Reporting Developments Affecting Employee Benefits and Executive Compensation

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

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.

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SEC Adopts Final Clawback Rules

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. ‎

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

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.‎

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IRS Extends Deadlines for Adopting CARES Act Amendments for Retirement Plans

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).

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IRS Notice 2022-33 Extends Retirement Plan Amendment Deadlines

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).‎

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Additional Guidance Issued on Coverage for OTC COVID-19 Tests

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.‎

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

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.‎

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IRS Announces 2022 Retirement Plan Limits – Most Limits Increase

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.

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