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IRS Notice 2022-45 Extends Deadline for Amending Plans for CARES Act & Relief Act
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,...
New 90-day Pre-Examination Compliance Pilot for IRS Plan Examinations
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...
DOL Cautions Fiduciaries About Cryptocurrency in 401(k) Plans
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...
2021 Form 5500 Released
The U.S. Department of Labor’s Employee Benefits Security Administration, the IRS and the Pension Benefit Guaranty Corporation today released informational copies of the 2021 Form 5500 Annual...
2021 Employee Benefit Plans Accounting, Auditing & Regulatory Update
As a firm which specializes in the audits of employee benefit plans, we continually monitor accounting, regulatory and current events which may impact plans. As a member of the Employee Benefit Plan...
2022 401(k) Contribution Limit Increases to $20,500
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2022 in Notice 2021-61, Key employee...
IRS to Provide Tax and Filing Relief for Certain Counties in PA Due to Hurricane Ida
On September 10, 2021, the Federal Emergency Management Association (FEMA) announced that federal disaster assistance has been made available to commonwealth of Pennsylvania for certain areas...
DOL Sets Second Calendar Quarter of 2022 as Compliance Date for Lifetime Income Illustrations
The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) issued on July 26, 2021 Frequently Asked Questions which indicate participant-directed plans must provide...
IRS Revenue Procedure 2021-30 updates EPCRS
With Revenue Procedure 2021-30, the IRS has updated its Employee Plans Compliance Resolution System (EPCRS). EPCRS permits any plan sponsor of a retirement plan to correct plan failures. EPCRS...
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