The IRS and the Treasury Department expect that the final regulations regarding closed DB plans will not be published in time for plan sponsors to make plan design decisions based on the final regulations before expiration of previous relief provided.
Tag: Discrimination Testing
They allow the plan to give higher contributions to the owners.
The bill amends the nondiscrimination rules to protect older workers in plans that have been closed or frozen.
The relief is available for plan years beginning before 2018, if certain conditions are satisfied.
A report by Daniel Schwallie, an attorney with Aon Hewitt’s Retirement Legal Consulting & Compliance practice, offers a guide for safe harbor plan nondiscrimination testing.
An annual study from Judy Diamond Associates, ALM’s retirement plan intelligence provider, shows 54,493 401(k) plans failed their 2013 Internal Revenue Service (IRS) nondiscrimination tests.
The IRS says proposed permanent amendments to nondiscrimination regulations can be anticipated.
Implementing automatic enrollment without thinking through plan design can result in compliance and administrative issues.
Two updated publications from the IRS discuss the employee plans examination process and appeal procedures.
Safe harbor 401(k) plans require an initial plan year at least three months long, making October 1 the effective deadline for establishing a new safe harbor plan in 2014.
Some participants may be traditional retirement age, and they may have substantial assets, research from Bank of America Merrill Lynch says.
Many plan sponsors find some of their employees cannot take full advantage of 401(k) plans because of failed ADP tests.
Seyfarth Shaw, a law firm specializing in employment and benefits law, unveiled a new Employee Benefits Administrative Service Center for retirement plan clients.
Wealth Management Systems Inc. (WMSI) launched a small business retirement plan comparison calculator that can help growing employers benchmark retirement plan performance.
When it comes to executive retirement arrangements, a recent study reveals a continued emphasis by U.S. companies on elective deferred compensation.
A number of industry groups have recommended expansions to nondiscrimination testing relief for closed defined benefit (DB) plans.
Failed to provide the safe harbor 401(k) plan notice to employees eligible to participate in the plan? There’s a fix for that.
JHS Capital Advisors now offers Lincoln Trust Co.’s Model(k) plan solution for broker/dealers in the small and mid-sized 401(k) market.
The Internal Revenue Service (IRS) has temporarily addressed the problem of discrimination defined benefit (DB) plan sponsors may have due to closed plans.
Two United States senators are calling on the U.S. Treasury to address nondiscrimination challenges facing employers that enact soft freezes on qualified defined benefit (DB) retirement plans.