2021 Retirement Plan Limits
The IRS released Notice 2020-79 [PDF] to provide for cost-of-living adjustments to dollar limitations for retirement plan benefits and contributions. View the COLA webpage for a chart of the plan limits for 2021 and prior years.
SECURE Act Guidance
The IRS issued Notice 2020-68 [PDF] to provide guidance on particular issues of the Setting Every Community Up for Retirement Enhancement Act of 2019 to assist in the implementation of these provisions. Some of the issues addressed by this guidance include:
- Small employer automatic enrollment credit
- Repeal of maximum age for traditional IRA contributions
- Long-term, part-time employees in 401(k) plans
- Qualified birth or adoption distributions
- Deadlines for plan amendments
Withholding & Reporting Distributions to State Unclaimed Property Funds
The IRS issued Revenue Ruling 2020-24 [PDF] that discusses withholding and reporting with respect to payments from qualified plans to state unclaimed property funds.
Distributions from Terminating 403(b) Plans
Revenue Ruling 2020-23 [PDF] describes the actions a 403(b) plan funded through Section 403(b)(7) custodial accounts can take to properly terminate the plan.