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Articles by Susan Jordan
IRS Announces 2023 Cost-of-Living Adjustments for Qualified Retirement Plans | JD Supra
As inflation and expectations of further interest rate increases by the Federal Reserve continue to challenge the U.S. economy, a silver lining of sorts is the opportunity to save at record levels, on a tax-deferred basis. In Notice 2022-55, released on Oct. 21, 2022, the IRS announced the cost-of-living adjustments to the various dollar limitations applicable to qualified retirement plans for 2023. These adjustments, tied to the Consumer Price Index, are substantial and across the board.
New IRS Compliance Program Should Be On Every Plan Sponsor’s Radar | JD Supra
The IRS announced in its June 3 Employee Plans Newsletter a new 90-day Pre-Examination Compliance Pilot Program. Under the program, which is in effect, the IRS will notify an employer that it intends to audit the employer’s retirement plan while also providing that employer with 90 days to identify any potential compliance failures and to correct those failures.
Qualified Retirement Plan Distributions and the Impact of COVID-19 | JD Supra
Under the terms of most qualified retirement plans, distribution is available only upon separation from service (whether voluntary or involuntary) or attainment of a specified age. The possibility of rehire after such a separation from service can present real concerns. The IRS becomes suspicious when participants quit their jobs, access their account balances and then get rehired. Even if nothing nefarious was intended, the IRS could deem the earlier “separation from service” to have been a sham.
The 2022 Increases for Retirement Plan Participants and Social Security Recipients | JD Supra
Late last year, the IRS confirmed the widely expected cost-of-living adjustments to the various dollar limitations applicable to qualified retirement plans for 2022. Here are a few of the changes outlined in Notice 2021-61. Limit on Compensation The maximum amount of compensation that may be counted for plan purposes for plan years beginning in 2022 is $305,000, a $15,000 increase compared to the 2021 cap.
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