A schedule to help plan sponsors track important due dates for their plan
The Puerto Rico Department of the Treasury has published its 2019 limits on qualified retirement plan contributions and benefits.
Previously, the IRS said a plan can request a determination letter only if it has never received a letter before; the plan is terminating; or the IRS makes a special exception.
Plan sponsors faced another year of rapid regulatory change in 2018, with important developments coming out of the DOL, IRS and other federal government agencies.
Industry comment letters argued that many 403(b) plan sponsors were unaware of the rule that once a part-time employee is eligible to make elective deferrals, he cannot be excluded from the plan in subsequent years.
In general, the Required Amendments List includes statutory and administrative changes in qualification requirements for individually designed retirement plans that are first effective during the plan year in which the list is published.
Willis Towers Watson offers nine actions for DC plan sponsors to mitigate risks in 2019.
It has only been about a year and a half since large U.S. universities became the target of ERISA lawsuits, making for a fresh crop of claims and defense strategies that matter for all types of DC plans.
Modifications to the Form 5500 and Form 5500-SF and their schedules and instructions have been highlighted.
If the proposed rules are finalized, there would be no more suspension of deferrals after a hardship withdrawal or requirement to take a loan before one.
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.
The agency will give greater scrutiny to retirement plan distributions and 403(b) universal availability rules, among other things.
According to IRS Revenue Procedure 2018-52, in general, beginning April 1, 2019, plan sponsors must use the www.pay.gov website when filing a VCP submission and paying applicable user fees.
The modifications take into consideration changes related to qualified plan loan offsets and other statutory changes.
One of three bills introduced this week as part of “Tax Reform 2.0,” the Family Savings Act includes many of the provisions written into the popular RESA legislation.
President Trump on Friday called on the Department of Labor to consider the pros and cons of allowing small businesses to jointly offer retirement plans (open MEPs).
If there are missing participants that plan sponsors have not made a genuine effort to find, “the entire plan could be disqualified under the tax code and the plan fiduciaries may be found to have breached their ERISA duties,” says Norma Sharara, a partner with Mercer.
The IRS recently issued a private letter ruling approving a student loan repayment benefit within a retirement plan; ERIC wants this expanded to apply to all plan sponsors.