As we approach the end of 2022, a crucial element on the checklist for plan sponsors to ponder is the upcoming 2023 IRS year-end amendments. In an effort to ensure that employers remain compliant and take all necessary actions, JD Supra has published an informative article to keep plan sponsors updated and well-prepared. This piece includes key reminders from Alston & Bird’s Employee Benefits & Executive Compensation Group, specifically targeted to keep organizations informed and ready for year-end action requirements.
Outlined in the JD Supra’s publication, major takeaways include an emphasis on retirement plan amendments and associated, essential steps to satisfy IRS rules and regulations for the approaching year. Further, the article provides a comprehensive review of action items that should not be deflected or overlooked.
Not only does the article’s guidance supply fundamental knowledge on the imminent amendments but provides proactive measures to be taken to evade last-minute conundrum. These recommendations encompass organizational aspects such as employee benefits, retirement schemes, and executive compensation. With such crucial topics, being well-versed and prepared is undeniably of paramount importance.
This review points out the imperative of these considerations for plan sponsors and organizations, in order to abide by imposed guidelines and maintain a conscientious and compliant approach towards their retirement plans coming in 2023.