Today the IRS announced in Notice 2021-61 the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 under the Internal Revenue Code. Nearly every...more
Please see full Chart below for more information....more
Qualified 401(k) and 403(b) retirement plans that are designed with certain minimum matching or nonelective contribution formulas are deemed to pass annual ADP and ACP nondiscrimination testing requirements applicable to...more
Emergency Withdrawals. Participants in defined contribution plans (profit sharing, 401(k), and 403(b) plans) could access their retirement savings now if plans are amended to allow coronavirus-related withdrawals....more
The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) that is currently being debated in Congress has provisions that, if enacted, would allow participants in defined contribution plans (profit sharing, 401(k),...more
The IRS announced in Notice 2018-83 the cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2019....more
Hardship withdrawals from 401(k) plans have been impacted by the recent legislative enactments revising the Internal Revenue Code (the “Code”). The Tax Cuts and Jobs Act, signed into law in late 2017, indirectly limited the...more
It is always a good idea to periodically perform an internal self-audit of a 401(k) plan’s definition of compensation, to verify that the definition matches the administration in the plan sponsor’s payroll and reporting...more
Section 402(f) of the Internal Revenue Code (the “Code”) requires plan sponsors to give written explanations of tax implications to recipients of qualified retirement plan distributions eligible for rollover treatment, often...more
5/25/2018
/ 401k ,
Breach of Duty ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Fiduciary Duty ,
Internal Revenue Code (IRC) ,
IRS ,
Pension Protection Act of 2006 ,
Retirement Plan ,
Tax Cuts and Jobs Act ,
Tax Reform
Hardship distributions allow qualified plan participants to withdraw funds from their qualified plan accounts without separating from service when participants experience an immediate and heavy financial need. ...more
Sunday, April 1, 2018, is the deadline for tax-qualified retirement plan participants who had reached at least age 70 ½ and retired in 2017 to commence receiving required minimum distributions (RMDs) of their plan benefits....more
On November 10, 2017, the Senate released a document entitled “Description of the Chairman’s Mark of the ‘Tax Cuts and Jobs Act’” prepared by the Joint Committee on Tax summarizing the proposals expected to appear in the...more
House Republicans this week released much-anticipated legislation to reform individual and corporate income taxation. Titled the “Tax Cuts and Jobs Act,” the legislation proposes substantial revisions to the Internal Revenue...more