Participants can also refinance a loan and replace it with a new loan.
The contribution limit to defined contribution (DC) plans has been increased by $500.
Advisers can help plan participants understand their hierarchy of needs, framing guidance to fit the context of whatever additional relief Congress may provide.
The agency issued its Tax Exempt and Government Entities FY 2018 Work Plan.
Safe-harbor plan designs allow plan sponsors to avoid nondiscrimination testing and allow highly compensated employees to contribute more.
Plan sponsors of tax favored retirement plans can use these forms to make an IRS Voluntary Correction Program (VCP) submission.
Some sponsors that want to use a pre-approved plan have certain provisions that were not in effect for the plan for the entire restatement period or options that have changed during the restatement period.
One thing the NIRS suggests is to change the tax credit to a savings match.
With the determination letter program gone, Wagner Law Group is helping plan sponsors remain compliant with the IRS.
Speaking with a recent winner of the Plan Adviser Mega Team of the Year designation, Elizabeth Bell offered a frank, behind-the-scenes look at the ongoing legislative discussions surrounding health care and tax reform.
Loan and hardship rules, in addition to reporting requirements, have been relaxed.
A new publication from Research and Markets offers a highly detailed overview of what it takes to meet the many technical requirements of ERISA.
It also provides links for resources the IRS provides to help 403(b) plan sponsors stay in compliance.
The disaster relief announcement provides significant leeway relating to PBGC deadlines and penalties for impacted employers and sponsors, both for single and for multiemployer plans.
The relief includes relaxed rules for hardships and loans and relaxed deadlines for filings and disclosures.
The new compliance support programming is free for advisers and seeks to “shed light on opacity surrounding financial regulations."
“The tax rules have always been designed to tie the interests of the employer and the employee together," one former EBSA official says. “So if you mess up the tax treatment and remove the incentive to offer a plan, small businesses aren’t going to go through the trouble, risk and expense of offering one at all.”
The amendment suggests language a defined benefit sponsor might want to use.
Members of the "ACT" committee are in a unique position to provide observations about current or proposed IRS policies, programs and procedures, and suggest improvements through a yearly final report.
The agency is seeking input about what to include in its presentation.