Last week, the U.S. Departments of Labor and Treasury issued a Joint Notice requiring the extension of certain benefit plan deadlines for individuals affected by Hurricanes Helene and Milton and Tropical Storm Helene.[1] The deadline extensions echo relief issued during the COVID-19 pandemic, but apply to a more limited group of individuals. The
Benefit Plans
Reminder: Is Your Individually Designed 403(b) Plan Eligible for a Determination Letter?
By Jesse T. Foley & Katrina McCann on
Plan sponsors of Code Section 403(b) tax-sheltered annuity plans (“403(b) plans”) that have not already done so may want to consider applying for an IRS determination letter or planning and budgeting for the process next year if they are not yet eligible.
In June, the IRS determination letter program became available to a second group…
IRS Releases Annual Increases to Qualified Retirement Plan Limits for 2024
By Jesse T. Foley & Justin Alex on
On November 1st, the IRS released a number of inflation adjustments for 2024, including to certain limits for qualified retirement plans. As expected, this year’s adjustments are more modest than last year’s significant increases. The table below provides an overview of the key adjustments for qualified retirement plans.
| Qualified Defined Benefit Plans | |||
| 2023 | 2024 | ||
SECURE 2.0 Brings Significant Changes for 403(b) Plans
By Katrina McCann & Jay Jensen on
As part of our continuing series on SECURE 2.0, signed into law December 29, 2022, this post focuses on significant changes for section 403(b) tax-sheltered annuity plans (“403(b) plans”). 403(b) plans are similar to 401(a) tax-qualified defined contribution plans but sponsored by public schools or non-profit entities and subject to unique requirements under the…