Topic: IRS

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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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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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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IRS Provides Additional Guidance on COBRA Premium Subsidy

On July 26, 2021, the IRS issued Notice 2021-46 (the “Notice”), which provides new guidance in the form of 11 questions and answers on the COBRA premium subsidy and the related tax credit under the American Rescue Plan Act of 2021 (“ARPA”). The Notice expands on previous guidance provided under Notice 2021-31.

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IRS Extends Relief Allowing Remote Witnessing Procedures for Certain Retirement Plan Elections

As the COVID-19 pandemic drags on, administrators of defined benefit pension plans continue ‎to field questions about the notary requirement related to certain participant and spousal ‎elections. For qualified retirement plans subject to the qualified joint and survivor annuity rules ‎‎(such as defined benefit pension plans), an alternative form of payment may be selected by a ‎participant if the participant’s spouse consents in writing and the spouse’s signature is witnessed ‎in the physical presence of a plan representative or a notary public.‎

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