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The new regulation opens the door for employers to adopt (or convert their existing cash balance plans) to market-return cash balance plans, without a minimum fixed rate, and with the opportunity to have a scale of pay credits that materially increase by age or service.

Whether via audit or some other review process, it's not uncommon for employers to discover that a plan failure has occurred, however, most errors are resolvable — and potentially without fees or penalties — under the right circumstances.

SECURE 2.0 includes changes to retirement plans that will push up the age investors are required to start withdrawing from their 401(k)s to 73 in 2023 (from last year's 72).

New report indicates FSAs saved $30.7B in 2020; two-thirds of employers will offer them in 2023.

Plans and issuers must make a good faith effort to comply and establishes a submission grace period through January 31, 2023.

With the recent passage of SECURE Act 2.0 and the IRS' release of substantially higher contribution limits for 401(k)s, small employers are only just beginning their journey to design and offer robust retirement benefits.

I don't know of any producer or agency who has engaged an outside telemarketer and been satisfied with the quantity or quality of opportunities they receive.

As background, changes made by the Tax Cuts and Jobs Act in 2017 required the IRS to revise the withholding tables and develop new forms to use to withhold taxes from periodic payments.