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ARTICLE · 10 SEPTEMBER 2021

IRS Updates Operational Compliance List For Retirement Plans

Bryan Cave Leighton Paisner
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The IRS updated its Operational Compliance List for retirement plans for the first time since June 2020. The Operational Compliance List can assist qualified retirement and 403(b) ...

United StatesEmployment and HR
Randall D. Scherer Jr.
Randall D. Scherer Jr.

The IRS updated its Operational Compliance List for retirement plans for the first time since June 2020. The Operational Compliance List can assist qualified retirement and 403(b) plan sponsors by identifying changes in legal requirements and guidance that affect plan operations. Although the requirements may take effect during a calendar year, conforming amendments may not be due until later.

Most of the changes in the update pertain to operational requirements for the 2020 plan year, arising from clarifications found in IRS Notices 2020-68 (which clarifies certain changes found in the SECURE Act and the Bipartisan American Miners Act of 2019) and 2020-86 (which offers guidance on SECURE Act changes with respect to safe harbor plans), as well as changes found in the CARES Act and the CAA. The IRS also included two changes effective in 2021 and one in 2022. Plan sponsors should be aware of the following changes:

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