| Jan. 30, 2024 - |
IRS Reminds Plan Sponsor About Long-Term Part-Time Employees in 401(k) Plans - The Internal Revenue Service issued a bulletin reminding Plan Sponsors about the new Long-Term Part-Time Employee rules. |
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| Nov. 15, 2023 - |
IRS Announces 401(k) Limit Changes for 2024 - The Internal Revenue Service on November 1st announced that employees in 401(k) plans will be able to contribute up to $23,000 in 2024 (increase of $500 from 2023).
The IRS announced this and other changes in Notice 2023-75, posted on IRS.gov. This guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2024. |
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| Sept. 5, 2023 - |
Plan sponsors that filed timely and complete Forms 8955-SSA do not need to respond to penalty notices dated before September 1, 2023 - Plan sponsors that filed timely and complete Forms 8955-SSA do not need to respond to penalty notices dated before September 1, 2023 |
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| Dec. 12, 2022 - |
IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties - IRS reminds those over age 72 to start withdrawals from IRAs and retirement plans to avoid penalties |
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| Aug. 4, 2022 - |
IRS Extends Plan Amendment Deadlines - The IRS on August 3rd announced in Notice 2022-33 that it is extending the deadline for amending a retirement plan to reflect the provisions of the CARES Act, SECURE Act, and Bipartisan American Miners Act of 2019. |
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| July 20, 2021 - |
IRS Updates the EPCRS Correction Program - On July 16 the IRS released Revenue Procedure (Rev. Proc.) 2021-30 that updates their Employee Plans Compliance Resolution System (EPCRS). |
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| July 1, 2020 - |
IRS Issues Guidance on Mid-Year Amendments to Certain Safe Harbor Plans - In guidance contained in Notice 2020-52, the IRS says that a mid-year change that reduces only contributions made on behalf of HCEs is not a reduction or suspension of safe harbor contributions described in Treas. Reg. §1.401(k)-3(g) and Treas. Reg. §1.401(m)-3(h). |
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| June 9, 2020 - |
IRS provides relief to retirement plan participants to sign elections remotely - The Internal Revenue Service today provided temporary administrative relief to help certain retirement plan participants or beneficiaries who need to make participant elections by allowing flexibility for remote signatures. |
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| Nov. 15, 2019 - |
Consequences to a Participant Who Makes Excess Annual Salary Deferrals - IRS regulations [IRC Section 402(g)] limit the amount of retirement plan elective deferrals you may exclude from taxable income in your taxable year, which is generally the calendar year. Your 402(g) limit for 2019 is $19,000. |
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| Nov. 5, 2019 - |
Retirement Plans Electronic Disclosure Safe Harbor Proposed Rule (Fact Sheet) - The U.S. Department of Labor (Department) announced a proposed rule on October 22, 2019 to allow retirement plan disclosures to be posted online to reduce printing and mail expenses for job creators and make disclosures more readily accessible and useful for America’s workers. |
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| Apr. 4, 2019 - |
Here is what people should know about taking early withdrawals from retirement plans - Taxpayers may need to take money out of their individual retirement account or retirement plan early. However, this can trigger an additional tax on top of other income tax they may owe. Here are a few key things for taxpayers to know. |
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| Apr. 20, 2018 - |
New IRS Guidance Released for Retirement Plans - New guidance released for retirement plans – reduces Form 5300 user fees, explains IRS has begun issuing opinion/advisory letters for pre-approved defined benefit plans restated for the 2012 Cumulative List, and changes the pre-approved plan program for cash balance plans. |
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| Mar. 15, 2018 - |
Things to Remember when Considering Early Withdrawals from Retirement Plans - Things to Remember when Considering Early Withdrawals from Retirement Plans |
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| Jan. 31, 2018 - |
IRS Fix-It Guides - The IRS released updated tips on how to find, fix, and avoid common mistakes in retirement plans. |
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| Dec. 6, 2017 - |
Minimum Distributions for Missing Participants and Beneficiaries of Retirement Plans - Employee Plans Examinations issued a field directive to all exam agents on missing participants, beneficiaries and the required minimum distributions (RMD) standards under Internal Revenue Code Section 401(a)(9). |
