IRS Again Extends Closed DB Plan Nondiscrimination Relief
The IRS and the Treasury Department have extended nondiscrimination relief for closed defined benefit plans for an additional year.
Tag: Internal Revenue Service (IRS)
Gen X and Gen Y Making Sacrifices to Save More for Retirement
Many Gen Xers and Gen Yers deferred 90% or more of the Internal Revenue Service (IRS) maximum allowance for contributions...
IRS Extends Date for Opinion Letters for Third Remedial Amendment Cycle
The IRS notes that Rev. Proc. 2017-41 modified the pre-approved letter program by combining the master & prototype and volume...
IRS Approves Plan Sponsor’s Student Loan Repayment Benefit in 401(k) Plan
Because participants receiving a student loan repayment non-elective contribution can still make deferrals to the 401(k) plan and receipt of...
All 403(b) Plan Sponsors Should Focus on Document Remedial Amendment Period
403(b) plan sponsors have until March 31, 2020, to adopt a pre-approved plan document and to make sure their plan...
Pace of EBSA Settlements and Plan Corrections Is Strong
“On the retirement side, again, there is a strong focus on missing participants, and EBSA is diving incredibly deep," says...
ERIC Calls Foul in DOL’s Missing Participant Push
In an open letter asking for more detailed guidance, the ERISA Industry Committee spells out what it says are “examples...
Sifting Through Retirement Plan Regulations
Understanding the hierarchy of regulations and how plan sponsors should interpret seemingly conflicting ones.
Church Plan Operating Under Rules of ERISA Has Not Elected to Be an ERISA Plan
Since the Supreme Court decision about the definition of church plan under the Employee Retirement Income Security Act, the Internal...
PBGC Sets Disaster Relief on IRS Autopilot
With some exceptions, PBGC premium payers and data providers can now assume filing relief from the pension insurer in each...
Considerations for Changing the Interest Crediting Rate in a Cash Balance Plan
In an issue snapshot, the Internal Revenue Service (IRS) discusses when a cash balance plan amendment reduces (or potentially reduces)...
IRS and DOL Asked for Better Guidance on Missing Participants
The Plan Sponsor Council of America has heard concerns from its members that they have been or may be subjected...
Administration Basics: What Is a Strategic DB Plan Termination?
Experts with cash balance plan design and administration provider Kravitz define the concept of strategic plan termination—what the pros and...
Groom Law Group to IRS: More Plan Types Need Determination Letters
Under the restricted determination letter program created by IRS Revenue Procedure 2016-37, a plan can now request a determination letter...
Compensation and Benefit Limits Affected by Short Plan Year
If a short plan year is created when a plan is amended, terminates or is newly adopted, proration of the...
IRS Reminds Plan Sponsors When a Complete Discontinuance of Contributions Occurs
If there is a complete discontinuance of contributions in a profit sharing plan, including a 401(k) plan, the plan is...
(b)lines Ask the Experts – Dealing With Missing Participants
“I have been reading a lot about missing retirement plan participants lately. If our plan has any, should I be...
IRS Announces 2019 HSA Contribution Limits
For an individual with family coverage, the 2019 health savings account (HSA) contribution limit is $7,000, up from the recently...
IRS Reverses Change in HSA Limit
The IRS says it is reversing the change to the limitation because stakeholders informed it that implementing the $50 reduction...
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IRS Approves Wagner Law’s Volume Submitter DB Pension Plan
This is a pre-approved plan that meets IRS requirements.