The IRS recently announced that many of the key retirement plan limits will increase next year. Notice 2023-75 (Nov. 1, 2023). These limit increases are more modest than the 2023 increases, with some limits remaining the...more
On Friday, August 23, 2023, the IRS issued Notice 2023-62, which provides long-awaited relief regarding the SECURE 2.0 requirement that age 50 catch-up contributions for higher income participants in Section 401(k), 403(b),...more
Continuing a recent trend to more closely align 403(b) plans with tax-qualified 401(k) plans, the Internal Revenue Service (“IRS”) recently issued Revenue Procedure 2022-40 (November 7, 2022) to create a limited determination...more
IRS Notice 2022-33 provides extensions to the amendment deadlines for certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), the Bipartisan American Miners Act of 2019...more
As employers using a pre-approved plan document are aware, a plan restatement must be adopted by the end of the two-year window following the 6-year remedial amendment period cycle. With the Cycle 3 deadline for defined...more
The IRS recently issued an updated Listing of Required Modifications and Information Package (known as the “LRMs”) for 403(b) plans. These LRMs contain quite a few changes, from simple clarifications and explanatory notes,...more
At long last, the Internal Revenue Service issued proposed regulations under Code section 401(a)(9) that take into account the major changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019...more
Background -
Back in 2013, the IRS opened its first 6-year cycle of reviewing and issuing opinion letters on 403(b) pre-approved documents. Most of the approval letters for that first set of plans were issued to the...more
On January 24, 2022, in a unanimous decision, the Supreme Court in Hughes v. Northwestern reinstated the long-running case against Northwestern University by sending the case back to the lower courts for further review. ...more
As we approach the end of 2021, it’s again time for sponsors of 401(a) and 403(b) plans to review their plan documents and plan operations to ensure compliance with increasingly complex qualification requirements. While...more
The IRS recently announced (Notice 2021-61, Nov. 4, 2021) that many of the key pension limits will increase next year – some significantly due to higher inflation. The Social Security Administration and PBGC also recently...more
Background on the 403(b) Pre-Approved Plan Program -
In 2013, the IRS began accepting prototype and volume submitter 403(b) plans (now referred to collectively as “pre-approved” plans) in the first-ever 403(b) remedial...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”), directed that guidance be issued providing that a section 403(b)(7) custodial account could make distributions in kind upon a plan...more
On June 29, the Internal Revenue Service (“IRS”) issued Notice 2020-52, which provides guidance and temporary relief for employers who may choose to reduce contributions during 2020 to their safe harbor 401(k) or 403(b) plan....more
IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more
6/1/2020
/ 403(b) Plans ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
EPCRS ,
Excise Tax ,
Filing Deadlines ,
Form 5500 ,
IRS ,
Pensions ,
Retirement Plan
Recent announcements from the IRS indicate the potential for increased audits of section 403(b) and 457(b) plans, specifically relating to catch-up contributions under such plans. ...more