Tag: IRS

PLANSPONSOR Magazine has published a 2019 ERISA Plan Compliance Calendar that can help your clients track important due dates and requirements for their qualified plans.

The Puerto Rico Internal Revenue Code of 2011 requires that, before the beginning of each taxable year, the PR Treasury provide notice of the applicable limits under Section 401(a) of the U.S. Internal Revenue Code of 1986, which are incorporated by reference into the Puerto Rico Code limits.

A new Revenue Procedure makes a change to Revenue Procedure 2018–4 Section 8.02 to add new section 3, “Other Circumstances,” to provide a new category for which determination letters can be requested.

The year that was brought significant regulatory developments from the Department of Labor, the Internal Revenue Service, the Securities and Exchange Commission and other government agencies.

Under the once-in-always-in exclusion condition, for a 403(b) plan that excludes part-time employees from making elective deferrals, once an employee is eligible to make elective deferrals, the employee may not be excluded from making elective deferrals in any later exclusion year on the basis that the employee is a part-time employee.

When the agency ended its determination letter program, it said it would publish a list of required amendments for individually designed retirement plans to maintain their qualified plan status after October 1 of each year.

Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.

Speaking to a room of plan sponsors and specialist consultants in Boston, two ERISA litigation experts offered a detailed review of recent action in big-ticket lawsuits impacting employer sponsored retirement plans.

The “Changes to Note” section of the 2018 instructions highlights important modifications to the Form 5500 and Form 5500-SF and their schedules and instructions.

Under the proposed regulations, 401(k) plan sponsors could choose to make additional accounts available for hardship withdrawals.

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.

A Program Letter lists compliance strategies for the agency for next year.

In announcing a new digital process for self-disclosures and corrections of plan errors, the IRS also says it is currently developing guidance on “other issues relating to the Employee Plans Compliance Resolution System.”

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

A trio of bills introduced before the House Ways and Means Committee this week offer the first detailed look at Republican Congressional leaders’ hopes for “Tax Reform 2.0,” which include many initiatives supported broadly by retirement industry stakeholders. 

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.

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