Retirement Plan Benefits

On October 27, 2016, the Internal Revenue Service announced the 2017 cost-of-living adjusted amounts for certain retirement plan and fringe benefit limitations. Earlier in 2016, the Internal Revenue Service announced the 2017 cost-of-living adjustments affecting health savings accounts and high deductible health plans, and on October 18, 2016, the Social Security Administration announced the

On October 21, 2015, the Internal Revenue Service announced the 2016 cost-of-living adjusted amounts for certain retirement plan and fringe benefit limitations. Earlier in 2015, the Internal Revenue Service announced the 2016 cost-of-living adjustments affecting health savings accounts and high deductible health plans, and on October 15, 2015, the Social Security Administration announced the

 On July 21, 2015, the Internal Revenue Service announced significant changes to the determination letter program for qualified retirement plans.  The IRS, in Announcement 2015-19, made it official that it will be ending its long-standing practice of issuing determination letters for individually-designed qualified plans, except in the case of a plan’s initial determination letter,

On October 23, 2014, the Internal Revenue Service announced the 2015 cost-of-living adjusted amounts for certain retirement plan limitations. Earlier in 2014, the Internal Revenue Service announced the 2015 cost-of-living adjustments affecting health savings accounts and high deductible health plans, and on October 22, 2014, the Social Security Administration announced the 2015 cost-of-living adjustments

On October 31, 2013, the Internal Revenue Service announced the 2014 cost-of-living adjusted amounts for certain retirement plan limitations and limitations affecting certain fringe benefits.  On May 2, 2013, the Internal Revenue Service announced the 2014 cost-of-living adjustments affecting health savings accounts, and on October 31, 2013, the Social Security Administration announced the

On January 2, 2013, President Obama signed the American Taxpayer Relief Act of 2012 into law, avoiding the automatic tax increases and spending cuts that had been referred to as the “fiscal cliff.”  The new law primarily affects individual income tax rates, expiring estate tax provisions, and various taxes paid by businesses and investors.  However,

A recent case illustrates how following reasonable administrative procedures can help protect ERISA plan sponsors and fiduciaries from liability.  In Foster v. PPG Industries (10th Cir. 2012), Mr. Foster, a former employee of PPG Industries (“PPG”), maintained an account in PPG’s 401(k) plan.  Mr. Foster and his spouse divorced.  Mr. Foster moved out of

On October 18, 2012, the Internal Revenue Service announced the 2012 cost-of-living adjusted amounts for certain retirement plan limitations.  On April 27, 2012, the Internal Revenue Service announced the 2012 cost-of-living adjustments affecting health savings accounts, and on October 16, 2012, the Social Security Administration announced the 2012 cost-of-living adjustments related to Social Security

A recurring challenge for employers is trying to locate plan participants that have long since terminated employment, but that are just now entitled to start receiving their retirement plan benefits.  Since 1994, the Internal Revenue Service has made available to plan sponsors a letter forwarding service to help locate missing plan participants.  The program was