News & Analysis as of

Internal Revenue Service Defined Benefit Plans Compensation & Benefits

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
Littler

Puerto Rico Department of the Treasury Announces 2025 Limits on Qualified Retirement Plans

Littler on

On January 23, 2025, the Puerto Rico Department of the Treasury issued Internal Revenue Circular Letter No. 24-01 (CL IR 24-01) announcing the applicable 2024 limits for Puerto Rico qualified retirement plans. Pursuant to...more

Dickinson Wright

Both Employers and Participants Benefit from New IRS Guidance on Correcting Inadvertent Benefit Overpayments

Dickinson Wright on

Retirement plan administration mistakes require difficult conversations with participants, especially when the mistake involves an overpayment.  Changes in the law, specifically, SECURE 2.0 and IRS Notice 2024-77, give plan...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

2025 Will See COLAs for Qualified Retirement Plans Comparable to 2024

On November 1, 2024, the 2025 calendar year cost-of-living adjustments (COLAs) to the contribution and compensation limits for tax-qualified retirement plans were released by the Internal Revenue Service (IRS) in Notice...more

Tucker Arensberg, P.C.

IRS and SSA Announce 2023 Indexed Numbers

Tucker Arensberg, P.C. on

The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2023....more

Bond Schoeneck & King PLLC

IRS Announces 2023 Retirement Plan and Other Benefit Limitations

The Internal Revenue Service announced the dollar limitations for retirement plans and other benefits, beginning January 1, 2023. Some of the limits are listed below....more

Pullman & Comley, LLC

IRS Cost of Living Adjusted Dollar Limits Applicable to Retirement Plans for 2022

Pullman & Comley, LLC on

The Internal Revenue Service and the Social Security Administration have announced the cost of living adjustments (COLA) applicable to dollar limitations for retirement plans and the Social Security wage base for 2022. Many...more

Parker Poe Adams & Bernstein LLP

IRS Announces 2021 Dollar Limits for Retirement Plans

The IRS has announced the 2021 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines. The annual limit for elective deferrals to 401(k) plans and 403(b) plans will remain...more

Groom Law Group, Chartered

SECURE Act Testing Relief for Closed/Frozen Defined Benefit Plans

In recent years, many defined benefit (“DB”) pension plan sponsors have taken action to limit ongoing coverage and benefit accruals of their DB plans.  Over time these plans may have difficulty continuing to satisfy the...more

Parker Poe Adams & Bernstein LLP

IRS Announces 2020 Dollar Limitations for Retirement Plans

The IRS has announced the 2020 annual dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines. The annual limit for elective deferrals to 401(k) and 403(b) plans will increase from...more

Akin Gump Strauss Hauer & Feld LLP

2020 Annual Benefit Plan Limits

The Internal Revenue Service (IRS) on November 6, 2019 announced the following cost of living inflation adjusted dollar limits applicable to tax-qualified plans and other benefit plans for 2020...more

Ward and Smith, P.A.

Retirement Plan Contribution Limits Will Increase in 2020

Ward and Smith, P.A. on

The Internal Revenue Service announced on Wednesday, November 6, that several contribution limits in qualified retirement plans will increase next year. The IRS announced the increases as part of an annual adjustment for...more

McDermott Will & Emery

IRS Announces 2020 Employee Benefit Plan Limits

McDermott Will & Emery on

The IRS recently announced the cost-of-living adjustments to the applicable dollar limits for various employer-sponsored retirement and welfare plans for 2020. Nearly all of the dollar limits currently in effect for 2019 will...more

Seyfarth Shaw LLP

You Can Save More in Your 401(k) in 2020

Seyfarth Shaw LLP on

Seyfarth Synopsis: Many of the limitations that apply to tax-qualified plans, including 401(k) plans, are subject to cost-of-living increases. The IRS just announced the 2020 limits. 401(k) plan contribution limits are...more

Stinson - Benefits Notes Blog

IRS Annual Limits on Qualified Plans for 2019

IRS Annual Limits on Qualified Plans for 2019 By Jeffrey P. Cairns - The Internal Revenue Service has released the 2019 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified...more

Dickinson Wright

New Cash Balance Retirement Plan Guidance

Dickinson Wright on

On April 7, 2017, the IRS issued a memorandum relating to cash balance retirement plans. A cash balance plan is a defined benefit pension plan which looks like a defined contribution plan because participants have individual...more

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