Since there are no prescribed correction methods to address Internal Revenue Code Section 409(p) violations, prevention methods are important considerations for both employee stock ownership plan design and operation, the IRS says.
The IRS has issued Notice 2019-26, which specifies updated mortality improvement rates and static mortality tables, as well as a modified unisex version of the mortality tables, to be used for defined benefit (DB) plans.
The agency previously announced it would amend required minimum distribution regulations in a way that would prohibit the offering of lump-sum windows to defined benefit (DB) plan participants already retired and in pay status.
The request regards information collection for Revenue Ruling 2000-35, which describes certain criteria that must be met before an employee's compensation can be reduced and contributed to an employee's section 403(b) plan in the absence of an affirmative election by the employee.
New FAQs offer information about when retirement plan sponsors can adopt pre-approved plans and when determination letters are issued.
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.”