Tag: Internal Revenue Service
IRS Announces Contribution and Benefit Limits for 2019
The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,500 to $19,000.
New Safe Harbor Rollover Explanations Consider Tax Reform Changes
The IRS has issued two modified safe harbor explanations which take into consideration changes related to qualified plan loan offsets and other statutory changes.
Missing Participants Could Disqualify a Retirement Plan
Mercer offers recommendations for retirement plan sponsors to search for missing participants.
ERIC Wants IRS to Expand on PLR About Student Loan Repayment Benefit
The ERISA Industry Committee is asking the IRS to broaden the Private Letter Ruling guidance via a revenue ruling or other guidance.
IRS Extends Closed DB Plan Nondiscrimination Relief Through 2019
The new extension makes nondiscrimination relief available for plan years beginning before 2020, if the conditions of Notice 2014-5 are satisfied.
Many Gen Xers, Gen Yers Maxing Out Retirement Savings
They deferred 90% or more of the maximum that could be invested in a defined contribution (DC) plan in 2017.
Providers of Pre-Approved Documents Have Longer to File for Opinion Letter
The IRS has extended the deadline for submitting on-cycle applications for opinion letters for pre-approved defined contribution (DC) plans for the third six-year remedial amendment cycle to December...
Focusing 403(b) Plan Clients on Document Remedial Amendment Period
Both Employee Retirement Income Security Act (ERISA)-governed and non-ERISA 403(b) plan sponsors need to start working on any plan restatements now.
Deep Dive into DOL EBSA Enforcement Activities
When it comes to policing of retirement plans by the EBSA, the pace of settlements and corrections remains strong; experts pin this to the relative regional autonomy of...
Operating Under Rules of ERISA Does Not Mean Church Plan Elected to Be ERISA Plan
In a series of private letter rulings, the IRS has determined that plans in question, including a 403(b) plan, are church plans under the definition clarified in a...
PBGC Aligns Disaster Relief Directly With IRS Announcements
Rather than issuing stand-alone announcements each time IRS grants disaster relief, PBGC is streamlining the process by issuing a permanent announcement regarding its own disaster relief that comes...
How to Abide By the Rules When Amending a Cash Balance Plan Interest Crediting Rate
Internal Revenue Code (IRC) Section 411(d)(6) provides that an accrued benefit may not be decreased by amendment.
PSCA Calls for Clearer Guidance from IRS and DOL on Missing Participants
The plan sponsor advocacy organization says there have been “numerous reports of aggressive DOL enforcement activity, and sometimes inconsistent positions taken by DOL auditors, regarding how plan sponsors...
Plans With Complete Discontinuance of Contributions Treated As Terminated for Vesting Purposes
An IRS compliance project found some profit sharing, including 401(k), plan sponsors did not understand when a complete discontinuance of contributions occurs.
IRS Sets 2019 HSA Contribution Limits
For calendar year 2019, the annual limitation on deductions for an individual with self-only coverage under a high-deductible health plan is $3,500.
IRS Reverts to Prior HSA Limit for Family Coverage
The $6,900 limitation as the maximum deductible HSA contribution for individuals with family coverage under an HDHP who contribute to an HSA will remain in effect for 2018.
IRS Asks for Comments on Determination Letters for 2019
The agency ended its determination letter program effective in 2017, but said it will measure the need for exceptions in a variety of ways including annual input from...