Industry & Regulatory News2022 Taxable Wage Base Announced
The Social Security Administration has announced the 2022 adjustments for benefits and certain other limitations that are subject to annual cost-of-living adjustment (COLA) indices. One of these includes the Social Security taxable wage base (TWB), which identifies the maximum amount of an individual’s annual earnings that are subject to withholding for Social Security-administered benefits. The TWB is sometimes also used in retirement plan contribution allocations that use so-called "integrated" formulas, providing additional retirement plan benefits on income above the TWB, income for which the recipient will not receive Social Security benefits. For 2022, the TWB will rise from $142,800 to $147,000.
Industry & Regulatory NewsWashington Pulse: Form 5500 Changes Proposed
In September 2021, the DOL, IRS, and Pension Benefit Guaranty Corporation (PBGC), collectively referred to as the “Agencies”, released proposed changes to Form 5500, Annual Return/Report of Employee Benefit Plan. The changes are designed to implement certain provisions under the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, which require multiple employer plans (MEPs) to report additional information and allow a group of defined contribution plans to file a consolidated Form 5500. The DOL has also issued a proposed rule that would amend regulations relating to annual reporting requirements under Title I of the Employee Retirement Income Security Act of 1974 (ERISA). Other proposed changes are aimed at improving financial reporting, expanding eligibility for small plan reporting, and encouraging compliance with Internal Revenue Code-based requirements.
Industry & Regulatory NewsIRS Provides COBRA Coverage Clarifications
The IRS has issued Notice 2021-58, which clarifies the application of extension under the “Joint Notification of Extensions of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak” and additional guidance issued by the Department of Labor’s Emergency Relief Notices. Moreover, this notice addresses the interaction between the Emergency Relief Notices and COBRA premium assistance available under the American Rescue Plan Act (ARPA).
News ReleasesAscensus Plans to Add Nearly 400 New Associates Through 2022
Hiring Initiative Supports Recent and Anticipated Growth
Ascensus—whose technology and expertise help millions of people save for retirement, education, and healthcare—expects to add nearly 400 new associates by the end of 2022, adding scale and expertise in support of expanding client, partner, and advisor business.
Industry & Regulatory NewsProposed Bill Would Create Portable Retirement Accounts
Representative Jim Himes (D-CT) and Senator Mark Warner (D-VA) have announced legislation to establish universal, portable retirement accounts. The Portable Retirement and Investment Account (PRIA) Act of 2021 would create such accounts for every American at birth, in conjunction with the issuance of a Social Security number.
Industry & Regulatory NewsProposed House Budget Reconciliation Amendment Includes IRA Restrictions
The House Ways and Means Committee has released additional legislative text as part of its tax portion of the anticipated $3.5 trillion budget reconciliation bill. If enacted, the proposal would impose several restrictions on IRAs.
News ReleasesAscensus Unveils Retirement Website and Mobile Enhancements That Offer Simple, Seamless, and Supportive User Experiences
Plan Sponsors and Participants Benefit from Continued Investments in Technology and Digital Initiatives Designed to Save Time and Improve Outcomes
Industry & Regulatory NewsIRS Issues Deadline Relief for Hurricane Ida Victims in Pennsylvania
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Pennsylvania. The tax relief postpones various tax filing deadlines that began August 31, 2021. Affected individuals and households who reside or have a business in Bucks, Chester, Delaware, Montgomery, Philadelphia, and York counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.
Industry & Regulatory NewsDOL Releases Proposed Revisions to Form 5500 Reporting
The Department of Labor’s Employee Benefits Security Administration (EBSA), in conjunction with the IRS and Pension Benefit Guarantee Corporation (PBGC), have released proposed forms revisions modifying requirements for Form 5500, Annual Return/Report of Employee Benefit Plan, reporting. Additionally, the EBSA has issued a proposed rule to amend regulations relating to annual reporting requirements under Title I of the Employee Retirement Income Security Act of 1974 (ERISA).
Industry & Regulatory NewsIRS Issues Deadline Relief for Tropical Storm Fred Victims in North Carolina
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Tropical Storm Fred in North Carolina. The tax relief postpones various tax filing deadlines that began August 16, 2021. Affected individuals and households who reside or have a business in Avery, Buncombe, Haywood, Madison, Transylvania, Watauga, and Yancey counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.