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
Section 402(f) of the Internal Revenue Code (the “Code”) requires qualified plan sponsors to give written explanations of the tax implications to recipients of taking qualified retirement plan distributions eligible for...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