August 17, 2022

401(K) CURRENT EVENTS: IRS EXTENDS DEADLINE FOR AMENDING PLANS TO COMPLY WITH SECURE & CARE ACTS

On August 3, 2022, the IRS issued Notice 2022-33 extending the deadline for amending retirement plans, including 401(k) plans, to comply with the applicable provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (the “SECURE Act”) and the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”). Background… Continue Reading

July 15, 2022

401(K) CURRENT EVENTS:  IRS UPDATES DETERMINATION LETTER FORMS FOR MOVE TO MANDATORY ELECTRONIC FILING

As of June 2022, the IRS updated two of its forms Form 5300, “Application for Determination for Employee Benefit Plan” , Form 8717, “User Fee for Employee Plan Determination Letter Request” and related instructions in connection with its determination letter program for qualified retirement plans, including 401(k) plans. The updates are required as of July… Continue Reading

June 22, 2022

401(K) CURRENT EVENTS:  IRS ANNOUNCES PRE-EXAMINATION COMPLIANCE PROGRAM

On June 3, 2022, the IRS announced on its “Employee Plans News” website a “pilot” pre-examination compliance program for retirement plans, including 401(k) plans. Beginning this month, the IRS will send a letter to sponsors whose plans have been selected for examination, giving them 90 days in which to review plan documents and operations and… Continue Reading

June 17, 2022

401(K) CURRENT EVENTS: AGENCIES RELEASE FINAL FORM 5500 REVISIONS FOR MEP REPORTING

On May 23, 2022, the IRS, DOL and the PBGC released final regulations that make revisions to Forms 5500 and 5500-SF applicable to annual reports for retirement plans (including 401(k) plans) filed for plan years beginning on or after January 1, 2022. The final regulations include many of the changes proposed by the agencies in… Continue Reading

May 26, 2022

401(K) CURRENT EVENT: IRS EXTENDS RELIEF FROM “PHYSICAL PRESENCE REQUIREMENT”

On May 13, 2022, the IRS released Notice 2022-27, granting a six-month extension to the temporary relief from the “physical presence requirement” for tax-qualified retirement plans, including 401(k) plans, that was previously announced in June 2021 (see our blog post. The Notice extends the relief – originally scheduled to expire on June 30, 2022 –… Continue Reading

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