News & Analysis as of

Defined Benefit Plans Qualified Retirement Plans

Verrill

Why Is There No IRS Correction Program for Non-Governmental 457(b) Plans?

Verrill on

This post examines excess deferrals under non-governmental 457(b) plans, including the approved method for correcting them and the penalty for failing to correct them, to make the case for a change in IRS policy on correcting...more

BCLP

IRS Releases 2024 Adjusted Qualified Plan Limitations

BCLP on

The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan and welfare plan limitations effective January 1, 2024. For ease of reference and comparison to prior years, we have placed the...more

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

2024 Will See Modest COLAs for Qualified Retirement Plans

On November 1, 2023, the 2024 calendar year cost-of-living adjustments to the contribution and compensation limits for tax-qualified retirement plans were released by the Internal Revenue Service (IRS) in Notice 2023-75....more

McDermott Will & Emery

IRS Announces 2024 Employee Benefit Plan Limits

McDermott Will & Emery on

The Internal Revenue Service (IRS) recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2024. Certain health and welfare plan limits...more

Williams Mullen

2022 Annual Employee Benefits Compliance Checklist for Plan Administrators

Williams Mullen on

Plan administrators should review actions to be taken before the end of 2022 and focus on what to expect for 2023. This checklist addresses plan amendments, notices and other considerations for qualified retirement plans,...more

Parker Poe Adams & Bernstein LLP

IRS Announces 2023 Dollar Limitations for Retirement Plans

​​​​​​​The IRS has announced the 2023 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...more

Ruder Ware

2023 Qualified Plan Cost of Living Increases, 2023 Social Security Taxable Wage Base

Ruder Ware on

On October 21, 2022 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits.  All of the limits shown below have increased (in some cases significantly) from last...more

Eversheds Sutherland (US) LLP

Three cheers for three years: IRS extends deadlines for SECURE and CARES amendments

​​​​​​​The IRS has extended the deadline for adopting qualified retirement plan and IRA amendments to reflect changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan...more

Morgan Lewis - ML Benefits

Sponsors of Traditional Defined Benefit Plans with Lump Sum Distribution Option Should Prepare for Challenging Year-End

Many traditional defined benefit plans, such as final average pay plans, offer a lump sum distribution as an optional form of benefit. The amount of the lump sum distribution is sensitive to the applicable interest rate...more

BCLP

IRS Releases 2022 Adjusted Qualified Plan Limitations

BCLP on

The Internal Revenue Service released the cost-of-living adjusted qualified retirement plan limitations effective January 1, 2022. For ease of reference and comparison to prior years, we have placed the adjusted limitations...more

Ruder Ware

2022 Qualified Plan Cost of Living Increases, 2022 Social Security Taxable Wage Base

Ruder Ware on

On November 4, 2021 the Internal Revenue Service announced the cost-of-living adjustments for the various qualified retirement plan limits. The vast majority of the limits shown below have increased from last year....more

Morgan Lewis

Considerations for Sponsors of Qualified Plans for Year Ending 2021, Year Beginning 2022

Morgan Lewis on

With summer winding down, there may be no better time for sponsors of individually designed qualified retirement plans to begin thinking about year-end requirements and preparing for changes in the new year. Thankfully,...more

Gerald Nowotny - Law Office of Gerald R....

KNOCK YOURSELF OUT - RESUSCITATING TAXPAYERS WITH BUYER'S REMORSE!

Tax Planning for 2020 in 2021, yes you can! Cares Act gives the ability to install a qualified retirement plan. Eliminate 2020 taxation associated with investment income. #taxes #qualifiedretirementplan #financialadvisors...more

Gerald Nowotny - Law Office of Gerald R....

KNOCK YOURSELF OUT - RESUSCITATING TAXPAYERS WITH BUYER'S REMORSE!

Nowotny On Death and Taxes podcast episode 32 Knock Yourself Out - Resuscitating Taxpayer's With Buyer's Remorse; learn how to do tax planning for 2020 in 2021; it's not too late! Eliminate all of your taxation associated...more

Snell & Wilmer

2020 End of Year Plan Sponsor “To Do” List (Part 2) Annual Cost of Living Adjustments

Snell & Wilmer on

As 2020 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. We are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end health and...more

Verrill

With CARES Act, Congress provides retirement plan relief and group health plan changes

Verrill on

The Coronavirus Aid, Relief, and Economic Security (CARES) Act, signed into law on March 27, 2020, includes a number of provisions that affect retirement plan sponsors and participants. These provisions are designed to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The problem with insurance with 401(k) plans

I have life insurance and it’s an important financial tool to protect your loved ones. I’ve never been a fan of maintaining a life insurance policy within a qualified plan and that bias against it is because of the compliance...more

Proskauer - Employee Benefits & Executive...

SECURE Act: Considering Implications of Changes to Required Minimum Distribution Rules

As previewed in our prior blog post, the recently enacted SECURE Act includes many changes that affect employer-sponsored benefit plans and require the attention of plan administrators. Among these changes, effective for...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

Snell & Wilmer

IRS Publishes 2019 Required Amendments List

Snell & Wilmer on

In our 2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Plans, we suggested that sponsors of all qualified retirement plans should be on the lookout for the Internal Revenue Service’s (“IRS”) 2019 Required...more

Snell & Wilmer

2019 End of Year Plan Sponsor “To Do” List (Part 3) Qualified Retirement Plans

Snell & Wilmer on

As 2019 comes to an end, we are pleased to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we present our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered health and welfare...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

2020 Limits Announced

As I’m sure you heard, the Internal Revenue Service released their 2020 Cost of Limit Adjustment limits for qualified plans and individual retirement accounts. The salary deferral limit for participants in 401(k), 403(b),...more

Husch Blackwell LLP

Planning For 2020: Year-End Deadlines And Considerations For Employee Retirement, Health And Welfare Plans

Husch Blackwell LLP on

As the end of the year approaches, employers should be aware of important year-end deadlines and considerations related to their retirement and health and welfare plans. We have compiled a list of these deadlines and provide...more

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

No “Diet” COLAs for 2020: Most IRS Benefit and Contribution Limits Increased for Cost of Living

Employers, it is time to update your qualified retirement plan administration systems for 2020. On November 6, 2019, the Internal Revenue Service (IRS) announced the 2020 cost-of-living adjustments, also known as COLAs,...more

Ruder Ware

2020 Qualified Plan Cost of Living Increases, 2020 Social Security Taxable Wage Base

Ruder Ware on

Please be advised that contacting Ruder Ware by e-mail does not create an attorney-client relationship. If you contact the firm by e-mail with respect to a matter where the firm does not already represent you, any information...more

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