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What 401(k) Plan Sponsors Shouldn’t Forget

It’s easy to forget things. Heck, half of the things my wife tells me to do is forgotten by the afternoon. My wife often suggests that I keep a list of things I need to do so I don’t forget. Of course, I forget to keep lists....more

IRS Makes Filing an 83(b) Election Easier

On July 25, 2016, the IRS finalized regulations under Section 83 of the tax code that removes a procedural step in the process of filing an 83(b) election....more

Changes to tax treatment of termination payments

The UK Government has announced changes to the tax treatment of termination payments following the conclusion of its recent consultation. Draft legislation has now been published which will come into force in April 2018....more

You Might Have A Problem With Your 401(k) Plan When….

There are many situations in life when you clearly have a problem such as leaving the stove on when you leave home, or when the next-door neighbor leased the house to a rock band looking for a place to practice. When it comes...more

A New Landscape - Compliance clarifications and planning opportunities for governmental and tax-exempt employers sponsoring...

On June 22, 2016, the Internal Revenue Service (IRS) published its long-awaited proposed regulations (the Proposed Regulations) under Section 457(f) of the Internal Revenue Code (the Code). Section 457(f) governs the taxation...more

IRS Clarifies Instructions for Form 5500 Reporting of RMD Failures

Certain employee benefit plans, including qualified retirement plans, must file an annual return/report on Form 5500 with the Department of Labor, which is shared with the IRS. Each year discreet changes are typically made...more

Pennsylvania Tax Changes and Tax Amnesty Program

As part of the budget package, the Pennsylvania General Assembly made many significant changes to various Pennsylvania tax laws and the unclaimed property law (including a tax amnesty program) that are estimated to generate...more

IRS Issues Additional Guidance on Determination Letter Program

As was previously announced in 2015, effective as of January 1, 2017, the Internal Revenue Service (“IRS”) is eliminating its five year staggered determination letter cycle for individually designed retirement plans. Plans in...more

Why 401(k) Plan Providers Should Push Automatic Enrollment

We have a retirement crisis in this country thanks to a Social Security program that has too many retirees to pay to, and the death of the pension plan in the private sector. The fact is that while 401(k) plans are an...more

ERISA Litigation Newsletter - July 2016

Editor's Overview - This month we take a look at the plaintiffs' past successes in fee litigations, and the influx of such lawsuits seeking to impose heightened fiduciary standards for 401(k) plans. Regardless of the...more

IRS Lays Out Plan for Maintaining Tax Qualification for Individually-Designed Plans after Elimination of the Determination Letter...

On June 29, 2016, the Internal Revenue Service (IRS) released Revenue Procedure 2016-37, which modifies the Determination Letter Program for tax-qualified plans and the requirements for when plan amendments must be adopted by...more

Section 83(b) Election Procedures Changed

On July 25, 2016, IRS finalized new regulations that eliminate the requirement for a taxpayer to file a copy of a Section 83(b) election with the taxpayer’s individual income tax return...more

Proposed Changes to Form 5500 Reporting Requirements May Have Significant Impact on Retirement Plan Sponsors

On July 11, 2016, the Department of Labor (DOL), Internal Revenue Service (IRS) and Pension Benefit Guaranty Corporation (PBGC) announced a proposal to implement sweeping changes to the forms and regulations that govern...more

Individuals Granted Profits Interests Are Treated as Partners, Not Employees

The Internal Revenue Service (the “IRS”) issued temporary and final regulations, effective May 4, 2016, clarifying the employment tax treatment of partners in a partnership that owns a disregarded entity (the “Final...more

IRS issues new rules for 'closed' defined benefit plans

At the end of January, the Internal Revenue Service issued new proposed regulations for so-called “closed” or “frozen” defined benefit plans. The purpose of these regulations is to help plan sponsors satisfy the...more

New Proposed Regulations for Section 457(f) Nonqualified Deferred Compensation Arrangements of Non-Profit and Governmental...

The Internal Revenue Service recently released long anticipated proposed regulations (the “Proposed Regulations”) governing deferred compensation arrangements maintained by tax-exempt organizations and governmental entities...more

Employee Benefits Developments - July 2016

Section 409A of the Internal Revenue Code (“Section 409A”) generally provides that, if a plan providing for deferred compensation fails to comply with Section 409A, either in form or in operation, then all amounts deferred...more

Good News! New 409A Regulations (Yes, Really!) – Part 4: Getting Paid

On the TV show Futurama, the aged proprietor of the delivery company Planet Express, Professor Hubert J. Farnsworth, had a habit of entering a room where the other characters were gathered and sharing his trademark line,...more

Neglecting The Plan That Will Get 401(k) Sponsors Living on The Edge

When you don’t take care of your teeth, they end up rotting. When you don’t take care of your car, it stops running. When you don’t take care of your finances, you end up going broke. So it’s amazing how many 401(k) plan...more

The Proposed Code Section 457 Regulations Have Arrived

On June 22, 2016, the IRS finally issued the long-awaited proposed regulations under Internal Revenue Code (“Code”) Section 457. Code Section 457 applies to deferred compensation plans or arrangements of tax-exempt entities...more

Individually Designed Retirement Plans and the New IRS Determination Letter Program

A qualified retirement plan (hereinafter a “Plan”) must satisfy the requirements of the Internal Revenue Code (“IRC”) in form and in operation. In other words, the documents establishing and governing the Plan must satisfy...more

Lies that 401(k) Plan Providers May Tell You

I’m a huge fan of Fleetwood Mac (the Stevie Nicks-Lindsey Buckingham years) and was able to see them twice on their last tour. One of my favorite songs of theirs is Little Lies. Christine McVie, who never gets the credit she...more

Good News! New 409A Regulations (Yes, Really!) – Part 3: Don’t Fear the (409A) Reaper

On the TV show Futurama, the aged proprietor of the delivery company Planet Express, Professor Hubert J. Farnsworth, had a habit of entering a room where the other characters were gathered and sharing his trademark line,...more

IRS Issues Guidance on Changes to Determination Letter Program for Retirement Plans

The Internal Revenue Service recently issued Revenue Procedure 2016-37, which sets forth in detail the significant changes to the IRS’s determination letter program for qualified retirement plans, which we have written about...more

IRS Issues Proposed Regulations Affecting Deferred Compensation Plans of Tax-Exempt Organizations

On June 21, 2016, after more than 15 years of ongoing deliberations, the U.S. Department of the Treasury (the Dept. of Treasury) issued proposed regulations under Section 457 of the Internal Revenue Code of 1986 (the Code),...more

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