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2022 Qualified Retirement Plan IRS Indexed Dollar Limits Announced

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

2021 Retirement Plan Limits

Please see full Chart below for more information....more

IRS Relaxes Some Requirements for Midyear Changes to Safe Harbor Plans

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

CARES Act - Provisions Applicable to Tax-Qualified Retirement Plans

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

Proposed Coronovirus Aid Package Includes Emergency Withdrawal Loan Relief for Retirement

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

2019 Qualified Retirement Plan IRS Indexed Dollar Limits Announced

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

Tax Code Changes Require Examination of Hardship Withdrawals

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

Tax Reform Makes Now a Good Time for a 401(k) Plan Compensation Definition Audit

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

Tax Reform Requires Plan Sponsors to Update 401(k) Plan Special Tax Notices

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

IRS Updates Substantiation Procedures for Hardship Distributions

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

IRS Issues Reminder on Required Minimum Distributions Due April 1

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

Senate Version of Tax Reform Proposes Compensation and Retirement Plan Changes

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

Tax Reform’s Impact on Qualified Retirement Plans

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

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