Lois Baker

Both were also included in BenefitsLink newsletters this week: https://benefitslink.com/newsletters/2022/2022_10_25_retirement.html https://benefitslink.com/newsletters/2022/2022_10_26_retirement.html They're the first articles we've seen in quite a while that attempted an overall compilation and review of a large number of cases.

IRS Notice 2022-55, published at noon today (Friday, October 20) https://www.irs.gov/pub/irs-drop/n-22-55.pdf Effective January 1, 2023, the limitation on the annual benefit under a defined benefit plan under section 415(b)(1)(A) of the Code is increased from $245,000 to $265,000.... The limitation for defined contribution plans under section 415(c)(1)(A) is increased in 2023 from $61,000 to $66,000.... The limitation under section 402(g)(1) on the exclusion for elective deferrals described in section 402(g)(3) is increased from $20,500 to $22,500. The annual compensation limit under sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) is increased from $305,000 to $330,000. The dollar limitation under section 416(i)(1)(A)(i) concerning the definition of “key employee” in a top-heavy plan is increased from $200,000 to $215,000.... The limitation used in the definition of “highly compensated employee” under section 414(q)(1)(B) is increased from $135,000 to $150,000. The dollar limitation under section 414(v)(2)(B)(i) for catch-up contributions to an applicable employer plan other than a plan described in section 401(k)(11) or section 408(p) for individuals aged 50 or over is increased from $6,500 to $7,500."

This 2018 discussion of the same question might be helpful.

87,000 new IRS agents ... (just sayin') 😀

Several more articles here. One author (at Verrill Dana) does point out that the extension is a double-edged sword: "[M]ost retirement plans have been operated in accordance with some or all of the required and optional provisions of these laws since 2020. Further delay in the adoption of formal plan amendments will simply compound the opportunity for errors ... [C]onfusion and uncertainty may result if a plan sponsor maintains a retirement plan in misalignment with disclosure materials for an extended period."

IRS has been busy (if a bit disorganized): Notice 2022-53 (issued Friday 10/7) provides transition relief/extended amendment deadline for 2021 and 2022 RMDs. Notice 2022-45 (issued September 26) provides extended amendment deadline for COVID distributions/loans (CARES/CAA) Notice 2022-33 (issued August 3) provides extended amendment deadline for other CARES/SECURE/Miners Act provisions

And you can also get those developments delivered to your inbox, every weekday.

Welcome! This page might provide a starting point. Some years ago, Groom Law Group maintained a list ... but I haven't seen an update in quite a while, probably due at least in part to the exponential growth in the number of cases. @Peter Gulia might have some ideas.

Here's the webcast recording: https://storage.googleapis.com/erisapediawebcastscert/2022-08-30/Web2022_08_30HOTDOG.mp4 And the slides: http://www.erisapedia.com/webcasts/getWebcastDetails?Action=getFile&File=SlideThreeFile&ID=115

Here's a link to those 2004 Q&As: https://benefitslink.com/news/index.cgi/view/20040722-029706

This PLR discusses the exclusive benefit question under a writ of garnishment following a criminal conviction -- not exactly your situation, but close: https://www.irs.gov/pub/irs-wd/0426027.pdf

Looks like that thread was deleted by the individual who first posted the question. It's a good topic -- feel free to start a new thread. (Only the original author and the moderators can delete a thread, so as long as it stays relatively on-topic, you have control if you start the discussion.)

Here's one path through the maze: From the chart summary, FSAs are subject to the PCORI fee " unless the arrangement satisfies the requirements for being treated as an excepted benefit" From the definition of "excepted benefits" (athttps://www.ecfr.gov/current/title-26/chapter-I/subchapter-D/part-54/section-54.9831-1#p-54.9831-1(c)(3)(v)): (v) Health flexible spending arrangements. Benefits provided under a health flexible spending arrangement (as defined in section 106(c)(2)) are excepted for a class of participants only if they satisfy the following two requirements - (A) Other group health plan coverage, not limited to excepted benefits, is made available for the year to the class of participants by reason of their employment; and (B) The arrangement is structured so that the maximum benefit payable to any participant in the class for a year cannot exceed two times the participant's salary reduction election under the arrangement for the year (or, if greater, cannot exceed $500 plus the amount of the participant's salary reduction election). For this purpose, any amount that an employee can elect to receive as taxable income but elects to apply to the health flexible spending arrangement is considered a salary reduction election (regardless of whether the amount is characterized as salary or as a credit under the arrangement).

Related thread?

Interesting question -- would be a great resource for our readers. We haven't run across anything definitive in years -- Groom Law Group used to publish a summary periodically, but the most recent I can find is 2012: https://www.groom.com/wp-content/uploads/2017/09/1177_401k_Fee_Cases_Chart_9_25_12.pdf

Here are some additional resources.

From draft IRS Publication 15-A (released January 13): "Although the final redesigned Form W-4P and new Form W-4R are available for use in 2022, the IRS is postponing the requirement to begin using the forms until January 1, 2023. Payers should update their system programming for these forms and are encouraged to begin using them in 2022 as soon as programming is in place but may otherwise continue to use the 2021 Form W-4P in 2022."

IRS has released Form W-4P for 2021 Revised Form W-4P for 2022 New Form W-4R for 2022 Ascensus is reporting that the IRS has postponed required use of the two new forms until 2023 (i.e., the 2021 form an continue to be used until that time). Instructions for the 2021 W-4P do say that an election using that form will continue to be in effect until a subsequent form is submitted; I don't see anything else in any of the instructions that mentions any other delay in effective dates.

From the Pension Rights Center:

Yes, sent out to our Retirement newsletter subscribers at 3:25: https://benefitslink.com/newsletters/2021/2021_11_04_retirement_bulletin.html (Newsletter includes a link to the IRS Notice, along with a list of highlights)

As of this afternoon (11/3), IRS has not released the official 2022 limits. We've published a couple of solid estimates, but of course those aren't official. See, e.g., https://www.mercer.com/our-thinking/law-and-policy-group/mercer-projects-2022-retirement-plan-limits-will-soar.html

Also additional DOL proposed changes for reporting, and for summary annual reports (SAR), with comment request: https://www.federalregister.gov/public-inspection/2021-19713/annual-reporting-and-disclosure And detailed Fact Sheet outlining the changes: https://www.dol.gov/sites/dolgov/files/EBSA/about-ebsa/our-activities/resource-center/fact-sheets/secure-act-and-related-revisions-to-employee-benefit-plan-annual-reporting-on-the-form-5500.pdf

Would those fall under the CAA's mandatory (and automatic) 60-day IRS extension for all federally declared disasters? Regulations finalized in June list the items covered: https://www.federalregister.gov/documents/2021/06/11/2021-12311/mandatory-60-day-postponement-of-certain-tax-related-deadlines-by-reason-of-a-federally-declared

This might be relevant here: https://www.federalregister.gov/documents/2021/06/11/2021-12311/mandatory-60-day-postponement-of-certain-tax-related-deadlines-by-reason-of-a-federally-declared

4th Circuit just ruled on that -- see https://benefitslink.com/news/index.cgi/view/20210811-166919