On November 1, 2023, the Internal Revenue Service issued Notice 2023-75 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2024 calendar year. Most of the dollar limits applicable to contribution and benefit limits, including the…
On October 30, President Biden issued his Executive Order on the Safe, Secure, and Trustworthy Development and Use of Artificial Intelligence, along with a companion Fact Sheet issued by the White House. The Executive Order establishes the federal government’s priorities with respect to Artificial…
Welcome news was delivered by the Internal Revenue Service last Friday afternoon, under IRS Notice 2023-62. The IRS has extended the January 1, 2024 deadline for employer-sponsored retirement plans to implement Section 603 of SECURE 2.0 (“Section 603”) which would require an employer to treat all…
On August 9, 2023, the Internal Revenue Service (the “IRS”) issued a cautionary statement to business owners, plan sponsors, individual taxpayers, advisors, and attorneys concerning a range of compliance issues associated with employee stock ownership plans (“ESOPs”). The IRS emphasizes the need to…
On May 16, 2023, the IRS released Revenue Procedure 2023-23. This new Revenue Procedure included the 2024 Health Savings Account (HSA) contribution limits and the 2024 minimum statutory deductibles and maximum out-of-pocket contributions for High Deductible Health Plans (HDHPs).
For 2024, the annual…
The SECURE Act 2.0 of 2022, arguably one of the most significant pieces of legislation affecting retirement plans in many years, was signed into law by President Biden on December 29, 2022 with the 2023 Consolidated Appropriations Act. Several provisions and requirements went into effect…
If your company is the sponsor of a group health plan governed by the Employer Retirement Income Security Act of 1974 (“ERISA”), you may have already received a new compensation disclosure from providers of brokerage and consulting services to your health plan. If not, you soon should. The…
With the end of the 2022 calendar year quickly approaching, the Internal Revenue Service (“IRS”) and Department of Treasury (“Treasury Department”) have published Notice 2022-53, offering some insight on the forthcoming final regulations relating to the changes to Required Minimum Distributions (“…
On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2023 tax year. Earlier this month, the Social Security Administration announced the COLA would increase by…
On August 3, 2022, the Internal Revenue Service (the “IRS”) released Notice 2022-33, extending the deadlines for retirement plans to be amended for the Setting Every Community Up for Retirement Enhancement Act (“SECURE”) and the Coronavirus, Aid, Relief, and Economic Security Act (“CARES”).1 The…
On August 3, 2022, the Internal Revenue Service (the “IRS”) released Notice 2022-33, extending the deadlines for retirement plans to be amended for the Setting Every Community Up for Retirement Enhancement Act (“SECURE”) and the Coronavirus, Aid, Relief, and Economic Security Act (“CARES”).1 The…
In June 2022, the Internal Revenue Service (“IRS”) will launch a new pilot compliance program for qualified retirement plans, including 401(k) plans, employee stock ownership plans, and pension plans. The IRS pre-examination compliance program for qualified retirement plans (the “Program”) aims to…
