Employee Benefits Blog

A Running Start: IRS Pilots New Pre-Examination Program

The Employee Plans Office of the Internal Revenue Service (the “IRS”) announced a new pre-examination program for retirement plans to begin as of June 2022.  The pilot program is designed to reduce the amount of time and resources the IRS expends on plan audits, while affording plan sponsors the opportunity to identify and correct errors. […]

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MC

IRS Announces 2015 Cost-of-Living Adjustments for Retirement Plans

The IRS recently announced cost of living adjustments for 2015.  The key dollar amounts for retirement plans (compared to the 2014 dollar limits) are noted below. Maximum Qualified Retirement Plan   Dollar Limits 2015 2014 Limit   on Section 401(k) deferrals (Section 402(g)) $18,000 $17,500 Dollar   limitation for catch-up contributions (Section 414(v)(2)(B)(i)) $6,000 $5,500 […]

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AM

Pre-Approved Plan Sponsors are Starting to Contact Adopting Employers

Many employers adopt defined contribution retirement plans that have been pre-approved by the IRS.  Plan sponsors of pre-approved plans submit the plans to the IRS to obtain approval of whether the form of the plan meets the requirements of Internal Revenue Code Section 401.  These pre-approved plans are often referred to as “volume submitter plans” […]

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KH
Former Associate

Harkin Unveils USA Retirement Funds Act

Senator Tom Harkin (D-IA) recently unveiled his plan to improve the private retirement system.  Senator Harkin’s proposal was the third recent proposal targeting retirement plan savings.  President Obama introduced his myRA program during the State of the Union address and Senator Susan Collins (R-ME) and Senator Bill Nelson (D-FL) introduced the Retirement Security Act of […]

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AM