Regulatory Updates
Periodic updates communicating important regulatory developments to plan sponsors, including those provided by ERISA and other governing bodies.
Retirement Plan Limits for 2022
The Internal Revenue Code provides for dollar limitations on benefits and contributions under qualified retirement plans. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases. Description of Limit 2021 2022 401(k) Elective Deferrals $ 19,500 $ 20,500 403(b)/457 Elective Deferrals $ 19,500 $ 20,500 Annual Compensation Limits $ 290,000 $ 305,000 […]
Read MorePortable Retirement and Investment Account Act of 2021
This recently introduced bill would establish a Portable Retirement and Investment Account (PRIA) Fund, designed to provide a retirement savings vehicle for Americans who do not have access to or are not eligible for a qualified retirement plan through their employer, or those who employment “consists of work through mobile platforms.” Essentially, PRIA accounts would […]
Read MoreRecoupment of Uncashed Checks
As reported by law firm Morgan Lewis, the DOL has issued letters encouraging retirement plan sponsors to recoup amounts represented by uncashed participant benefit checks held by former recordkeepers or paying agents. It is thought that the recent DOL investigations of retirement plan recordkeepers may serve as impetus for this action. More specifically, the letters […]
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