2022 Taxable Wage Base Announced
The Social Security Administration has announced the 2022 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices.
Form 5500 Changes Proposed
In September 2021, the DOL, IRS, and Pension Benefit Guaranty Corporation (PBGC), collectively referred to as the “Agencies”, released proposed changes to Form 5500, Annual Return/Report of Employee Benefit Plan.
IRS Provides COBRA Coverage Clarifications
The IRS has issued Notice 2021-58, which clarifies the application of extension under the “Joint Notification of Extensions of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak”.
Proposed Bill Would Create Portable Retirement Accounts
Representative Jim Himes (D-CT) and Senator Mark Warner (D-VA) have announced legislation to establish universal, portable retirement accounts.
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2021-54, which contains updated guidance on factors used in certain DB pension plan minimum funding and present value calculations.
Proposed IRA Restrictions in House Budget Reconciliation Amendment
Proposed House Budget Reconciliation Amendment Includes IRA Restrictions
PBGC Issues Interest Rate Assumptions for DB Plans
The PBGC has issued updated interest rate assumptions for benefit payments in terminating single-employer DB pension plans.
Deadline Relief for Hurricane Ida Victims in Pennsylvania
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Pennsylvania.
DOL Releases Proposed Revisions to Form 5500 Reporting
The DOL’s EBSA, in conjunction with the IRS and PBGC, have released proposed forms revisions modifying requirements for Form 5500, Annual Return/Report of Employee Benefit Plan, reporting.
Deadline Relief for Tropical Storm Fred Victims in North Carolina
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Tropical Storm Fred in North Carolina.
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