The U.S. Department of Labor (“DOL”) recently published annual guidance adjusting certain penalties that can affect qualified retirement plans. This guidance was published pursuant to a 2015 federal law, which required various government agencies to make annual inflation adjustments to certain civil monetary penalties. This DOL guidance is effective as of January 23, 2019. […]

  On November 1, 2018, via Notice 2018-83, the IRS announced the effect of cost-of-living adjustments on certain 2019 dollar limits for various retirement plans (e.g., 401(k) plans). Several of the limits will not change for 2019 because the increase in the cost-of-living index did not meet statutory thresholds that trigger their adjustment. However, several limits […]

On August 17, 2018, the IRS released Private Letter Ruling 201833012 (the “PLR”). The party that requested the PLR is a 401(k) plan sponsor. Under that entity’s plan, if an employee makes an elective deferral equaling at least 2% of his or her eligible compensation (which is the plan’s minimum permitted elective deferral), the plan […]

On October 19, 2017, in Notice 2017-64, the IRS announced the effect of cost-of-living adjustments on certain 2018 dollar limits for various retirement plans (e.g., 401(k) plans). Several of the limits will not change for 2018 because the increase in the cost-of-living index did not meet statutory thresholds that trigger their adjustment. However, several limits […]

As the end of 2016 quickly approaches, retirement plan sponsors should promptly consider several important potential tasks. Examples include the following: December 1 Deadline for Certain Plan Communications to Participants: Depending on a plan’s design, one or more of the following annual notices might be required: Safe Harbor Notice, Qualified Default Investment Alternative (“QDIA”) Notice, […]

2017 Retirement Plan Limits Announced: On October 27, in Notice 2016-62, the IRS announced the effect of cost-of-living adjustments on certain 2017 dollar limits for various retirement plans (e.g., 401(k) plans). Several of the main limits will not change for 2017 because the increase in the cost-of-living index did not meet statutory thresholds that trigger […]