Focusing 403(b) Plan Clients on Document Remedial Amendment Period
Both Employee Retirement Income Security Act (ERISA)-governed and non-ERISA 403(b) plan sponsors need to start working on any plan restatements now.
Tag: IRS
Deep Dive into DOL EBSA Enforcement Activities
When it comes to policing of retirement plans by the EBSA, the pace of settlements and corrections remains strong; experts pin this to the relative regional autonomy of EBSA offices.
ERIC Calls on DOL to Issue Detailed Missing Participant Guidance
The letter also asks that until guidance is provided, for the DOL to stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect to the practices utilized to locate missing retirement plan participants.
Peering Through the Regulatory Kaleidoscope
Spend any significant amount of time in the retirement planning industry and, whatever the role, one will inevitably hear about the negative impact of “regulatory uncertainty.” Has it always been this way?
In Focus at DOL: Missing and Terminated Participants
Over the last few years, all three federal agencies that regulate retirement plans have been focusing on missing participants; advisers have a key role to play when it comes to helping clients ensure compliance.
Operating Under Rules of ERISA Does Not Mean Church Plan Elected to Be ERISA Plan
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.
PBGC Aligns Disaster Relief Directly With IRS Announcements
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.
How to Abide By the Rules When Amending a Cash Balance Plan Interest Crediting Rate
Internal Revenue Code (IRC) Section 411(d)(6) provides that an accrued benefit may not be decreased by amendment.
PSCA Calls for Clearer Guidance from IRS and DOL on Missing Participants
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.”
Reaching New Markets: Cash Balance Strategic Plan Terminations
“What actually is a strategic plan termination?” This is a question Dan Kravitz hears quite a lot from both defined benefit plan sponsors and retirement specialist advisers.
Groom Law Group Calls for IRS Determination Letter Program Expansion
At the start of 2017, the Internal Revenue Service dramatically limited when a retirement plan could seek an individual determination on its tax-qualified status; ERISA attorneys are calling for a new expansion of the once-important program.
Roth Conversions Part of the Tax Diversification Tool Belt
Under IRS guidance, participants can select to convert their entire pre-tax balance or a portion of it; they often have a lot of questions about the right amount to convert, and when to make the move.
IRS Issues How-To Guidance for Prorating Short Plan Years
Two new IRS publications lay out important rules and clarifications for when and how to prorate compensation and benefit limits for short plan years.
Plans With Complete Discontinuance of Contributions Treated As Terminated for Vesting Purposes
An IRS compliance project found some profit sharing, including 401(k), plan sponsors did not understand when a complete discontinuance of contributions occurs.
IRS Sets 2019 HSA Contribution Limits
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.
IRS Reverts to Prior HSA Limit for Family Coverage
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.
IRS Asks for Comments on Determination Letters for 2019
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.
IRS Cuts Fee for Application for Determination for Terminating Plan
The fee has been reset to the 2017 level.
IRS Changes VCP User Fee Schedule
The total amount of net plan assets determines the applicable user fee now, not the number of participants.
Senate Tax Reform Success Sets Up High Stakes Conference Committee Process
With the passage of the Senate’s version of tax reform, the stage is set for a bicameral conference committee process through which a select group of legislators will try to rectify the House and Senate bill texts.