From personal income tax issues to fraud and involvement in civil litigation, the financial professional accreditation organization has identified a variety of punishable issues among its members or candidates.
The only changes in requirements that would necessitate a plan amendment relate to the multiemployer plan financial assistance program, and there were no changes that may require an amendment.
While not a regulator, the Certified Financial Planner Board of Standards still keeps a close eye on its members’ conduct, and it has recently ordered sanctions against nearly two dozen advisory professionals for a variety of ethical failures.
The IRS has announced 2022 retirement plan contribution and benefit limits.
An updated Issue Snapshot reflects changes made by the Bipartisan Budget Act of 2018 and subsequent IRS regulations.
An IRS Issue Snapshot addresses retirement plan participant loan rules that must be followed to avoid having a loan or part of a loan become a deemed distribution.
The IRS addresses how to apply the annual additions limitation in an updated Issue Snapshot.
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
The IRS has addressed Form 5500 filing for plan sponsors that take advantage of the extended deadline for plan adoption provided by the SECURE Act.
The agency has added two correction methods for overpayments by DB plans and expand the ability to correct an operational failure by plan amendment, among other things.
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
The agency has again extended relief previously provided from the physical presence requirement for participant elections required to be witnessed by a plan representative or a notary public.
No matter if an adviser is a flat-fee registered investment adviser or a commission-based broker/dealer, the DOL says the collection of compensation related to rollover guidance is almost always going to be a prohibited transaction, triggering the need for an exemption.
An updated page on the IRS website serves as a reminder of requirements in effect and those that will be in effect soon.
The guidance answers questions about who is an "active participant" and says the relief applies to each plan year which falls inside the relief period.
By alerting plan sponsors to the issues they see most often, advisers can help their clients navigate IRS testing rules.