Recently the Internal Revenue Service released Notice 2023-43 which provides guidance on section 305 of the SECURE 2.0 Act of 2022 with respect to the expansion of the Employee Plans Compliance Resolution System (EPCRS). Below are details from Notice 2023-43. PURPOSE Notice 2023-43 provides guidance in the form of questions and answers with respect to
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. The announcement marks the third and final phase of implementation
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. Some key provisions include: Expanding automatic enrollment in retirement plans. Section 101 requires 401(k) and 403(b) plans to automatically enroll
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 investments and exercise shareholder rights, such as proxy voting. The rule, “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights,” follows Executive Order 14030,
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 are used by certain public schools, churches and charities, to use the same individually designed retirement plan determination letter program currently used by qualified retirement plans. Revenue Procedure
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. Highlights of changes for 2023
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. The deadlines set forth in this notice are the same as the deadlines set forth in Notice 2022-33. Accordingly,