The Internal Revenue Service announced the 2025 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2025. Most of the dollar limits, including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans, the
Retirement Plans
IRS Proposes Regulations on Using Forfeitures in Qualified Retirement Plans
By Lori Basilico on
Posted in Retirement Plans
Introduction
On February 27, 2023, the Department of the Treasury (“Treasury”) and Internal Revenue Service (“IRS”) issued proposed regulations (the “Proposed Regulations”) relating to forfeitures in tax-qualified defined benefit and defined contribution plans. Forfeitures generally arise when a participant terminates employment before completing the…
Locke Lord QuickStudy: Secure 2.0: Top Changes Affecting Retirement Plans
By Lori Basilico on
Posted in Retirement Plans
The Securing a Strong Retirement Act of 2022 (“SECURE 2.0”) was signed into law by President Joseph Biden on December 29, 2022 as part of the Consolidated Appropriations Act of 2023. SECURE 2.0 expands upon the retirement plan provisions contained in the Setting Every Community Up for Retirement Enhancement Act…
IRS Announces 2023 Retirement Plan Limits – Unprecedented Increases to All Limits
By Lori Basilico on
Posted in IRS, Retirement Plans
The Internal Revenue Service announced the 2023 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2023. All of the dollar limits, including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans, the…
IRS Notice 2022-33 Extends Retirement Plan Amendment Deadlines
By Lori Basilico on
Posted in IRS, Retirement Plans
On August 3, 2022, the Internal Revenue Service issued IRS Notice 2022-33, which extends the deadline for amending certain plans with the applicable requirements of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan American Miners Act of 2019 (Miners Act), and one provision…
IRS Announces New 90-Day Pre-Examination Compliance Pilot Program for Retirement Plans
By E. Phillip Bush & Lori Basilico on
Posted in IRS, Retirement Plans
In its June 3, 2022 Employee Plans Newsletter, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified plan sponsor by letter that its retirement plan has been selected for an upcoming examination.
The IRS’s letter…
IRS Announces 2022 Retirement Plan Limits – Most Limits Increase
By Lori Basilico on
Posted in IRS, Retirement Plans
The Internal Revenue Service announced the 2022 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2022. Most of the dollar limits, including the elective deferral contribution limit for 401(k), 403(b) and 457(b) plans, the…
US Dept. of Labor Announces Cybersecurity Guidance for Plan Sponsors, Plan Fiduciaries, Record-Keepers and Plan Participants
By Laura Ferguson & E. Phillip Bush on
The U.S. Department of Labor (“DOL”) recently issued guidance on best practices for maintaining cybersecurity directed to plan sponsors, fiduciaries, record-keepers and participants of employee benefit plans governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). While some prior cybersecurity guidance has been issued for certain…
IRS Extends Relief Allowing Remote Witnessing Procedures for Certain Retirement Plan Elections
By Megan Kasparek on
Posted in IRS, Retirement Plans
As the COVID-19 pandemic drags on, administrators of defined benefit pension plans continue to field questions about the notary requirement related to certain participant and spousal elections. For qualified retirement plans subject to the qualified joint and survivor annuity rules (such as defined benefit pension plans), an alternative form of…
Helpful New Guidance on Locating Missing and Nonresponsive Retirement Plan Participants
By Lori Basilico on
Posted in Retirement Plans
Retirement plans of all sizes often find themselves faced with participants or beneficiaries who are either missing or do not respond to communication. The U.S. Department of Labor (“DOL”) has long been concerned with how plans try to locate and contact these ‘missing’ participants and, more importantly, how they try…