IRS Releases 2023 Plan Limits
The contribution limit adjustments reflect cost of living changes from this year.
Tag: Internal Revenue Service (IRS)
Benefits |
Aon PEP Passes Assets Milestone
Aon has accumulated $1billion in plan assets and commitments since it launched the pooled employer plan.
IRS Issues Update on 10-Year RMD Rule
The updated guidance waives the excise tax for those who failed to take a required minimum distribution in 2021 and...
Plan Amendment Deadlines Extended for 2 Provisions
The IRS is extending deadlines for amending plans for certain provisions of the CARES Act and the Taxpayer Certainty and...
Focused Retirement Savers Are Not Dispirited by Inflation
A Principal survey of “super savers” shows that a majority have been saving more over the past two years than...
In Private Letter Ruling, IRS Permits DB-to-DC Asset Transfer
The ruling only applies to the case at hand, but there are still lessons to be learned from an employer’s...
Plan Sponsors Have More Time for Certain Plan Amendments
The IRS is extending deadlines for amending plans for certain provisions of the SECURE Act and other legislation.
IRS Updates Life Expectancy Tables for Retirees
The tax and spending watchdog has changed the defined contribution account withdrawal rules for retirement plan participants.
Are Retirement Plan Sponsors Still Required to File Form 8955-SSA?
Experts from Groom Law Group and CAPTRUST answer questions concerning retirement plan administration and regulations.
IRS Addresses Mergers Involving DB Plans That Have Received SFA
The ongoing plan must still separate special financial assistance funds and invest them according to final regulations.
Understanding the IRS’ New Pre-Audit Letter Program
Attorneys say plan sponsors have a couple of strong incentives to identify and correct any compliance failures upon receiving a...
IRS Issues ‘Helpful’ Bulletin for Preapproved Plans
An IRS bulletin for preapproved plan sponsors warns of consequences for missing the restated adoption agreement deadline.
Department of Labor Announces Final Form 5500 Changes
The changes to Form 5500 for defined contribution and defined benefit plans are modest.
IRS Again Extends Physical Presence Requirement Relief
The agency is still considering whether to make permanent relief from the requirement for certain elections to be witnessed in...
New Limits for HSAs to Account for Inflation Growth
The limit for individuals with self-only coverage will increase by $200, and the limit for those with family coverage will...
Some New RMD Rules Creating Confusion for Participants and Beneficiaries
Retirement plan sponsors cannot give advice, but they’ll likely get questions about distributions from inherited accounts.
IRS Publishes Additional 403(b) Plan Document Guidance
An information package contains a listing of required modifications and sample language for nearly any provision a plan might include.
Proposed RMD Rules for 403(b)s Could Mean Big Changes
A change to how required minimum distributions are taken from 403(b) contracts might call for changing recordkeeping systems and dusting...
IRS Proposes Regulations Updating MEP ‘One Bad Apple’ Rule
In certain cases, the portion of a multiple employer plan attributable to a participating employer’s failure to meet plan qualification...
IRS Issues 2022 Cumulative List for 403(b) Plans
It identifies changes in the requirements of Section 403(b) of the Internal Revenue Code that the agency will take into...