Tag: IRS

The list, updated with provisions of the SECURE Act, identifies matters that may involve either mandatory or discretionary plan amendments depending on the particular plan.

Advisers and broker/dealers hoping to work with open multiple employer plans now have a short window to offer their perspectives to the Department of Labor and the Internal Revenue Service.

Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back.

The Internal Revenue Service is expanding the categories of individuals eligible for special loans and distributions and providing updated guidance on the tax treatment of these distributions and loans.

The IRS says it expects to issue the letters on June 30, or in some cases, as soon as possible thereafter, and an employer adopting a newly approved plan document will be required to do so by July 31, 2022.

Notice 2020-42 provides temporary relief from the physical presence requirement for any participant election witnessed by a notary public in a state that permits remote notarization or witnessed by a plan representative using certain safeguards.

The agency says it is postponing deadlines for certain time-sensitive actions required by these plans and others because of the COVID-19 emergency.

Each year, the Internal Revenue Service adjusts its annual contribution limitations for health savings accounts to account for inflation.

The agency says proper use of catch-up contributions will be an examination focus for 403(b) plans in fiscal year 2020.

The revised policy, instituted in response to the coronavirus pandemic, will remain in effect until the revenue procedure is modified or superseded.

The March 31 deadline for 403(b) plans has been extended to June 30; the April 30 deadlines for DB plans have been extended to July 31.

However, excess deferrals made by participants in 2019 must still be paid to participants by April 15.

Among its many popular provisions, the SECURE Act extended the age at which one must begin making withdrawals from tax advantaged savings.

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.