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Quarles & Brady LLP

2023 Year-End Employee Benefits Updates

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This newsletter provides updates employers should be aware of heading into 2024, including an outline of the updated 2024 retirement and welfare plan limits, instructions related to the “gag order” attestation requirements...more

Locke Lord LLP

IRS Announces 2024 Retirement Plan Limits: Modest Increases

Locke Lord LLP on

The Internal Revenue Service announced the 2024 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...more

Parker Poe Adams & Bernstein LLP

IRS Announces 2024 Dollar Limitations for Retirement Plans

The IRS has announced the 2024 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines, with increases in many of the limits. The annual limit for elective deferrals to...more

Williams Mullen

SECURE Act 2.0 Summary of Changes to Retirement Plans

Williams Mullen on

President Biden signed the SECURE 2.0 Act of 2022 (“SECURE 2.0”) as part of the Consolidated Appropriations Act of 2023 on December 29, 2022. SECURE 2.0 includes significant changes for the administration of employee benefit...more

Kilpatrick

Secure Act 2.0 – Summary of Key Provisions

Kilpatrick on

The House and Senate are moving forward on several versions of legislation, which are collectively known as the “Secure Act 2.0” because they would build off of the Secure Act, the last major retirement plan legislation...more

Locke Lord LLP

IRS Announces 2022 Retirement Plan Limits – Most Limits Increase

Locke Lord LLP on

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...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

COLAs in the Time of COVID-19

On October 26, 2020, the Internal Revenue Service (IRS) updated various dollar limitations that apply to tax-qualified retirement plans for 2021. The new amounts, published in Notice 2020-79, are annually adjusted for cost of...more

Parker Poe Adams & Bernstein LLP

IRS Announces 2021 Dollar Limits for Retirement Plans

The IRS has announced the 2021 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines. The annual limit for elective deferrals to 401(k) plans and 403(b) plans will remain...more

Blank Rome LLP

IRS Announces Year 2021 Retirement Plan Limits

Blank Rome LLP on

The Internal Revenue Service (“IRS”) announced yesterday (October 26, 2020) the following dollar limits applicable to tax-qualified plans for 2021...more

Seyfarth Shaw LLP

Want to Put More Away in Your 401(k)? Qualified Plan Limits Generally Remain Constant in 2021

Seyfarth Shaw LLP on

Seyfarth Synopsis: Many of the limitations that apply to tax-qualified plans, including 401(k) and 403(b) plans, are subject to cost-of-living increases. The IRS just announced the 2021 limits. The annual employee salary...more

Morgan Lewis

IRS Notice 2020-68 Provides SECURE Act and Miners Act Guidance

Morgan Lewis on

Notice 2020-68 from the Internal Revenue Service provides clarifications for sponsors and administrators of 401(k) plans and other qualified retirement plans, 403(b) plans, and 457(b) governmental plans on certain provisions...more

Bond Schoeneck & King PLLC

IRS Liberalizes Rules for 2020 Mid-Year Reductions in Safe Harbor Contributions – However, Affected Plan Sponsors May Need to Act...

In Notice 2020-52, the Internal Revenue Service liberalized certain limitations on a plan sponsor’s ability to reduce or suspend contributions to the sponsor’s safe harbor 401(k) or 403(b) plan. The relief is limited,...more

Dechert LLP

IRS Continues to CARE(S) – Releases Notices on Required Minimum Distributions and Safe Harbor Contributions

Dechert LLP on

The Internal Revenue Service released Notice 2020-51 on June 23, 2020, which provides additional Coronavirus related guidance relating to the waiver of 2020 required minimum distributions (RMDs) under certain defined...more

Seyfarth Shaw LLP

Plop, Plop, Fizz, Fizz – Relief For Safe Harbor Plans Reducing or Suspending Contributions in 2020

Seyfarth Shaw LLP on

Seyfarth Synopsis: Due to the significant economic impact of COVID-19 on businesses, many plan sponsors would like to reduce or suspend contributions to safe harbor 401(k) plans this year. Normally, mid-year changes to safe...more

Groom Law Group, Chartered

The IRS Provides Relief for Mid-Year Reductions in Employer Contributions to Safe Harbor Plans

On June 29, the Internal Revenue Service (“IRS”) issued Notice 2020-52, which provides guidance and temporary relief for employers who may choose to reduce contributions during 2020 to their safe harbor 401(k) or 403(b) plan....more

Foley & Lardner LLP

IRS Provides Additional Ways to Reduce or Suspend Safe Harbor Contributions for 2020

Foley & Lardner LLP on

To the extent plan sponsors of 401(k) or 403(b) safe harbor plans have not yet reduced or suspended safe harbor contributions for the 2020 plan year, they may now find it easier to do so under IRS Notice 2020-52, issued on...more

Locke Lord LLP

IRS Issues Helpful Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under The Cares Act

Locke Lord LLP on

The Internal Revenue Service (IRS) recently issued Notice 2020-50 which provides helpful guidance for plan sponsors and plan participants who wish to take advantage of the enhanced distribution and loan provisions under the...more

Cozen O'Connor

IRS Issues Guidance Implementing Coronavirus-Related Retirement Plan Provisions Under the Cares Act

Cozen O'Connor on

The IRS has issued IRS Notice 2020-50 (the Notice) providing guidance implementing the retirement plan provisions of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) that was enacted on March 27, 2020. A...more

Kilpatrick

IRS Allows for Remote Notarizations for Retirement Plan Withdrawals

Kilpatrick on

Congress acted swiftly to allow participants greater access to their retirement plan funds through special withdrawal and loan provisions in recognition of the financial impacts of the COVID-19 pandemic. See our blog post on...more

Groom Law Group, Chartered

IRS to Focus on Catch-Up Contributions in 403(b) and 457(b) Plans

Recent announcements from the IRS indicate the potential for increased audits of section 403(b) and 457(b) plans, specifically relating to catch-up contributions under such plans. ...more

Pullman & Comley, LLC

IRS Announces Cost of Living Adjustment (COLA) Limits for 2020 Applicable to Retirement Plans

Pullman & Comley, LLC on

The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2020. Many...more

Clark Hill PLC

IRS 2019 Required Amendments List Requires Individually Designed 401(k) and 403(b) Plans to be Amended by Dec. 31, 2021, for...

Clark Hill PLC on

In a previous alert, IRS Adopts Final Regulations Changing Hardship Distributions, we analyzed the IRS’s recently issued final hardship distribution regulations....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Proposal for tax fee plan withdrawals for LTC premiums

I’m not a fan of reporting legislation, but this piqued my interest. Sen. Pat Toomey (R-PA), a member of the Senate Finance Committee, is working on a bill that would allow plan participants to withdraw funds from their...more

Dickinson Wright

IRS Publishes 2019 Required Amendment List for Individually-Designed Retirement Plans

Dickinson Wright on

The IRS recently issued its “Required Amendment List,” which contains the annual list of amendments that must be adopted by certain individually-designed retirement plans. This year, the List includes the requirements imposed...more

Parker Poe Adams & Bernstein LLP

IRS Announces 2020 Dollar Limitations for Retirement Plans

The IRS has announced the 2020 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines. The annual limit for elective deferrals to 401(k) and 403(b) plans will increase from...more

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