2023

Legislative Highlights

Supercharging Retirement Plan Fixes: IRS Revamps EPCRS with SECURE 2.0 The Internal Revenue Service (IRS) rolled out fresh guidance about the Employee Plans Compliance Resolution System (EPCRS) and its expansion under the SECURE 2.0 Act in the form of Notice 2023-43...

Benefit from New and Enhanced Tax Credits!

This articles covers: What Are the Available Tax Credits When Starting a New Retirement Plan? Startup Tax Credit Employer Contribution Tax Credit Auto-Enrollment Tax Credit Now is the Best Time Than Ever to Start a New Retirement Plan!   See details on this...

Retirement and Workforce Facts: Did You Know?

An average of 67 million Americans per month will earn Social Security benefits in 2023, averaging over one trillion dollars in benefits paid. (Reference: Social Security Administration) Only 60% of workers ages 55 and older have attempted to estimate the amount of...

Required Minimum Distribution (RMD) Changes

The SECURE 2.0 Act raised the age for taking RMDs from 72 to 73 effective January 1, 2023. To clarify the distinction regarding when an account holder should begin taking RMDs, those who turned 72: In 2022, must take their distribution no later than April 1, 2023. In...

Employer Contributions Can Now Be Treated as Roth Contributions

Effective in 2023, the SECURE 2.0 Act, now allows participants in a 401(a) qualified plan (such as a 401(k) or profit sharing plan), 403(b) plan, or governmental 457(b) plan to designate employer matching or nonelective contributions as Roth contributions, if...

Penalty Free Early Withdrawals for Qualified Public Safety Employees

The Defending Public Safety Employees' Retirement Act of 2015 revised the Internal Revenue Code of 1986 to re-define the description of “qualified public safety employees” to include Federal law enforcement officers, Federal firefighters, customs and border protection...

Modified Retirement Plan Notices to Unenrolled Participants

The SECURE 2.0 Act raised the age for taking RMDs from 72 to 73 effective January 1, 2023. To clarify the distinction regarding when an account holder should begin taking RMDs, those who turned 72: In 2022, must take their distribution no later than April 1, 2023. In...