May 1 Is Deadline for New Adopters of Pre-Approved Plans
DC plan sponsors with individually designed plans can convert to a pre-approved plan now that the IRS determination letter program has ended.
Tag: Plan Documents
IRS Approves DATAIR 403(b) Pre-Approved Plan Document
The document is a volume submitter format and is designed to accommodate both ERISA and non-ERISA plans as well as church plans and plans for governmental entities.
Congress Considers Lifetime Income Disclosure
The Lifetime Income Disclosure Act would require employer-sponsored plans to provide participants with statements detailing potential lifetime income from annuities.
Administrative Proceedings for ERISA Legality Claims Would Be Futile
The 6th Circuit said if 403(b) participants had tried to use the plan's administrative remedies for claims a plan amendment violated ERISA, it would have been futile.
Groom Solution Makes Up for Loss of Determination Letter Program
Groom has developed its Document Compliance Service (DCS) for individually designed plans that have current IRS determination letters.
Appo Group to Integrate Participant Communication
The new solution by Appo Group aims to cut costs and time by allowing users to create and manage multimedia communication materials through a single platform.
Last Day of 403(b) Remedial Amendment Period Announced
The last day of the remedial amendment period for 403(b) plans is March 31, 2020.
Recommendations Made to Help With Loss of Determination Letter Program
ERIC has made suggestions to the IRS to help qualified individually designed retirement plans that no longer have the ability to file for determination letters.
IRS Publishes List of Required Plan Amendments
The IRS noted that the fact that a change in a qualification requirement is included on the RA List does not mean that a plan must be amended...
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DCIIA Standardizes ‘Auto’ Terms
Understanding of plan design terms has been all over the map
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Working With Professional Services Firms
Executives’ objectives outplay those of the rank and file
Are Your Clients' SPDs Accessible and Readable?
Plan advisers can consult with plan sponsors about their SPDs and determine if they are simple enough for employees to understand while also not subjecting sponsors to legal...
Plan Document Best Practices Framework
A new analysis contends that, with careful governance practices in place, managing a compliant and effective retirement plan doesn’t have to be burdensome or even difficult.
PCS Reveals ‘Advisor Lab’ Fiduciary Toolkit
The new program from PCS enhances advisers' ability to establish and demonstrate compliance with the DOL's fiduciary rule reform.
IRS Seeks Comments About Plan Document Requirements
Some changes made be needed due to the end of the determination letter program.
DB Determination Letters Must Include Risk Transfer Info
The IRS is asking DB plan sponsors to identify whether their plan has lump-sum risk transfer language.
IRS Announces End to Determination Letter Program
Rev. Proc. 2016-37 ends the remedial amendment cycle system for individually designed plans and replaces it with a new approach to the remedial amendment period.
Committee Strongly Suggests IRS Not End Determination Letter Program
However, the committee made another suggestion assuming "there will be no IRS change of heart."
Editor’s Letter
The Plan Design Spectrum
From conservative to progressive, the role that advisers play in helping their plan sponsor clients develop the right plan design.