IRS Provides Sample Language for 403(b) Plan Provisions
The agency issued a listing of required modifications for pre-approved plans.
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Attorney Calls Proposed Changes to RMDs From 403(b)s ‘A Big Deal’
Proposed required minimum distribution changes would require a participant to take calculated amounts from each 403(b) contract he has.
Notice of Proposed Rulemaking Updates MEP ‘One Bad Apple’ Rule
New regulations would apply to multiple employer plans that are either maintained by employers that have a ‘common interest’ or...
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An Objectivity Lesson
The more objective the presentation, the less likely it will seem like advice.
Caution Clients Against IRA Asset Class Mistakes
A recent court case demonstrates why owners of self-directed IRAs should be careful about their investment strategies and asset classes—and...
IRS Identifies Changes to 403(b) Plans for Second Remedial Amendment Cycle
The 2022 Cumulative List will assist providers of Section 403(b) pre-approved plans applying to the IRS for opinion letters.
More CFP Board Sanctions Revealed, in Warning to Adviser Professionals
From personal income tax issues to fraud and involvement in civil litigation, the financial professional accreditation organization has identified a variety of punishable issues among its members or...
2021 Required Amendments List Includes Changes for Multiemployer Plans
The only changes in requirements that would necessitate a plan amendment relate to the multiemployer plan financial assistance program, and there were no changes that may require an...
Learning From the CFP Board’s Latest Sanctions
While not a regulator, the Certified Financial Planner Board of Standards still keeps a close eye on its members’ conduct, and it has recently ordered sanctions against nearly...
Most DC Plan Participants Can Defer Up to $20,500 to Plans in 2022
The IRS has announced 2022 retirement plan contribution and benefit limits.
IRS Summarizes Retirement Plan Hardship Withdrawal Rules
An updated Issue Snapshot reflects changes made by the Bipartisan Budget Act of 2018 and subsequent IRS regulations.
Plan Sponsor Clients Need to Know What Causes a Deemed Distribution
An IRS Issue Snapshot addresses retirement plan participant loan rules that must be followed to avoid having a loan or...
Compliance News
Legislative and Judicial Actions
The SEC returns to cybersecurity enforcement pledge; Form 5500 revisions; revenue-sharing disclosure failures result in SEC action; and more.
415 Limit Applies in Aggregate When 403(b) Participant Sponsors Another Plan
The IRS addresses how to apply the annual additions limitation in an updated Issue Snapshot.
DOL, IRS and PBGC Call for Comments on Form 5500 Revisions
In addition to asking for input on the SECURE Act’s requirements and the current Form 5500, the DOL has published a notice of proposed changes to its implementation...
IRS Issues Procedures for 403(b) Plan Remedial Amendment Cycle 2
The agency also issued a Revenue Procedure which extends the deadline for making interim amendments for IRC Section 401(a) plans.
Compliance News
Legislative and Judicial Actions
Financial assistance for multiemployer plans; faith-based entities may now benefit from the public student loan forgiveness program; FINRA project examines...
Form 5500 Can Be Skipped for Effective Year of Plans Adopted Retroactively
The IRS has addressed Form 5500 filing for plan sponsors that take advantage of the extended deadline for plan adoption provided by the SECURE Act.
IRS Updates Employee Plans Compliance Resolution System
The agency has added two correction methods for overpayments by DB plans and expand the ability to correct an operational...