SECURE 2.0 ACT BRINGS MAJOR RETIREMENT PLAN CHANGES On December 29, 2022, the SECURE 2.0 Act of 2022 was signed into law. Our team of experts have taken a deep dive into the key retirement plan provisions and how they may impact business owners and individuals. Access our summary to learn about the significant opportunities created by SECURE 2.0.
DEFINED BENEFIT PENSION RETIREMENT PLAN | 2023 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”) pension plans for 2023. Due dates are based on a calendar plan year and calendar employer tax year and are applicable to plans subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).
DEFINED CONTRIBUTION RETIREMENT PLAN | 2023 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 2023. Due dates are based on a calendar plan year and are applicable to plans subject to the Employee Retirement Income Security Act of 1974 (“ERISA”).
2023 IRS COST-OF-LIVING ADJUSTMENTS (COLA) The Internal Revenue Service has announced annual cost-of-living adjustments applicable to pension and profit sharing plans, effective January 1, 2023. 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.
PENSION PLAN SPONSOR ALERT - DECEMBER 2022 Pension Planning, Opportunities and Concerns Heading into 2023 We will remember 2022 from a pension perspective as a year of significant change. Both equities and fixed income are poised to end the year down significantly from the start of the year. Most importantly for pension plan sponsors, the declining prices in fixed income brings increasing yields, which drive down liabilities. As we look to turn the page to a new year, there are plenty of things for sponsors to monitor.
2022 & 2023 TAX TABLES Access our tax reference guide for 2022. Information contained herein is provided solely for educational purposes only, subject to legislative changes and is not to be construed as investment, legal or tax advice. Prior to acting on this information, we recommend that you seek independent advice specific to your situation from a qualified investment/legal/tax professional. Please reach out to your USICG representative if you have any questions.
PENSION PLAN SPONSOR ALERT - DECEMBER 2021 A New Year, A New Opportunity After a challenging 2021, now is a great time to welcome the new year by reviewing the trends and updates that will impact pension plans in 2022. As funded status has risen, many plan sponsors chose to take de-risking steps for their plans this year, and we see that trend continuing.
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.
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.
The USI Consulting Group team is happy to assist plan sponsors with all retirement plan matters, including the impact of market changes and regulatory updates, to help you mitigate risk and financial impact to your organization.