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…
While commercial businesses are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) relative to the maintenance of their physical office spaces and general corporate policies, some businesses have been the recipients of demand letters alleging…
Krieg DeVault Partner Alexander L. Mounts discusses what an ESOP is and how, if used properly, can be an intricate tool of corporate finance that also provides retirement benefits for employees.
Employment Practice attorney Shelley M. Jackson discusses the new vaccination requirements for employers with over 100 employees.
The Internal Revenue Service recently issued Notice 2021-61 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for the 2022 tax year. Most of the dollar limits, including the elective contribution limit for 401(k), 403(b) and 457(b) plans, will…
Retirement plan administrators are required by law to abide by specific requirements in the Internal Revenue Code (the “Code”). If a plan administrator fails to administer the plan in accordance with Code requirements, the plan is at risk of being disqualified. The Internal Revenue Service (the…
