Tag: retirement plan regulations
In the final regulations, the agency addressed commenters’ concerns that the definitions would preclude them from using forfeiture accounts to fund the contributions.
What are the rules for locating missing retirement plan participants and what should plan sponsors do when they’re found?
In an issue snapshot, the Internal Revenue Service (IRS) discusses when a cash balance plan amendment reduces (or potentially reduces) the interest crediting rate.
If a short plan year is created when a plan is amended, terminates or is newly adopted, proration of the Internal Revenue Code annual compensation dollar limit and limit on DC plan additions will be needed.
Non-electing church plans are exempt from the Employee Retirement Income Security Act (ERISA) provisions pertaining to participation, coverage, and vesting; however, these plans are subject to the requirements for participation, coverage and vesting that were in effect on September 1, 1974, prior to the enactment of ERISA.
The agency noted that some financial institutions have devoted significant resources to comply with the BIC Exemption and the Principal Transactions Exemption and may prefer to continue to rely upon the new compliance structures.
Attorneys anticipate a big push to get retirement plan-related legislation passed before mid-term elections could have a big impact on Congressional retirement plan agendas.
In a new Field Assistance Bulletin, the DOL clarifies how ESG investment considerations should be made under ERISA if ESG policies are included in investment policy statements and when choosing QDIAs.
When the IRS ended its determination letter program, it said it anticipates making exceptions based on program capacity to work on additional applications, and the need for rulings in certain areas.
For example, the Council proposes to develop an alternative means of compliance by which the introductory portion of the SPD–referred to as the “Quick Reference Guide”–would be delivered annually to participants automatically, and the entire SPD or any full part of the SPD would be made available upon request.
A plan sponsor using pre-approved plan documents to restate a plan for the plan qualification requirements included on the 2012 Cumulative List will be required to adopt the plan document by April 30, 2020.
A memo says examiners should not challenge a 403(b) plan for violation of the RMD standards for the failure to commence or make a distribution to a participant or beneficiary to whom a payment is due, if the plan sponsor has taken certain steps.
“I read in an Ask the Experts column that the Employee Retirement Income Security Act (ERISA) requires plan sponsors to retain plan documentation for at least six years, and, in many cases, much longer than that.