The Internal Revenue Service (IRS) has released its 2024 cost-of-living adjustments are applicable to employee benefit plans, was released for 2024. A year-to-year comparison of limitations can be found here: 2024 Annual Limitations Chart.
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The End of the National Emergency Spells Big Changes for Employers
Since the early days of the COVID-19 pandemic, the country has been under both national emergency and public health emergency orders (the “Emergency Orders”). Pursuant to these orders, the Departments of Labor, Health and Human Services, and the Treasury (the…
IRS Issues Proposed Forfeiture Regulations
The IRS has issued proposed regulations on the treatment of forfeitures under defined benefit and defined contribution plans. The proposed guidance, which would amend Treasury Regulation 1.401-7, synthesizes (and updates the existing regulation to reflect) guidance previously found in Revenue…
A Cautionary Tale for Plan Fiduciaries and Service Providers: Cybertheft, Fraud, and Potential Liability
With more and more retirement plan services moving online, a recent case arising in the U.S. District Court for the Southern District of New York, Giannini v. Transamerica Retirement Solutions, LLC (“Giannini”),[1] highlights the importance of cybersecurity and anti-fraud…
SECURE 2.0 Facilitates Funding Retiree Medical and Life Insurance Accounts
Among the many changes to laws governing retirement plans in SECURE 2.0—the long-awaited follow-up to the 2019 SECURE Act that passed as part of the 2023 Consolidated Appropriations Act—is a provision that may benefit sponsors of over-funded pension plans. Under…
SECURE 2.0 – Changes for Retirement Plans
With just days to go before the new year, President Biden signed the Consolidated Appropriations Act, 2023, into law on December 29, 2022, which includes the SECURE 2.0 Act of 2022 (“SECURE 2.0”). SECURE 2.0 expands on and, in some…
A Sigh of Relief: FAQs Confirm Relief for “Good Faith” Effort to Comply with New Prescription Drug Reporting Mandate
As summarized in our prior post, on November 23, 2021, the Personnel Management Office, the Internal Revenue Service, the Employee Benefits Security Administration, and the Health and Human Services Department issued interim final rules setting forth directives for implementing…
IRS Releases 2023 Cost of Living Adjustments for Benefit Plans
The Internal Revenue Service (IRS) has released its annual cost-of-living adjustments applicable to employee benefit plans for 2023. A year-to-year comparison of limitations can be found here: 2023 Annual Limitations Chart
These contribution limits are generally adjusted for inflation and,…