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IRS Proposed Regulation on Use of Forfeitures

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David Torrillo
Tuesday, May, 23, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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
401(k)403(b)Defined Benefit PlansForfeituresIRSPension Plans

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

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

New 90-day Pre-Examination Compliance Pilot for IRS Plan Examinations

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David Torrillo
Friday, June, 03, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 plan sponsor by letter that their retirement plan was selected for an upcoming examination. Read More
401(k)compliance resolution systemDefined Benefit PlansEnforcement prioritiesEPCRSIRSPension Plans

2021 Employee Benefit Plans Accounting, Auditing & Regulatory Update

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David Torrillo
Thursday, December, 09, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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
401(k)403(b)Audit QualityCybersecurityDefined Benefit PlansDOLEBSAEPCRSIRSMortality TablesPension Plans

2022 401(k) Contribution Limit Increases to $20,500

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David Torrillo
Thursday, November, 04, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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
401(k)403(b)Contribution LimitsDefined Benefit PlansIRSPension Plans

IRS to Provide Tax and Filing Relief for Certain Counties in PA Due to Hurricane Ida

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David Torrillo
Wednesday, September, 15, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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
401(k)403(b)EFAST 2 Filing of Form 5500sIRSPension Plans
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  • Policy Updates
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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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