We are excited to announce the rollout of Coffee Talk With Benefits, a podcast brought to you by our Employee Benefits & Executive Compensation Department. Each episode will provide brief and lively discussions of questions, issues, and concerns that our EB clients and colleagues encounter on a daily basis or wrestle with from time-to-time.
Looking to Save More? You’re in Luck!
Seyfarth Synopsis: The IRS just announced the 2022 annual limits that apply to tax-qualified plans. After minimal changes last year, there are several updates to the limits that employers should be aware of. Employers maintaining tax-qualified retirement plans will need to make sure their plans’ administrative procedures are adjusted accordingly.
In Notice 2021-61, the IRS
Hello… Goodbye… Hello Again: New IRS FAQs Discuss Rehires and Bona Fide Retirements In Light of COVID-Related Labor Shortages
Seyfarth Synopsis: The IRS recently sought to reassure employers that they will not jeopardize their retirement plan’s tax qualified status if they permit employees who have a bona fide separation from service to take a distribution from their retirement plan, even if they are rehired shortly thereafter by the same employer. The reassurance comes in
Avoid the IRS’s Nuclear Option – Sign that Plan Document!
Seyfarth Synopsis: In a recent Chief Counsel Memorandum (“CCM”), the IRS stated that on audit, agents should pursue plan disqualification for a failure to produce a signed plan document. The IRS was responding to a 2018 Tax Court decision that held that the failure to produce the signed plan document would not subject the plan
The Check is in the Mail—Or Not
By Diane Dygert and Richard Schwartz
Seyfarth Synopsis: The IRS recently issued somewhat helpful guidance to plan administrators on what to do about the constant problem of uncashed benefit checks from qualified retirement plans. The initial excitement upon hearing the news, however, was quickly met with disappointment as the realization set in that the