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DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions
The U.S. Department of Labor announced that its Employee Benefits Security Administration has proposed updates to its Voluntary Fiduciary Correction Program, including a self-correction component...
No Entries Listing Changes in Qualification Requirements on the 2022 IRS Required Amendments List
Notice 2022-62 contains the 2022 Required Amendments List, which establishes the end of the remedial amendment period and the plan amendment deadline for changes in qualification requirements and...
DOL Issues Final Rule on ESG Factors in Plan Investments
The U.S. Department of Labor announced a final rule that allows plan fiduciaries to consider climate change and other environmental, social and governance (ESG) factors when they select retirement...
403(b) Plans Can Now Receive A Determination Letter
The Treasury Department and Internal Revenue Service announced the expansion their determination letter program for approving retirement plans. The IRS will now allow 403(b) retirement plans, which...
2023 401(k) Contribution Limit Increases to $22,500; Catch-Up to $7,500
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...
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...
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