IRS to Focus on Retirement Plan Distributions and 403(b) Plan Rules in 2019
A Program Letter lists compliance strategies for the agency for next year.
Tag: IRS
IRS Revenue Procedure Takes VCP Program Digital
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.”
New Safe Harbor Rollover Explanations Consider Tax Reform Changes
The IRS has issued two modified safe harbor explanations which take into consideration changes related to qualified plan loan offsets and other statutory changes.
Republicans Flesh Out Tax Reform 2.0, Taking Aim at Retirement Issues
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.
Missing Participants Could Disqualify a Retirement Plan
Mercer offers recommendations for retirement plan sponsors to search for missing participants.
ERIC Wants IRS to Expand on PLR About Student Loan Repayment Benefit
The ERISA Industry Committee is asking the IRS to broaden the Private Letter Ruling guidance via a revenue ruling or other guidance.
Many Gen Xers, Gen Yers Maxing Out Retirement Savings
They deferred 90% or more of the maximum that could be invested in a defined contribution (DC) plan in 2017.
Providers of Pre-Approved Documents Have Longer to File for Opinion Letter
The IRS has extended the deadline for submitting on-cycle applications for opinion letters for pre-approved defined contribution (DC) plans for the third six-year remedial amendment cycle to December 31, 2018, from October 1, 2018.
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.
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.