Tag: IRS

Failure to find missing participants could disqualify a retirement plan under the tax code and lead to breaches of the ERISA fiduciary duty.

IRS Notice 2019-67 specifies updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans during 2021.

This year’s required amendments list touches on the new hardship withdrawal standards and a new regulation impacting certain hybrid defined benefit plans.

Two executive orders could lead to more formal guidance and a halt on enforcement without proper guidance in place, attorneys from Groom Law Group explain.

The IRS says the published guidance process can be successful only if it has the benefit of the insight and experience of taxpayers and practitioners. It invites the public to provide comments and suggestions.

Allowing open MEPs is a key component of the Setting Every Community Up for Retirement Enhancement Act (SECURE Act)—a bill remains stalled in the U.S. Senate.

Revenue Procedure 2019-39 sets forth a system of recurring remedial amendment periods for correcting form defects in 403(b) individually designed plans and 403(b) pre-approved plans occurring after the initial remedial amendment period ends on March 31, 2020.

The address for pre-approved plan submissions has not changed.

The IRS still anticipates issuing final regulations on closed DB plan nondiscrimination rules.

In July, the IRS proposed regulations that would provide an exception, if certain requirements are met, to the application of the “unified plan rule,” what the industry refers to as the “one-bad-apple rule,” for MEPs.

Does an individual’s failure to cash a retirement plan distribution check permit her to exclude the amount of the designated distribution from her gross income in that year?

After previously failing to get DOL approval for a target-date fund design that involves an annuity and reinsurance component, LGIMA hopes the Trump Administration will more readily allow such private sector innovations.

A new IRS private letter ruling essentially conforms the tax treatment of properly structured advisory fees from non-qualified annuity contracts to those paid out of qualified accounts, which typically are not treated as taxable distributions.

Participants who have taken a hardship withdrawal are nearly three-times more likely to feel “always” stressed in general and three-times more likely to have “a lot” of stress about their financial situation.

GAO says the two agencies do not share enough information on these exemptions, and that sharing more information would lead to greater transparency and consistency.

The IRS is aiming to simplify the hardship withdrawal process, but plan sponsor clients still have to remain mindful of their compliance obligations and safe harbor requirements.

The IRS announced small increases to health savings account (HSA) contribution limits for 2020 and a new definition for a high-deductible health plan.