The Securing a Strong Retirement Act of 2022 (“SECURE 2.0”) was signed into law by President Joseph Biden on December 29, 2022 as part of the Consolidated Appropriations Act of 2023. SECURE 2.0 expands upon the retirement plan provisions contained
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IRS Expands Determination Letter Program to Include Individually-Designed 403(b) Plans
In Revenue Procedure 2022-40, the IRS recently expanded the determination letter program to allow applications by individually-designed 403(b) plans. This expansion will allow 403(b) plan sponsors to request a determination letter that expresses the IRS’ opinion that the plan’s…
SEC Adopts Final Clawback Rules
The SEC adopted long-awaited final rules that require the recovery of erroneously awarded incentive-based compensation of executive officers, as required by the Dodd-Frank Act. Under Rule 10D-1, each exchange must adopt listing standards that will apply to all listed issuers,…
IRS Announces 2023 Retirement Plan Limits – Unprecedented Increases to All Limits
The Internal Revenue Service announced the 2023 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living adjustments for 2023. All of the dollar limits, including the elective…
IRS Extends Deadlines for Adopting CARES Act Amendments for Retirement Plans
On September 26, 2022, the Internal Revenue Service issued IRS Notice 2022-45, which extends the deadline for amending retirement plans to reflect certain optional and required changes under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and section…
IRS Notice 2022-23 Extends Retirement Plan Amendment Deadlines
On August 3, 2022, the Internal Revenue Service issued IRS Notice 2022-33, which extends the deadline for amending certain plans with the applicable requirements of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act), the Bipartisan…
IRS Announces New 90-Day Pre-Examination Compliance Pilot Program for Retirement Plans
In its June 3, 2022 Employee Plans Newsletter, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified plan sponsor by letter that its retirement plan…
Additional Guidance Issued on Coverage for OTC COVID-19 Tests
On February 4, 2022, the Departments of Labor, Health and Human Services and the Treasury (the “Departments”) released additional Frequently Asked Questions (FAQs) regarding group health plan coverage of over-the-counter at-home COVID-19 tests (OTC Tests) plans, without participant cost-sharing, preauthorization,…
Group Health Plans Must Pay For Over-The-Counter At-Home COVID-19 Tests
Beginning January 15, 2022, and continuing throughout the duration of the public health emergency, group health plans and insurers are required to cover over-the-counter (OTC) at-home COVID-19 tests (OTC Tests), including tests not ordered by a health care provider, without…
Infrastructure Investment and Jobs Act Brings an Early End to the Employee Retention Credit
The Infrastructure Investment and Jobs Act (the “IIJA”), which was signed by President Biden on November 15, 2021, retroactively eliminates an employer’s ability to claim the employee retention credit (“ERC”) for eligible wages paid during the fourth quarter of 2021.…