The Most Common Retirement Plan Testing Mistakes
By alerting plan sponsors to the issues they see most often, advisers can help their clients navigate IRS testing rules.
IRS Announces FY 2021 Examination Priorities
RMDs in large DB plans and participant loans are among the items the agency says it will target in compliance initiatives.
The Importance of EBSA Disaster Relief Notice 2021-01
The prescheduled phase-out of the coronavirus disaster declaration had created a ‘compliance conundrum,’ which the DOL has now addressed by issuing additional guidance.
Legislative and Judicial Actions
IRS Offers Guidance for Safe Harbor Plans on SECURE Act Provisions
A Q&A addresses the auto-enrollment cap and safe harbor notice requirements.
Guidance on Missing Participants Listed on IRS Priority Guidance Plan
Guidance about how to deal with missing participants and uncashed checks has been issued piecemeal over the years.
DOL Releases Updated Versions of Form 5500
The agency has also highlighted important modifications to the form.
New Life Expectancy Tables Will Decrease RMDs
The IRS has issued final regulations on mortality tables to be used for calculating required minimum distributions, which reflect longer life expectancies.
IRS Simplifies Certain 403(b) Plan Terminations
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.
IRS Announces Contribution and Benefit Limits for 2021
The limit on contributions by employees who participate in 401(k)s, 403(b)s and most 457 plans remains unchanged at $19,500.
PANC 2020: Washington Update
Retirement plan advisers were given ideas to consider and actions to take in response to new legislation, regulation and litigation.
IRS Issues Supplemental SECURE Act Guidance
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.
IRS Requesting Comments on Form 5500
There are two proposed changes and the IRS also wants comments about the obligation of filing.
Guidance on Payroll Tax Deferral Tells When It Must Be Repaid
Notice 2020-65 from the IRS also defines the ‘applicable wages’ per pay period that qualify for the deferral.
Legislative and Judicial Actions
IRS Provides New Model Rollover Notices
The model notices have been updated to reflect changes made by the SECURE Act.
IRS Updates Operational Compliance List With 2020 Items
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.
Attorneys Offer Closer Reading of DOL’s Open MEP RFI
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.
IRS Establishes CARES Act RMD Rollback Framework
Anyone who already took a required minimum distribution (RMD) in 2020 from certain retirement accounts now has the opportunity to roll those funds back.
IRS Expands Coronavirus Loan, Distribution Relief
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.