The Internal Revenue Service announced that the amount individuals can contribute to their 401(k) plans in 2023 has increased to $22,500, up from $20,500 for 2022. The IRS also announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023 in Notice 2022-55. Read More
In Notice 2022-45, the IRS extends the deadline for amending eligible retirement plans to reflect provisions of Section 2202of the CARES Act and Section 302 of the Relief Act to December 31, 2025, as detailed below. Read More
The Internal Revenue Service (“IRS”) Employee Plans function announced that it is piloting a pre-examination retirement plan compliance program beginning in June 2022. This program will notify a plan sponsor by letter that their retirement plan was selected for an upcoming examination. Read More
On March 10, 2022, the Department of Labor (“DOL”) issued Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in “Cryptocurrencies.” In this guidance (see below), the DOL cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu for plan participants. Read More