Compliance March 31, 2014

IRS Opens Window to Adopt Updated Pre-Approved Plans

Retirement plan sponsors have a two-year window to adopt newly updated pre-approved plan documents.
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In Announcement 2014-16, the Internal Revenue Service says it will soon issue opinion and advisory letters for pre-approved master and prototype (M&P) and volume submitter (VS) defined contribution plans that were restated for changes in plan qualification requirements listed in the 2010 Cumulative List and filed with the Service during their second submission period under the remedial amendment cycle (see “IRS Publishes Changes in Plan Qualification Requirements”). The Service expects to issue the letters on March 31, 2014, or, in some cases, as soon as possible thereafter.

Employers using these pre-approved plan documents to restate a plan for the plan qualification requirements on the 2010 Cumulative List will be required to adopt the plan document by April 30, 2016. Starting May 1, 2014 and ending April 30, 2016, the Service will accept applications for individual determination letters from employers under the second six-year remedial amendment cycle for defined contribution pre-approved plans.

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Products March 31, 2014

FCRC Apps Releases Surveying Tool

FCRC Apps LLC, a financial services application developer, added a new embedded surveying feature to its suite of digital fiduciary governance support tools offered through eFiduciary.net.
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The web application allows financial advisers working with retirement plans to create customized surveys and questionnaires for existing clients through eFiduciary.net. The survey tool can also be used to connect with and win prospective clients, the firm says.  

Survey questions can be designed to have multiple response formats, from simple yes/no questions to multiple choice using a variety of response options. Surveys can be accessed through a unique web link or circulated over the phone. The survey tool converts user feedback into a variety of reports to identify broad trends or interpret the experience of individuals. 

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Built with the Employee Retirement Income Security Act (ERISA) in mind, eFiduciary.net is a unique tool for consultants and their investment fiduciary clients. It allows for committee collaboration, document retention and retrieval, and consultant practice management tools. A demo of the new survey application or the other tools on eFiduciary.net can be obtained by emailing info@efiduciary.net.

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