IRS Extends Amendment Deadline for Certain Qualified Plan Amendments

Matthew P. Chiarello • August 12, 2022

The IRS recently provided some welcome relief in the form of extended amendment deadlines for sponsors of qualified retirement plans (including collectively bargained plans).  Notice 2022-33 extends the deadline for adopting amendments required by the Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) and the Bipartisan American Miners Act of 2019 (the “Miners Act”) until December 31, 2025 for non-governmental qualified plans and collectively bargained plans.  Prior to Notice 2022-33, most non-governmental qualified plans were required to adopt plan amendments by the end of the 2022 plan year (2024 for governmental and collectively bargained plans).  Governmental plans, but not collectively bargained plans, have a further extension beyond 2025.

Notice 2022-33 also provides the same extension for some (but not all) of the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).  The extended relief for the CARES Act amendments applies only to the 2020 waiver of required minimum distributions. The provisions of the CARES Act relating to coronavirus-related distributions and loans continue to have a December 31, 2022 amendment deadline.

Employee burnout: what it is and how to prevent it

By Mardy Gould • May 24, 2024
Employee burnout has become an epidemic in today’s modern workplace. So much so that the World Health Organization (WHO) officially recognizes it as an “occupational phenomenon.”1 While many used to consider mounting workplace stress an individual employee problem, these days, it’s become an employer’s responsibility to prevent burnout before it hurts productivity and business performance—not to mention your employees’ physical and mental health. Luckily, you can prevent burnout from affecting your workforce in several ways. This article will explore the causes and signs of employee burnout and the steps you can take to create a positive work environment where employees feel safe from toxic stress levels.

Form 720 and PCORI fee FAQs

By Mardy Gould • May 23, 2024
If you're a small business owner, you may have heard of the acronym PCORI and the fees that come with it. But what is PCORI, and how does it apply to your organization? Under the Affordable Care Act (ACA), sponsors of self-insured health plans must pay a fee to fund the federal Patient-Centered Outcomes Research Institute (PCORI). PCORI is an independent organization the ACA created to conduct research to help healthcare consumers make better decisions for their specific needs and outcomes. It also performs research related to clinical effectiveness. Employers offering a self-insured medical reimbursement health plan, such as a health reimbursement arrangement (HRA), must pay this fee by July 31 each year via Form 7201. This fee was initially set to expire in 2019, but Congress extended it through September 30, 20292, due to the Further Consolidated Appropriations Act of 20203.
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