines ,
IRS ,
Public Health Emergency ,
Relief Measures ,
Time Extensions
The CARES Act suspended the required minimum distribution (RMD) rules for DC plans and IRAs for 2020 for those past age 70½ (or those past age 72 under new rules). If you have already taken a RMD for 2020 from a DC plan and...more
Violating COBRA can be expensive with penalties of up to $110 per day per violation. COBRA compliance has become more challenging with COBRA deadlines being extended during the COVID-19 pandemic....more
On June 29, the IRS issued Notice 2020-52. It permits plan sponsors to adopt a mid-year amendment between March 13, 2020 and August 31, 2020 to freeze their safe harbor contributions under their 401(k) and 403(b) plans. The...more
On June 19, the Treasury, Labor and HHS Departments jointly proposed an updated Self-Compliance Tool for confirming compliance under the Mental Health Parity and Addiction Equity Act (MHPAEA). The Departments expect to issue...more
On June 29, the DOL proposed a new class exemption from the prohibited transaction rules for investment advice fiduciaries. If certain conditions are met, an investment advisor may receive reasonable compensation for...more
The SECURE Act of 2019 permits in-service withdrawals from 401(k) and 403(b) plans for expenses incurred for the birth or adoption of a child of up to $5,000. The 10% excise tax is waived for these “qualified birth or...more
On June 23, the DOL released proposed regulations for retirement plans for “socially responsible” investments that are also called environmental, social and governance (ESG) investments. The proposed standards require plan...more
On June 19, the IRS issued Notice 2020-50. It expounds on the rules for in-service withdrawals and participant loans for defined contribution (DC) plans for participants adversely affected by the COVID-19 pandemic. The...more
On May 27, the DOL issued final regulations that provide a safe harbor for electronic disclosures to employees. Although the regulations don’t become effective until 60 days later (on July 27, 2020), they may be relied upon...more
On June 23, the DOL, IRS and HHS issued joint FAQs about the implementation of health coverage rules related to COVID-19 under the CARES Act and the FFCRA. Topics covered by the FAQs include coverages, procedures and services...more