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SECURE 2.0 Delivers New Rules for Correcting Retirement Plan Errors

Proskauer's Employee Benefits & Executive Compensa

was signed into law on December 29, 2022 , making it important for plan sponsors and plan administrators to familiarize themselves with the new rules. Correction of Retirement Plan Overpayments. changes how retirement plan overpayments are corrected in two key ways, which are detailed below.

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Reminder: New Tax Forms for Retirement Plan Payment Withholding Effective January 1, 2023

McDermott Will & Emery Employee Benefits

Retirement plan sponsors need to utilize updated Form W-4P (for periodic pension and annuity payments) and new Form W-4R (for nonperiodic payments and eligible rollover distributions) for income tax withholding elections beginning January 1, 2023.

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4 changes that SECURE 2.0 already made to your retirement plans

Business Management Daily

brings to your retirement plans in 2023. Move the certification process to your retirement provider or utilize self-certification. It used to be that all employees eligible for the company’s retirement plan would have to receive notices; now that requirement is reduced to only enrolled employees.

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EPCRS Update Offers New Tools to Correct Retirement Plan Errors

Proskauer's Employee Benefits & Executive Compensa

The IRS recently updated its “Employee Plans Compliance Resolution System” (EPCRS). By way of background, EPCRS is a correction program administered by the IRS for plan sponsors to correct certain retirement plan errors. New Flexibility to Correct Retirement Plan Overpayments.

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Mindset matters when it comes to setting goals for retirement

Employee Benefit News

Goldman Sachs Asset Management utilized behavioral finance to address what makes retirement planning successful.

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Ten Upsides of Inflation

Money Talk

Not surprisingly, much of the news was negative; e.g., soaring prices for food, gas, utilities, cars, insurance, and more. Increased Savings Contribution Limits - Maximum limits for employer retirement plans (e.g., The year 2022 was chock full of news about inflation, with a year-to year Consumer Price Index increase of 9.1%

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A Return to Prioritizing Retirement Benefits 

HR Professionals Magazine

By Chuck Stinson The McGriff Retirement Benefit Survey, a follow-up to our 2023 National Benefit Trend Survey, provides a comprehensive view of retirement plan trends across a diverse landscape of industries and company sizes. The responses to the defined benefit plan portion of the survey further supports these views.