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.
Although not a permanent solution, ARPA includes important relief for eligible multiemployer pension plans and provides plan sponsors with an opportunity to return to a state of solvency that may not have been possible otherwise.
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.
When an employer sponsors a retirement plan for its employees, it must carefully consider, and continually monitor, the plan provisions.
The American Rescue Plan Act provides significant aid and funding for suffering pension plans, in part through direct financial assistance.
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.
Statement on Auditing Standards No. 136 prescribes certain new performance requirements for an audit of financial statements of employee benefit plans subject to the Employee Retirement Income Security Act of 1974 (ERISA) and changes the form and content of the related auditor's report. Read more.
IRS guidance on the 15% maximum on automatic contributions, 401(k) and 403(b) plan safe harbor requirements and plan loan offset rollovers. Source: RSM US LLP.
The changes to 401(k) plans brought on by the SECURE Act, signed into law in December 2019, may have been lost in the chaos of [...]
The IRS released Notice 2020-79 on October 26, 2020, disclosing the cost-of-living adjustments for retirement plans.