Retirement Industry People Moves
Custodia adds former Pfizer HR chief to advisory council, and IRS names leader for Tax Exempt/Government Entities division.
Tag: Internal Revenue Service (IRS)
Lessening the Impact on Retirement Savings of Taking a Hardship Withdrawal
Following rule changes plan sponsors still have discretion over limiting the amount of hardship withdrawals and participants can continue to...
Self-Correcting the Inevitable Mistakes
Even the most informed and dedicated retirement plan fiduciaries sometimes miss the target. The good news is, many mistakes can...
IRS Proposes Change to ‘One-Bad-Apple’ Rule for MEPs
Proposed regulations would provide an exception, if certain requirements are met, to a multiple employer plan (MEP) being disqualified due...
The Shifting Mechanics of Hardship Withdrawals
In a new Snapshot publication, the IRS offers a detailed review of the shifting regulatory provisions applying to pre-retirement hardship...
IRS Announces 2020 HSA Contribution Limits
The limits will increase $50 for an individual with self-only coverage and $100 for an individual with family coverage in...
Next Steps for Plan Sponsors After Determination Letter Program Expansion
A client alert from Drinker Biddle & Reath goes into detail about the IRS’ recent expansion of its determination letter...
403(b) Plans Should Get Ready for IRS Initiatives
The agency has indicated it will launch audit initiatives regarding 403(b) plan compliance this summer; the remedial amendment period and...
Form 5500 Basics: What Sponsors Need to Know
The purpose of Form 5500 is to obtain information regarding plan design and basic plan sponsor information, and the regulatory...
IRS Expands Determination Letter Program for Individually Designed Plans
The agency will accept determination letter applications for hybrid plans for a certain period and for merged plans on an...
IRS Seeks Recommendation for Guidance Priorities
The Department of the Treasury and the IRS use the Priority Guidance Plan to identify the next tax issues that should...
IRS Announces Important Changes to Correction Programs
An IRS Revenue Procedure expands self-correction methods for certain retirement plan document and retirement plan loan failures and provides a...
Prevention the Key to ESOPs Not Violating Nonallocation Year Rules
The IRS explains that the rules under IRC Section 409(p) are designed to prevent a group of “disqualified persons” from...
IRS Updates Mortality Tables for DB Plans
The updated mortality improvement rates and static tables apply for purposes of calculating a defined benefit (DB) plan’s funding target...
IRS Reverses Course on Lump-Sum Payment Windows to Certain Retirees
The IRS had previously put a halt to the practice of defined benefit (DB) plan sponsors offering lump-sum windows to...
IRS Clarifies When Employers May Recoup Mistaken HSA Contributions
In Information Letter 2018-0033, the IRS offers some examples of the type of errors which may be corrected—expanding on previous...
IRS Requests Comments on Information Collection for 403(b) Plan Auto Enrollment
Among other things, comments are invited on ways to minimize the burden of the collection of information on respondents, including...
IRS Updates FAQs for Adopting a Pre-Appproved Retirement Plan Document
The web page provides information for retirement plan sponsors who have individually designed retirement plan documents but want to adopt...
Will Changes to Hardship Withdrawal Rules Lead to More Plan Leakage?
Some industry sources believe the availability of more funds for hardship withdrawals and the elimination of the requirement to first...
2019 ERISA Plan Compliance Calendar
A schedule to help plan sponsors track important due dates for their plan