By alerting plan sponsors to the issues they see most often, advisers can help their clients navigate IRS testing rules.
RMDs in large DB plans and participant loans are among the items the agency says it will target in compliance initiatives.
The prescheduled phase-out of the coronavirus disaster declaration had created a ‘compliance conundrum,’ which the DOL has now addressed by issuing additional guidance.
A Q&A addresses the auto-enrollment cap and safe harbor notice requirements.
Guidance about how to deal with missing participants and uncashed checks has been issued piecemeal over the years.
The agency has also highlighted important modifications to the form.
The IRS has issued final regulations on mortality tables to be used for calculating required minimum distributions, which reflect longer life expectancies.
SECURE Act-based guidance from the IRS will allow for distributions of custodial accounts under rules similar to those that have been available for annuity contracts under a 403(b) plan.
The limit on contributions by employees who participate in 401(k)s, 403(b)s and most 457 plans remains unchanged at $19,500.
Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
Though many in the industry remain focused on addressing the challenges of the pandemic, major changes to the U.S. retirement planning landscape continue to unfold, thanks to the SECURE Act.
There are two proposed changes and the IRS also wants comments about the obligation of filing.
Notice 2020-65 from the IRS also defines the ‘applicable wages’ per pay period that qualify for the deferral.
The model notices have been updated to reflect changes made by the SECURE Act.
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.