IRS Rules on Mergers Involving DB Plans That Have Received SFA
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
If a plan that received special financial assistance merges with an ongoing plan, the ongoing plan is not considered to be in critical status.
The additional extension comes after they IRS solicited public comments on whether relief from the physical presence requirement should be made permanent.
Proposed required minimum distribution changes would require a participant to take calculated amounts from each 403(b) contract he has.
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or have a ‘pooled plan provider.’
The amendments remove credit rating requirements related to the evaluation of non-convertible debt securities, commercial paper and securities lending transactions.
While expressing support for the rule, they say removing specific references to ESG factors will help fiduciaries understand they are not required to consider them in their investment selection.
They say the latest proposed regulations ‘dismantle important actions’ taken by the previous administration and politicize retirement savings.
The IRS has announced 2022 retirement plan contribution and benefit limits.
An updated Issue Snapshot reflects changes made by the Bipartisan Budget Act of 2018 and subsequent IRS regulations.
An IRS Issue Snapshot addresses retirement plan participant loan rules that must be followed to avoid having a loan or part of a loan become a deemed distribution.
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
Among other things, it explains the manner and timing of making elections under the American Rescus Plan Act (ARPA), as well as the flexibility to redesignate contributions between plan years.
The agency clears up timing questions in a FAQs document and says it realizes the concerns about timing if its final rule differs from its previously published interim final rule.
The agencies have filled in the gaps for implementing provisions of the American Rescue Plan Act.
The requirement to produce requested documents and the definition of relevant documents addressed in a DOL information letter applies to retirement plans, an attorney tells PLANADVISER.
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.
ERISA attorneys and retirement policy experts list and speak on the most asked-about regulations for 2021.
An updated page on the IRS website serves as a reminder of requirements in effect and those that will be in effect soon.
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.