Tag: Internal Revenue Service (IRS)

Questions about compliance are optional, at least for now, and plan leakage is a new area of scrutiny.

Employee plans division leadership at the Internal Revenue Service candidly admits worsening budget constraints are making its job more difficult.

A forthcoming book by Peter Brady at the Investment Company Institute suggests Americans across the income spectrum get a pretty even shake when it comes to retirement benefits. 

The agency will share examination program priorities for the new year, among other things.

The Internal Revenue Service is implementing new market rate of return rules for hybrid pension plans. 

Employees can set up payroll deductions to fund their “my Retirement Account.”

James E. Turpin, with The Turpin Consulting Group, has one concern with the submitted document he’s seen.

The IRS announced it will not adjust most current contribution limitations for qualified retirement plans heading into tax year 2016, though some retirement-related tax breaks and other items...

Thinking the retirement industry has failed to deliver on its goals, state governments are trying to get into the retirement business.

The Employee Plans unit will be issuing more compliance checks and reviewing submissions for pre-approved plan documents.

The organization claims most large employers do not use predetermined or “off the shelf” retirement plan documents.

The IRS published procedures for plan sponsors to request a waiver of the electronic filing requirements for Form 8955-SSA and Form 5500-EZ.

The guidance also contains final excise tax regulations applicable to both single-employer and multiemployer defined benefit plans.

The Cooperative and Small Employer Charity Pension Flexibility Act specifies funding requirements for certain pensions that were not immediately affected by PPA funding rules.

EPCU projects are a kinder, gentler way to ensure retirement plans comply with regulations.

The agency is hosting a free webcast in which the determination letter program and new pre-approved plan document programs will be discussed.

Also extended is a provision in prior pension reform allowing over-funded pensions to use their excesses to fund retiree health and life insurance benefits.

The IRS says the webcast will reveal what it’s learned from compliance activities.

“The misery of uncertainty is worse than the certainty of misery,” commented one retirement industry expert, on the release of 2016 IRS static mortality tables. 

Going forward, individually designed retirement plans may only receive a determination letter for initial plan qualification and for qualification upon plan termination.