The IRS issued Notice 2022-45, which extends the deadline for amendments to retirement plans and individual retirement arrangements (IRAs) to adopt some provisions relating to distributions and loans under the CARES Act.
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The Social Security Administration has announced the 2023 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices. One of these includes the Social Security taxable wage base (TWB), which identifies the maximum amount of an individual’s annual earnings that are subject to withholding for Social Security-administered benefits.
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Employers may allow participants to take loan distributions from their qualified retirement plans. If loan distributions are permitted, there are a few details that participants should be aware of when deciding whether to take a loan distribution to meet short-term financial needs.
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When determining if an employee has met a qualified plan’s minimum age and service requirements, many employers first verify the employee’s age and whether the employee has met the service requirement by counting the actual hours worked or by using the hours equivalency or elapsed time methods for determining service.
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Senators Ron Wyden (D-OR) and Mike Crapo (R-ID), Senate Finance Committee Chair and Ranking Member, have introduced S.4808, the Enhancing American Retirement Now (EARN) Act.
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The IRS has provided additional guidance related to federal income tax withholding requirements for retirement plan and IRA payments.
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The IRS has announced the postponement of certain tax-related deadlines for victims of a water crisis in Mississippi.
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Was your dinner delivered to your front door last night or have you gotten a lift to the airport lately by using one of several app-based companies, such as Uber or Lyft? If so, welcome to the gig economy, where “side hustles” are no longer relegated to the sidelines but can be a way of life for many workers.
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Helping clients determine distribution options after a loved one dies may seem overwhelming, but there are a few simple questions that can guide you to the appropriate options if the individual had assets in an individual retirement arrangement (IRA) or an employer-sponsored retirement plan, such as a 401(k) plan or 403(b) plan.
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Employers sometimes ask if they can reward their more tenured employees by providing them with a more generous matching formula than their less tenured counterparts.
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The IRS issued Notice 2022-33, which extends the deadline for amendments to retirement plans and Individual Retirement Arrangements (IRAs) to adopt provisions enacted under the SECURE Act, the Miners Act, and some provisions under the CARES Act.
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A 401(k) is one of the most common qualified retirement plans offered by employers to help their employees save for their retirement. While many employees take advantage of this important benefit, many may not understand that they have a choice in the type of contribution they make—and the mechanics of how their contribution is taxed.
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Many plan sponsors believe that the availability of loans in retirement plans is an attractive feature. Specifically, participants are more likely to contribute to a plan if they know that they can access a portion of their plan assets while they are still employed—without having to suffer the accompanying tax consequences.
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The Davis-Bacon Act (DBA) has played a major role in the construction industry for over 90 years. Passed in 1931, it has been described by the Supreme Court as a “minimum wage law designed for the benefit of construction workers.” The DOL has issued proposed regulations that represent the most comprehensive changes to the DBA since 1982.
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It has been 20 years since the IRS last made regulatory changes for required minimum distributions (RMDs). Today, we have proposed RMD regulations. But we also have many new questions that affect the plan administration of RMDs.
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Many defined contribution qualified plans, such as 401(k) plans, allow employers to make a matching contribution. Providing a match may encourage employees to make elective deferral contributions to the plan. There are several guidelines that may affect when matching contributions should be made.
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In the May 23, 2022, issue of Employee Plans News, the IRS explains the applicability of the Employee Plans Compliance Resolution System (EPCRS) for pre-approved plans that are not restated by appropriate deadlines.
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Employers of all types have expressed interest in learning more about multiple employer plans (MEPs). But the unified plan rule, sometimes known as the “one bad apple rule,” has discouraged some employers from pursuing MEP participation. This rule treats a qualification failure by one participating employer as a MEP disqualification event for all employers maintaining the plan. To help expand access to MEPs, the IRS has released proposed regulations, which provide a welcome exception to the unified plan rule. The proposed regulations also withdraw prior proposed regulations that were originally issued in July 2019.
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