On October 21st, the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. Perhaps most notably, the annual limit for pre-tax and Roth contributions by employees to 401(k) plans has jumped from $20,500 to $22,500, and the annual limit for “catch-up” contributions to such
Plan Qualification
No Presence? No Problem: Temporary Relief for Witnessing Spousal Consent Further Extended Through Year-End
By Robert Projansky & Katrina McCann on
Perhaps channeling the old adage of “if it ain’t broke, don’t fix it,” the IRS recently released Notice 2022-27 extending through December 31, 2022 its temporary relief from the requirement that spousal consent for plan distributions or loans be witnessed in person.
As discussed in greater detail in our earlier posts (here and here…
Temporary Relief for Witnessing Spousal Consent Extended for Another Year
By Katrina McCann & Robert Projansky on
Just when we were about to draft our blog reminding plans of the expiration of the temporary relief. . . The IRS has now issued Notice 2021-40 extending for another year the temporary relief from the requirement that spousal consent for plan distributions or loans be witnessed in person.
As discussed in greater detail in…
IRS Reiterates Requirement to Sign Plan Documents and Amendments
By Paul M. Hamburger & James Huffman on
At the heart of tax qualified retirement plan compliance is a requirement to timely adopt plans and plan amendments. Failure to adopt plan amendments when required can result in plan disqualification. Accordingly, it is very important for plan sponsors to prove that amendments were properly executed in a timely manner. In a General Legal Advice…