Insights

As we reach the end of 2021, retirement plan sponsors should ‒ or may want to ‒ take several actions and/or review plan items to ensure compliance with ERISA and the Internal Revenue Code (the Code).

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.

The IRS Employee Plans Compliance Resolution System (EPCRS) permits retirement plan sponsors to correct certain plan failures so they can continue to provide their employees with retirement benefits on a tax-favored basis.

In the May 2021 Employee Benefit Plans Alert headlined Cybersecurity Guidance for Retirement Plans, the specialists in our Employee Benefit Plans Group discussed the recently-released guidance from the Department of Labor (DOL) Employee Benefits Security Administration (EBSA) regarding the importance of adopting comprehensive cybersecurity best practices.

The IRS has issued Revenue Procedure 2021-30 which updates its Employee Plans Compliance Resolution System (EPCRS).

Small retirement plants are the subject of this article as we want to keep our readers updated on what’s going on in the EBP field including:

The House Ways & Means Committee unanimously approved the Securing a Strong Retirement Act of 2021 (SECURE Act 2.0 or the Act), sending it to the House floor for consideration.

The purpose of this article is to provide information as to the designated term “plan documents” as it used in many legal and statutory situations and as frequently requested by auditors performing a financial statement review, regulatory examination, during an RFP process, due diligence, etc.

For the first time, the Department of Labor (DOL), through its Employee Benefits Security Administration (EBSA), is offering guidance to plan sponsors, fiduciaries, record keepers and other service providers, as well as plan participants, on maintaining cybersecurity.

The Internal Revenue Service (IRS) announced that employers who sponsor defined contribution retirement plans through the adoption of an IRS pre-approved plan document will have until July 31, 2022 to adopt a new pre-approved plan document.

The Tax Exempt & Government Entities (TE/GE) Division of the IRS recently released their 2021 Program Letter outlining the priorities for their compliance program initiatives for the year.

As the 2020 plan year audit season approaches, it is important for plan sponsors to remember their responsibility for conducting required nondiscrimination and other compliance tests relating to a retirement plan in a timely manner.