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SECURE 2.0 Act of 2022

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David Torrillo
Monday, December, 26, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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
401(k)403(b)Defined Benefit PlansDOLEPCRSHardship DistributionsIRSPBGCPension PlansRequired Minimum Distributions

DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions

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David Torrillo
Thursday, December, 01, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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
401(k)403(b)DOLEBSA

No Entries Listing Changes in Qualification Requirements on the 2022 IRS Required Amendments List

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David Torrillo
Thursday, November, 24, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 section 403(b) requirements set forth on the list for qualified individually designed plans and section 403(b) individually designed plans, respectively. Read More
401(k)403(b)IRS

403(b) Plans Can Now Receive A Determination Letter

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David Torrillo
Tuesday, November, 08, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. Read More
403(b)Determination Letter ProgramIRSrevenue procedures

2023 401(k) Contribution Limit Increases to $22,500; Catch-Up to $7,500

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David Torrillo
Monday, October, 24, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. Read More
401(k)403(b)Defined Benefit PlansIRSPension Plansretirement savings

IRS Notice 2022-45 Extends Deadline for Amending Plans for CARES Act & Relief Act

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David Torrillo
Tuesday, September, 27, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. Read More
401(k)403(b)IRSPlan Fiduciary Update

Hurricane Ida Tax Relief Extended to Feb. 15 for 6 qualifying states

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David Torrillo
Tuesday, December, 28, 2021 / Published in Uncategorized
Victims of Hurricane Ida in six states now have until Feb. 15, 2022, extended from January 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service has announced. Read More
401(k)403(b)Defined Benefit PlansEFAST 2 Filing of Form 5500sForm 5500Hurricane IdaIRS
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Recent Posts

  • DOL ISSUES CHANGES TO 2023 FORM 5500

    The U.S. Department of Labor (DOL), the Interna...
  • SECURE 2.0 Act of 2022

    SECURE 2.0 Act of 2022 was passed by Congress a...
  • DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions

    The U.S. Department of Labor announced that its...

Categories

  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
  • Uncategorized

Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

36 Regency Plaza
Glen Mills, PA 19342

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