Tag: IRS

The IRS announced small increases to health savings account (HSA) contribution limits for 2020 and a new definition for a high-deductible health plan.

ERISA attorneys detail the recent expansion of the IRS determination letter program, and what it means for plan sponsor clients.

However, 403(b) plans are in a remedial amendment period, and the IRS has offered much help for them to be in compliance with regulations.

Hybrid plans and merged plans can now request a determination letter.

The 2019-2020 Priority Guidance Plan will identify guidance projects that the agencies intend to actively work on as priorities during the period from July 1, 2019, through June 30, 2020.

The IRS Self Correction Program (SCP) has been expanded to include certain plan document failures and certain loan failures and a way to self-correct via plan amendments.

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.