Podcast: Discussing and Demystifying the IRS News Release on ESOPs
(A)ESOP's Fables - The Income and Estate Tax-Free ESOP
Investment Management Update – Exit Strategies
ESOPs: A Path to Bank Independence
On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75, which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The...more
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
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
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
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
Tax laws have long required that qualified retirement plans timely adopt written plan documents and amendments. But what evidence must a plan sponsor provide to an IRS auditor to prove that they have timely adopted a written...more
Generally, for a tax qualified retirement plan to be adopted, the plan document must be signed and dated by the sponsoring employer and retained. However, in Val Lanes Recreation Center Corp. v. Commissioner of Internal...more
At the heart of tax qualified retirement plan compliance is a requirement to timely adopt plans and plan amendments. Failure to adopt plan amendments when required can result in plan disqualification. Accordingly, it is very...more
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
Identifying an employer’s highly compensated employees is crucial to the administration of qualified retirement plans, as well as 403(b) plans that provide employer contributions. This post provides an overview of the rules...more
Employee stock ownership plans (“ESOPs”) are a special breed of qualified retirement plans. Whereas a traditional profit sharing or 401(k) plan is typically invested in mutual funds, an ESOP is designed to invest primarily in...more
With annual enrollment in full steam ahead mode, we have now received a number of remaining limits from the Internal Revenue Service. Attached is a chart that shows all of the limits for both retirement and welfare benefit...more
The IRS recently announced cost-of-living adjustments for 2019 in Notice 2018-83 and related guidance. The key dollar limits for qualified retirement plans and health and welfare plans are noted below....more
The Internal Revenue Service (IRS) has released the 2019 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. ...more
The Internal Revenue Service released the 2019 dollar limits for retirement plans, as adjusted under Code Section 415(d). We have summarized the new limits (along with the limits from the last few years) in the chart below...more
The Internal Revenue Service announced the 2019 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
On October 19, 2017, the Internal Revenue Service released the 2018 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The Notice providing the cost-of-living...more
The Internal Revenue Service announced the 2018 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
In Notice 2017-64, the Internal Revenue Service has announced the cost-of-living adjustments (COLAs) being made to various limitations applicable to retirement plans for 2018. Some of those limitations have increased, and...more
Over the past several years, the IRS has renewed its focus on auditing Employee Stock Ownership Plans (ESOPs), in part because of allegedly abusive arrangements (for a quick overview, see Courtney’s ESOP post). Unfortunately,...more
Editor's Overview - Welcome once again to Proskauer's newly revamped ERISA Newsletter. As a reminder, readers can obtain the information in this Newsletter as it is published on our blog. Our featured article this...more
The IRS recently announced cost-of-living adjustments for 2017 in Notice 2016-62. The key dollar limits, along with last year’s limits, are noted below....more
The Internal Revenue Service announced the 2017 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
IRS Annual Limits on Qualified Plans for 2017 On October 27, 2016, the Internal Revenue Service released the 2017 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement...more