Employee Benefits

IRS Expands Determination Letter Program to Include Individually-Designed 403(b) Plans

by Laura L. Ferguson | Nov 15, 2022 | 403(b) Plans, IRS

In Revenue Procedure 2022-40, the IRS recently expanded the determination letter program to allow applications by individually-designed 403(b) plans. This expansion will allow 403(b) plan sponsors to request a determination letter that expresses the IRS’ opinion that the plan’s terms (as stated in the plan document) meet the requirements under Section 403(b) of the Internal Revenue Code and other qualification requirements.

SEC Adopts Final Clawback Rules

by Laura L. Ferguson | Nov 9, 2022

The SEC adopted long-awaited final rules that require the recovery of erroneously awarded ‎incentive-based compensation of executive officers, as required by the Dodd-Frank Act. Under ‎Rule 10D-1, each exchange must adopt listing standards that will apply to all listed issuers, ‎with limited exceptions. ‎

IRS Announces 2023 Retirement Plan Limits ‎–‎ Unprecedented Increases to All Limits

by Lori Basilico | Oct 21, 2022 | 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 ‎annual compensation limit under 401(a)(17), the maximum annual contribution limit under ‎Code Section 415(c) and the dollar limit for catch-up contributions (if age 50 or older) will ‎increase from 2022 limits.‎

IRS Extends Deadlines for Adopting CARES Act Amendments for Retirement Plans

by Lori Basilico and Angela Stockbridge | Oct 18, 2022 | IRS

On September 26, 2022, the Internal Revenue Service issued IRS Notice 2022-45, which ‎extends the deadline for amending retirement plans to reflect certain optional and required ‎changes under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and ‎section 302 of Title III of the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (Relief ‎Act).

IRS Notice 2022-33 Extends Retirement Plan Amendment Deadlines

by Lori Basilico and Angela Stockbridge | Aug 24, 2022 | 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 of the Coronavirus Aid, Relief, ‎and Economic Security Act (CARES Act).‎

IRS Announces New 90-Day Pre-Examination Compliance Pilot Program for Retirement Plans

by E. Philip Bush and Lori Basilico | Jun 9, 2022 | 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.‎

Additional Guidance Issued on Coverage for OTC COVID-19 Tests

by Lori Basilico | Feb 11, 2022 | COVID-19

On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury ‎‎(the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group ‎health plan coverage of over-the-counter at-home COVID-19 tests (OTC Tests) plans, without ‎participant cost-sharing, ‎preauthorization, or medical management.‎

Group Health Plans Must Pay For Over-The-Counter At-Home COVID-19 Tests

by Lori Basilico | Jan 13, 2022 | COVID-19, Health and Welfare Plans

Beginning January 15, 2022, and continuing throughout the duration of the public health ‎emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home ‎COVID-19 ‎tests (OTC Tests), including tests not ordered by a ‎health care provider, without ‎participant cost-sharing, preauthorization, or medical management, according to Frequently ‎Asked Questions (FAQs) recently issued by the Departments of Labor, Treasury and Health and ‎Human Services.‎

Infrastructure Investment and Jobs Act Brings an Early End to the Employee Retention Credit

by Andrew Nelson | Nov 22, 2021

The Infrastructure Investment and Jobs Act (the “IIJA”), which was signed by President Biden on November 15, 2021, retroactively eliminates an employer’s ability to claim the employee retention credit (“ERC”) for eligible wages paid during the fourth quarter of 2021.

IRS Announces 2022 Retirement Plan Limits – Most Limits Increase

by Lori Basilico | Nov 5, 2021 | 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 annual compensation limit under 401(a)(17) and the maximum annual contribution limit under Code Section 415(c) will increase from 2021 limits.

IRS Expands Determination Letter Program to Include Individually-Designed 403(b) Plans

SEC Adopts Final Clawback Rules

IRS Announces 2023 Retirement Plan Limits ‎–‎ Unprecedented Increases to All Limits

IRS Extends Deadlines for Adopting CARES Act Amendments for Retirement Plans

IRS Notice 2022-33 Extends Retirement Plan Amendment Deadlines

IRS Announces New 90-Day Pre-Examination Compliance Pilot Program for Retirement Plans

Additional Guidance Issued on Coverage for OTC COVID-19 Tests

Group Health Plans Must Pay For Over-The-Counter At-Home COVID-19 Tests

Infrastructure Investment and Jobs Act Brings an Early End to the Employee Retention Credit

IRS Announces 2022 Retirement Plan Limits – Most Limits Increase

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