Tag: Internal Revenue Service

The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.

The IRS has issued two modified safe harbor explanations which take into consideration changes related to qualified plan loan offsets and other statutory changes.

Mercer offers recommendations for retirement plan sponsors to search for missing participants.

The ERISA Industry Committee is asking the IRS to broaden the Private Letter Ruling guidance via a revenue ruling or other guidance.

The new extension makes nondiscrimination relief available for plan years beginning before 2020, if the conditions of Notice 2014-5 are satisfied.

They deferred 90% or more of the maximum that could be invested in a defined contribution (DC) plan in 2017.

The IRS has extended the deadline for submitting on-cycle applications for opinion letters for pre-approved defined contribution (DC) plans for the third six-year remedial amendment cycle to December 31, 2018, from October 1, 2018.

In a series of private letter rulings, the IRS has determined that plans in question, including a 403(b) plan, are church plans under the definition clarified in a Supreme Court decision.

Rather than issuing stand-alone announcements each time IRS grants disaster relief, PBGC is streamlining the process by issuing a permanent announcement regarding its own disaster relief that comes into play each time IRS grants relief in response to a particular disaster.

Internal Revenue Code (IRC) Section 411(d)(6) provides that an accrued benefit may not be decreased by amendment.

The plan sponsor advocacy organization says there have been “numerous reports of aggressive DOL enforcement activity, and sometimes inconsistent positions taken by DOL auditors, regarding how plan sponsors are handling missing participants.”

An IRS compliance project found some profit sharing, including 401(k), plan sponsors did not understand when a complete discontinuance of contributions occurs.

For calendar year 2019, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan is $3,500.

The $6,900 limitation as the maximum deductible HSA contribution for individuals with family coverage under an HDHP who contribute to an HSA will remain in effect for 2018.

The agency ended its determination letter program effective in 2017, but said it will measure the need for exceptions in a variety of ways including annual input from the Employee Plans (EP) community.