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Retirement Plan Developments

IRS Extends Additional Deadlines for Adopting Amendments Under CARES Act and CAA
The Internal Revenue Service (IRS) has extended the deadline for amending eligible retirement plans to reflect provisions relating to plan loans and coronavirus‑related distributions under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and qualified disaster‑related distributions under the Consolidated Appropriations Act of 2021 (CAA).  The IRS announced the extension in Notice 2022‑45.

The CARES Act allowed qualified individuals to receive favorable…
Continue Reading Retirement and Health Plan Legal Updates, Compliance Deadlines

On April 29, 2022, the IRS announced the Health Savings Account limits for 2023.  With respect to contribution limits, the limits are higher than the ones for 2022 and the required deductible and out-of-pocket maximums have increased as well.  As a reminder, these inflation adjusted amounts are effective for calendar year 2023

HSA/HDHP Requirement
Cost-of-Living Adjustments

Limit on HSA Contributions – Self-only HDHP

2022 – $3,650

2023 – $3,850

Limit on HSA Contributions – Family HDHP

2022 – $7,300…
Continue Reading 2023 HSA Limits Are Announced

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For the first time, the U.S. Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) has provided guidance on cybersecurity practices for ERISA-covered benefit plans and their plan sponsors, fiduciaries, service providers, participants and beneficiaries. With ERISA-covered plans holding trillions of dollars in assets and maintaining volumes of personal information on behalf of participants, the guidance serves as a warning from the DOL that plans cannot ignore the cybersecurity threats they face while operating in an increasingly electronic environment.
Continue Reading Department of Labor Provides Cybersecurity Guidance for Stakeholders of ERISA-Covered Plans