IRS Extends Plan Amendment Deadlines for SECURE Act Provisions
Deadlines have also been extended to amend plans for certain provisions of the Miners Act and the CARES Act.
Deadlines have also been extended to amend plans for certain provisions of the Miners Act and the CARES Act.
The actuarial update is important for plan sponsor clients to note, but the effect to regular business is likely limited, as the individuals most affected are likely no longer employed by the plan sponsor.
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
The IRS has begun sending pre-audit letters to plan sponsors whose retirement plans have been selected for upcoming audits, giving them 90 days to identify, correct and disclose any compliance issues.
The additional extension comes after they IRS solicited public comments on whether relief from the physical presence requirement should be made permanent.
An individual with self-only coverage under a high-deductible health plan can direct a new limit of $3,850 into their health savings account—$200 more than the 2022 cap.
The agency issued a listing of required modifications for pre-approved plans.
Proposed required minimum distribution changes would require a participant to take calculated amounts from each 403(b) contract he has.
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or have a ‘pooled plan provider.’
A recent court case demonstrates why owners of self-directed IRAs should be careful about their investment strategies and asset classes—and where they store any physical assets owned via their IRAs.
The 2022 Cumulative List will assist providers of Section 403(b) pre-approved plans applying to the IRS for opinion letters.
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.