The agency says proper use of catch-up contributions will be an examination focus for 403(b) plans in fiscal year 2020.
Tag: retirement plan regulations
The agency is relaxing timing rules for certain actions and notices if timing is affected by the COVID-19 outbreak.
The March 31 deadline for 403(b) plans has been extended to June 30; the April 30 deadlines for DB plans have been extended to July 31.
An executive order requires each agency to establish on its website a single, searchable indexed database that contains, or links to, all the agency’s guidance documents and provides certain information about them.
The DOL is aiming to "modernize fiduciary practices related to the voting rights associated with ERISA plan investments and harmonize those regulations with the requirements of other regulators.”
Two executive orders could lead to more formal guidance and a halt on enforcement without proper guidance in place, attorneys from Groom Law Group explain.
The IRS says the published guidance process can be successful only if it has the benefit of the insight and experience of taxpayers and practitioners. It invites the public to provide comments and suggestions.
The agency has issued proposed rules on Benefits Payable in Terminated Single-Employer Plans and Allocation of Assets in Single-Employer Plans, as well as the assumptions PBGC uses to determine de minimis lump sum benefits in PBGC-trusteed terminated single-employer defined benefit (DB) pension plans.
The final regulations reflect statutory changes, including changes made by the Bipartisan Budget Act of 2018.
The IRS still anticipates issuing final regulations on closed DB plan nondiscrimination rules.
The proposed rule, which the OMB has up to 60 days to review is aimed at reducing costs and improving participant understanding of retirement plan disclosures.
In July, the IRS proposed regulations that would provide an exception, if certain requirements are met, to the application of the “unified plan rule,” what the industry refers to as the “one-bad-apple rule,” for MEPs.
In addition to the final ruling, the department has also released a 16-page request for information (RFI) on open MEPs.
Introducing auto portability and allowing open multiple employer plans (MEPs) were simulated to have the biggest impact on decreasing the retirement income deficit.
A final rule would take care of one item being considered in legislation proposing the ability for employers to join open multiple employer plans (MEPs).
The proposal includes corrections, clarifications, and improvements to its regulations on Reportable Events, Premium Rates and others.
The latest legislation to affect retirement planning in 2019 and beyond.
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.