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Articles by Catherine Reese
2024 Will See Modest COLAs for Qualified Retirement Plans | JD Supra
On November 1, 2023, the 2024 calendar year cost-of-living adjustments to the contribution and compensation limits for tax-qualified retirement plans were released by the Internal Revenue Service (IRS) in Notice 2023-75. Quick Hits The elective deferral limit for 401(k) and 403(b) plans will increase to $23,000 for 2024, but the catch-up contribution limit remains at $7,500.
Seriously Spiked COLAs for Qualified Retirement Plans for 2023 | JD Supra
Qualified retirement plans will experience unusually sharp increases to compensation and contribution limitations for 2023 compared to adjustments in recent years. On October 21, 2022, the Internal Revenue Service (IRS) released Notice 2022-55, providing the 2023 calendar year cost-of-living adjustments, also known as COLAs, for tax-qualified retirement plans. The spike is widespread, with increases to each of the statutory limits in the table below. The increases are effective January 1, 2023.
Qualified Retirement Plans Spike in Compensation Contribution Limits
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So You Missed the IRS’s Preapproved Defined Contribution Retirement Plan Restatement Deadline—Now What?
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
IRS Announces 2022 Limitations for Qualified Retirement Plans: Prices Aren’t the Only Thing Going Up | JD Supra
On November 4, 2021, the Internal Revenue Service (IRS) released the 2022 dollar limitations that apply to tax-qualified retirement plans. With few exceptions, the 2022 limitations published in Notice 2021-61 have been adjusted upwards. Catch-up contribution maximums and the compensation amount for simplified employee pensions (SEPs) have not changed. The table below lists key 2022 amounts that affect tax-qualified retirement plans, compared to the current amounts.
IRS Announces 2022 Limitations for Qualified Retirement Plans: Prices Aren’t the Only Thing Going Up
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
COLAs In The Time Of COVID-19
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COLAs in the Time of COVID-19 | JD Supra
On October 26, 2020, the Internal Revenue Service (IRS) updated various dollar limitations that apply to tax-qualified retirement plans for 2021. The new amounts, published in Notice 2020-79, are annually adjusted for cost of living. Despite the potential impact of COVID-19 on employee pay, most of the annual compensation limitations have been adjusted upwards.
COLAs in the Time of COVID-19
On October 26, 2020, the Internal Revenue Service (IRS) updated various dollar limitations that apply to tax-qualified retirement plans for 2021. The new amounts, published in Notice 2020-79, are annually adjusted for cost of living. Despite the potential impact of COVID-19 on employee pay, most of the annual compensation limitations have been adjusted upwards.
COLAs in the Time of COVID-19
Legal Disclaimer You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
IRS Issues Additional CARES Act Guidance for Retirement Plan Administrators and Qualified Individuals | JD Supra
The Internal Revenue Service (IRS) recently released two notices that provide additional guidance for retirement plan administrators and qualified individuals about the special distribution, plan loan, and required minimum distribution (RMD) provisions under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. IRS Notice 2020-50 is focused primarily on “coronavirus-related distributions” (CRDs) and plan loans.
DOL Finally Relaxes Its Electronic Delivery Rule—But Only For Retirement Plans - Employment and HR - United States
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IRS Provides Clarity For Retirement Plans On CARES Act COVID-Related Distributions And Loans
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IRS Provides Clarity for Retirement Plans on CARES Act COVID-Related Distributions and Loans | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
IRS Provides Clarity for Retirement Plans on CARES Act COVID-Related Distributions and Loans
Thursday, May 7, 2020 On May 4, 2020, the Internal Revenue Service (IRS) issued informal guidance regarding the coronavirus-related distributions (CRD) and loan options provided for retirement plans and participants under Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. For qualified individuals, the CARES Act permits CRDs up to an aggregate limit of $100,000, allows for an increased limit on plan loans up to $100,000, and allows for a delay in plan loan repayments.
CARES Act Offers Significant Relief for Retirement Plan Participants and Sponsors | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
No “Diet” COLAs for 2020: Most IRS Benefit and Contribution Limits Increased for Cost of Living | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
No “Diet” COLAs for 2020: Most IRS Benefit and Contribution Limits Increased for Cost of Living
You are responsible for reading, understanding and agreeing to the National Law Review's (NLR’s) and the National Law Forum LLC's Terms of Use and Privacy Policy before using the National Law Review website. The National Law Review is a free to use, no-log in database of legal and business articles. The content and links on www.NatLawReview.com are intended for general information purposes only.
Plan Sponsors: Don’t Miss These Retirement Plan Deadlines | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
Plan Sponsors: Don’t Miss These Retirement Plan Deadlines
Wednesday, March 13, 2019 Given that a variety of qualified retirement deadlines are approaching, we thought a refresher on the subject would be helpful, especially for plans that utilize a calendar plan year. This article is intended to alert plan sponsors about applicable major qualified retirement plan deadlines that fall in the first half of 2019.
2019 Cost-of-Living Adjustments on IRS Benefit and Contribution Limits | JD Supra
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2019 Cost-of-Living Adjustments on IRS Benefit and Contribution Limits
Ms. Reese concentrates her practice in employee benefits. She works with employers to design, establish and administer qualified retirement plans (defined contribution, defined benefit, cash balance), welfare benefit plans, and nonqualified deferred compensation plans. She assists clients in complying with statutory and regulatory requirements for reporting and disclosure, testing, and corrections for benefit plans, as well as assisting with IRS, DOL and PBGC filings, audits, and queries.
2018 Cost-of-Living Adjustments on IRS Benefit and Contribution Limits
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IRS SSA Dollar Limits
On October 19, 2017, the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2018. The increase in the cost-of-living index met the statutory thresholds that triggered adjustments in some of the general pension limitations, including the limit on annual compensation and the individual limit on elective deferrals. However, the individual limit on catch-up contributions will not change for 2018.
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