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DOL ANNOUNCES PROPOSED INFORMATION COLLECTION TO BUILD ONLINE SEARCH TOOL TO HELP FIND ‘LOST’ RETIREMENT SAVINGS
The U.S. Department of Labor announced on April 15, 2024 that its Employee Benefits Security Administration is proposing to collect information from plan administrators on a voluntarily basis to...
DOL Releases Proposed Regulation On Automatic Portability Transactions
The Employee Benefits Security Administration of the Department of Labor (DOL) recently released a proposed regulation on automatic portability transactions under SECURE 2.0 Act of 2022. The goal of...
IRS Provides Guidance for Pension-Linked Emergency Savings Accounts (PLESAs)
The Internal Revenue Service has issued initial guidance to help employers with implementation of pension-linked emergency savings accounts (PLESAs). Authorized under the SECURE 2.0 Act of 2022,...
Additional Guidance Released by the IRS on SECURE Act 2.0 (Notice 2024-2)
Notice 2024-2 provides additional guidance on several provisions of Secure 2,0 Act. This notice provides guidance in the form of questions and answers with respect to certain provisions of the...
Long-Term, Part-Time Employees Proposed Regulations
The Internal Revenue Service issued a Proposed Rule that would amend the rules applicable to plans that include cash or deferred arrangements under section 401(k) to provide guidance with respect to...
DOL Releases 2023 Audit Quality Study
The DOL released its 2023 Audit Quality Study based on the plan year 2020 Form 5500 filings. This is the 4th Audit Quality Study performed. The previous studies were performed by in 1997, 2004 and...
2024 401(k) Contribution Limit Increases to $23,000
The Internal Revenue Service announced November 1, 2023 that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. The IRS also...
EFAST2 Authentication Process is Changing
The DOL's EFAST2 website authentication process is being modernized in 2023. As part of this modernization, DOL is phasing out the existing method of logging in to the EFAST2 website with an...
IRS Announces Administrative Transition Period for New Roth Catch-up Requirement; Catch-up Contributions Still Permitted after 2023
On August 25, 2023, the Internal Revenue Service announced an administrative transition period that extends until 2026 the new requirement that any catch-up contributions made by higher‑income...
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