IRS Proposed Regulation on Use of Forfeitures
Tuesday, May, 23, 2023
In February of 2023, the IRS proposed regulations relating to the use of forfeitures. This would generally require that plan administrators use forfeitures no later than 12 months after the close of the plan year in which the forfeitures are incurred. Read More
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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DOL ISSUES CHANGES TO 2023 FORM 5500
Friday, February, 24, 2023
The U.S. Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) (together “Agencies”) on February 23, 2023 released Federal Register notices that announce changes to the 2023 Form 5500 Annual Return/Report of Employee Benefit Plan and Form 5500-SF Short Form. Read More
SECURE 2.0 Act of 2022
Monday, December, 26, 2022
SECURE 2.0 Act of 2022 was passed by Congress as part of the year-end omnibus bill. It builds upon the reforms included in the Setting Every Community Up For Retirement (SECURE ) Act of 2019. Read More
DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions
Thursday, December, 01, 2022
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 for employers who fail to send employee salary withholding contributions or participant loan repayments to retirement plans in a timely manner. Read More