November 12, 2021

IRS ADDS TWO FAQs TO ITS COVID-19 Q&A GUIDANCE FOR RETIREMENT PLANS

On October 28, 2021, the Internal Revenue Service (“IRS”) added two FAQs to its official guidance in the form of questions and answers (“Q&As”) regarding COVID-19 pandemic relief for retirement plans, including 401(k) plans. The first FAQ addresses whether rehiring retired plan participants to fulfill needs related to the COVID-19 pandemic jeopardizes the tax qualification… Continue Reading

November 9, 2021

DOL Temporarily Extends Non-Enforcement Relief for Investment Advice Fiduciaries

On October 25, 2021, the U.S. Department of Labor (“DOL”) issued Field Assistance Bulletin (“FAB”) 2021-02 , temporarily extending its non-enforcement policy regarding certain rules applicable to fiduciaries who provide investment advice for 401(k) plans, in accordance with Prohibited Transaction Exemption (“PTE”) 2020-02, released in December 2020. The temporary non-enforcement policy now extends generally through… Continue Reading

November 8, 2021

IRS RELEASES 2022 ADJUSTED DOLLAR LIMITATONS FOR 401(k) PLANS

On November 4, 2021, the IRS released its annual notice, Notice 2021-61, setting forth the various dollar limitations for contributions and benefits under qualified retirement plans, including 401(k) plans. The new limits will go into effect as of January 1, 2022. As in prior years, the law requires that some of these limits be adjusted… Continue Reading

September 23, 2021

401(k): IRS Extends Interim Amendment Deadline for Preapproved 401(k) Plans

On September 1, 2021, the IRS issued Revenue Procedure (“Rev. Proc.”) 2021-38 which revises and updates the procedure for amending preapproved 401(k) plans to comply with changes in applicable law. In particular, the revised guidance changes and effectively extends the deadline for adopting so-called “interim amendments,” which are written plan amendments required to be adopted… Continue Reading

September 15, 2021

MEWAs – Proposed Rules on Annual Reporting Requirements

The Department of Labor has issued a proposed rule that would affect the Form 5500 annual reporting requirements for ERISA plans. The bulk of the proposed rule applies to pension plans, and we will report on this in a separate blog.  However, one part of the proposal would affect reporting requirements for multiple employer welfare… Continue Reading

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