415 Limit Applies in Aggregate When 403(b) Participant Sponsors Another Plan
The IRS addresses how to apply the annual additions limitation in an updated Issue Snapshot.
DOL, IRS and PBGC Call for Comments on Form 5500 Revisions
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation of regulations under Title I of ERISA.
IRS Issues Procedures for 403(b) Plan Remedial Amendment Cycle 2
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
Legislative and Judicial Actions
Form 5500 Can Be Skipped for Effective Year of Plans Adopted Retroactively
The IRS has addressed Form 5500 filing for plan sponsors that take advantage of the extended deadline for plan adoption provided by the SECURE Act.
IRS Updates Employee Plans Compliance Resolution System
The agency has added two correction methods for overpayments by DB plans and expand the ability to correct an operational failure by plan amendment, among other things.
PBGC, IRS Issue Guidance Related to Financial Assistance for Multiemployer Plans
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
IRS Considering Whether Physical Presence Requirement Relief Should Be Permanent
The agency has again extended relief previously provided from the physical presence requirement for participant elections required to be witnessed by a plan representative or a notary public.
A DOL Fiduciary Rule and PTE Refresher
No matter if an adviser is a flat-fee registered investment adviser or a commission-based broker/dealer, the DOL says the collection of compensation related to rollover guidance is almost always going to be a prohibited transaction, triggering the need for an exemption.
A Well-Informed Look at the EBSA’s Terminated Vested Participant Project
IRS OC List Helps Plan Sponsor Clients Ensure Operational Compliance
An updated page on the IRS website serves as a reminder of requirements in effect and those that will be in effect soon.
IRS Answers Questions About Partial Plan Termination Relief
The guidance answers questions about who is an "active participant" and says the relief applies to each plan year which falls inside the relief period.
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.