2021 Employee Benefit Plans Accounting, Auditing & Regulatory Update
Thursday, December, 09, 2021
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 Audit Quality Center (EBPAQC), we recently attended the December 2021 American Institute of Certified Public Accountants (AICPA) annual Employee Benefit Plans, Accounting, Auditing
- Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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2022 401(k) Contribution Limit Increases to $20,500
Thursday, November, 04, 2021
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 contribution limits increased The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan increases in 2022 to $20,500 from $19,500
IRS to Provide Tax and Filing Relief for Certain Counties in PA Due to Hurricane Ida
Wednesday, September, 15, 2021
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 affected by Hurricane Ida from August 31, 2021 to September 5, 2021. Read More
DOL Sets Second Calendar Quarter of 2022 as Compliance Date for Lifetime Income Illustrations
Wednesday, July, 28, 2021
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 lifetime income illustrations on quarterly statements by the second calendar quarter of 2022. Read More