On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 announcing the cost-of-living adjustment (“COLA”) applicable to pension and retirement plan dollar limitations for the 2023 tax year. Earlier this month, the Social Security Administration announced the COLA would increase by…
On August 3, 2022, the Internal Revenue Service (the “IRS”) released Notice 2022-33, extending the deadlines for retirement plans to be amended for the Setting Every Community Up for Retirement Enhancement Act (“SECURE”) and the Coronavirus, Aid, Relief, and Economic Security Act (“CARES”).1 The…
On August 3, 2022, the Internal Revenue Service (the “IRS”) released Notice 2022-33, extending the deadlines for retirement plans to be amended for the Setting Every Community Up for Retirement Enhancement Act (“SECURE”) and the Coronavirus, Aid, Relief, and Economic Security Act (“CARES”).1 The…
In June 2022, the Internal Revenue Service (“IRS”) will launch a new pilot compliance program for qualified retirement plans, including 401(k) plans, employee stock ownership plans, and pension plans. The IRS pre-examination compliance program for qualified retirement plans (the “Program”) aims to…
While commercial businesses are typically aware of their responsibilities under the Americans with Disability Act (the “ADA” or the “Act”) relative to the maintenance of their physical office spaces and general corporate policies, some businesses have been the recipients of demand letters alleging…
Krieg DeVault Partner Alexander L. Mounts discusses what an ESOP is and how, if used properly, can be an intricate tool of corporate finance that also provides retirement benefits for employees.
Employment Practice attorney Shelley M. Jackson discusses the new vaccination requirements for employers with over 100 employees.
The Internal Revenue Service recently issued Notice 2021-61 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for the 2022 tax year. Most of the dollar limits, including the elective contribution limit for 401(k), 403(b) and 457(b) plans, will…
Retirement plan administrators are required by law to abide by specific requirements in the Internal Revenue Code (the “Code”). If a plan administrator fails to administer the plan in accordance with Code requirements, the plan is at risk of being disqualified. The Internal Revenue Service (the…
Cybersecurity threats are becoming ubiquitous in today’s technology-driven, cloud-based society and even more so now as the COVID-19 pandemic has fundamentally changed the way people work, communicate, and save. No information is safe and no financial assets, including your 401(k) plan, are…
In 2017, the Pension Benefit Guaranty Corporation (“PBGC”) established the PBGC Defined Contribution Missing Participants Program (the “Program”) for terminated defined contribution plans (e.g., 401(k), profit sharing and stock ownership plans). The Program was established to hold retirement…
