IRS Releases 2024 Retirement Plan Limitations
Cost-of-living adjustments to retirement plan limits for 2024 have been issued by the IRS in Notice 2023-75.
New Guidance from IRS on Correction of Errors in Qualified Retirement Plans
The IRS released Notice 2023-43 to provide interim guidance on plan correction changes under SECURE 2.0 until Rev. Proc. 2021-30 (EPCRS) is updated.
401(k) Plan Participant Loan Year-End Review
Too often, we find participant loans that were never set up in payroll or where payroll withholding of repayments ceased prematurely, resulting in defaulted participant loans. For calendar year-end plans, plan sponsors have until March 31 of the following year to correct the failed set up of a participant loan.
Closing the Coverage, Participation and Savings Gap with SECURE 2.0
The SECURE 2.0 Act of 2022 includes over 90 provisions that have implications for retirement plans. Here are some of the changes that will be more impactful to retirement plans and plan sponsors.
Avoid These Common Pitfalls When Establishing a Retirement Plan
When establishing a retirement plan, be sure to avoid common missteps when setting up your company’s retirement plan.
IRS 90-day Pre-examination Compliance Pilot for Retirement Plans
The IRS is piloting a pre-examination compliance program for retirement plans, which provides plan sponsors with 90-day window to review plan operations and make corrections prior to examination.
2022 Limits for Retirement Plan Contributions
The IRS released Notice 2021-61 on November 4, 2021 disclosing the cost-of-living adjustments for retirement plans. Many of the limits increased for 2022 as compared to 2021.
Performing a 401(k) Retirement Plan Self-checkup
When an employer sponsors a retirement plan for its employees, it must carefully consider, and continually monitor, the plan provisions.
Don’t Overlook Advantageous Provisions of the SECURE Act
Although the 2019 SECURE Act was the most significant retirement plan policy legislation in over 10 years, its provisions have been somewhat in the background due to COVID-19. We've highlighted the following provisions that plan sponsors and employers without a plan may want to consider now.
Impact of the CARES Act on Employer Sponsored Defined Contribution Plans
The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by President Trump on March 27, 2020, it contains several provisions that impact qualified retirement plans.