The Retirement Plan Spotlight newsletter is designed to highlight various employee benefit and regulatory matters of general interest to our readers.

IRS COST OF LIVING ADJUSTMENTS 2022
The Internal Revenue Service has announced annual cost-of-living adjustments applicable to pension and profit sharing plans, effective January 1, 2022. In accordance with legislative guidelines, these limitations are adjusted annually to reflect changes in the cost-of-living index. The guidelines are similar to those used to adjust Social Security benefits.

AMERICAN RESCUE PLAN ACT OF 2021 GUIDANCE
The American Rescue Plan Act of 2021 (ARPA) brought about two major changes for minimum funding requirements for singleemployer plans: interest rate relief to lower IRS liabilities and an extension on amortizing the funding shortfall. Recently, the IRS released Notice 2021-48 clarifying how to implement the changes from ARPA. 

DEFINED BENEFIT | 2021 MID-YEAR PENSION PLAN UPDATE
The last 16 months have been a very volatile period for pension plans, to say the least. Where do things stand now, in the middle of 2021?

2020 YEAR IN REVIEW
Toilet paper, masks, distance learning, virtual celebrations, drive by birthdays. Furloughs, unemployment, unprecedented market volatility, historic GDP growth swings, racial and political tensions. 2020 brought many changes and even more challenges, with many looking forward to closing the chapter on the year and heading into 2021.

DEFINED BENEFIT RETIREMENT PLAN | 2021 COMPLIANCE CALENDAR
Retirement plan sponsors are responsible for compliance with many ongoing reporting, disclosure and notice requirements. This Retirement Plan Compliance Calendar summarizes the major requirements that apply to Defined Benefit (“DB”) plans for 2021. Due dates are based on a calendar year plan year and calendar employer tax year and are applicable to plans subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Please contact your USI Consulting Group representative if you have questions regarding these requirements and their application to your plan(s).

DEFINED CONTRIBUTION RETIREMENT PLAN | 2021 COMPLIANCE CALENDAR
Retirement plan sponsors are responsible for compliance with many ongoing reporting, disclosure and notice requirements. This Retirement Plan Compliance Calendar summarizes the major requirements that apply to Defined Contribution (“DC”) plans for 2021. Due dates are based on a calendar year plan year and are applicable to plans subject to the Employee Retirement Income Security Act of 1974 (“ERISA”). Please contact your USI Consulting Group representative if you have questions regarding these requirements and their application to your plan(s).

PENSION CHANGES FROM COVID RELIEF: SINGLE & MULTI EMPLOYER PLANS
The fifth round of COVID relief, the American Rescue Plan Act of 2021 (ARPA) was signed by President Biden on March 11, 2021. There are several changes in the details of the law that affect pension plan sponsors.