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Tag: IRS
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IRS Offers Relief for 403(b) Plans Excluding Certain Part-Time Employees
Under the once-in-always-in exclusion condition, for a 403(b) plan that excludes part-time employees from making elective deferrals, once an employee is eligible to make elective deferrals, the employee...
No Required Amendments on IRS’ Annual List for 2018
When the agency ended its determination letter program, it said it would publish a list of required amendments for individually designed retirement plans to maintain their qualified plan...
2019 Planning for DC Plan Clients
Willis Towers Watson offers nine actions for DC plan advisers to help their clients mitigate risks in 2019.
ERISA Litigation, Regulation Landscape Set for 2019
Speaking to a room of plan sponsors and specialist consultants in Boston, two ERISA litigation experts offered a detailed review of recent action in big-ticket lawsuits impacting employer...
Informational Copies of 2018 Form 5500 Available
The “Changes to Note” section of the 2018 instructions highlights important modifications to the Form 5500 and Form 5500-SF and their schedules and instructions.
Proposed Hardship Withdrawal Amended Regulations Issued by IRS
Under the proposed regulations, 401(k) plan sponsors could choose to make additional accounts available for hardship withdrawals.
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.
IRS to Focus on Retirement Plan Distributions and 403(b) Plan Rules in 2019
A Program Letter lists compliance strategies for the agency for next year.
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IRS Revenue Procedure Takes VCP Program Digital
In announcing a new digital process for self-disclosures and corrections of plan errors, the IRS also says it is currently developing guidance on “other issues relating to the...
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.
Republicans Flesh Out Tax Reform 2.0, Taking Aim at Retirement Issues
A trio of bills introduced before the House Ways and Means Committee this week offer the first detailed look at Republican Congressional leaders’ hopes for “Tax Reform 2.0,”...
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.
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...
ERIC Calls on DOL to Issue Detailed Missing Participant Guidance
The letter also asks that until guidance is provided, for the DOL to stop issuing letters that allege an employer has committed a breach of fiduciary duty with respect...