Employee Benefit Plans Alert | IRS Proposed Rule: Forfeitures in Retirement Plans

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Employee Benefit Plans Alert

IRS Proposed Rule: Forfeitures in Retirement Plans

By Louis F. LiBrandi, Principal and Matthew Corona, Partner

The IRS released a proposed rule on the use and timing of forfeitures in retirement plans. It was published in the Federal Register on February 27, 2023. The proposed regulation provides clarification of the use of forfeitures for retirement plans subject to the minimum funding requirements [e.g., defined benefit (DB) pension plans] as well as the deadline for the use of forfeitures in defined contribution (DC) plans.

Contact Us:

The Employee Benefit Services Group at PKF O’Connor Davies is available to assist employers with the preparation and filing of the needed ACA Forms and to assist in responding to any IRS notice the employer may receive. We also provide a full spectrum of compliance services for qualified retirement plans, nonqualified deferred compensation plans and welfare plans. For more information, please contact your client services partner or any of the following:
 

Timothy J. Desmond, CPA
Partner
Director of Employee Benefit Services
[email protected] | 551.249.1728
 

Louis F. LiBrandi, EA, CEBS, ChFC, TGPC
Principal
Employee Benefit Services Group
[email protected] | 646.449.6327
 

Matthew Corona, CPA
Partner
Employee Benefit Services Group
[email protected] | 914.341.7032

PKF O’Connor Davies provides the information in this e-newsletter for general guidance only, and it does not constitute the provision of legal advice, tax advice, accounting services, or professional consulting of any kind.

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