401k Internal Revenue Service

News & Analysis as of

Did Your Company Fail to Adopt a New Preapproved Defined Contribution Plan by the April 30th Deadline? The IRS Has a Solution for...

Background - Sponsors of preapproved defined contribution retirement plans were generally required to sign new plan documents on or before April 30, 2016 that incorporated changes required by the Pension Protection Act...more

Simplified 401(k) Roth Rollover Rules Finalized

Final Roth Rollover Rules Retain Simplification of Prior Notice and Ease Rollovers for Participants with Both Roth and Pre-Tax Amounts in their 401(k) Plan Account - Prior to the proposed rules on Roth 401(k)...more

IRS Audit Techniques Guide Provides Helpful Reminders for Sponsors of NQDC Arrangements

Last summer the Internal Revenue Service updated its Audit Techniques Guide (“ATG”) for nonqualified deferred compensation arrangements. While the ATG provides little instruction on how the IRS will review nonqualified...more

Avoiding Pitfalls When Forced to Start Breaking Your Retirement Piggy Bank

The oldest of the 75 million baby boomers have begun turning 70 in 2016. Becoming a septuagenarian is a milestone in itself, but it also means that soon the IRS will likely be expecting you to start cashing out your...more

Employee Benefits: ERISA Spring Cleaning - Have You Properly Identified All of Your ERISA Benefits? (5/16)

Why Is It Important To Properly Identify All of Your ERISA Benefits? The Employee Retirement Income Security Act ("ERISA") imposes numerous requirements on covered employee benefit plans, including annual report...more

More DB DC Plan Design Flexibility in Maximizing Benefits for Highly Compensated Employees

Given the subject matter involved, this Alert is very technical and specialized. If your company offers both an active pension plan and a 401(k) or profit sharing plan and performs the general test to satisfy the...more

The Rosenbaum Law Firm Review - May 2016

The New Fiduciary Rule: What It Means To Plan Sponsors - Bottom line: what does it mean? If you're a retirement plan sponsor and, unless you've been living under a rock, you've probably heard about the Department...more

IRS Confirms California “Waiting Time Penalties” Are Not Wages For Federal Income Tax Purposes

A recent IRS information letter confirms that “waiting time penalties” paid under California law are not wages for federal income tax withholding purposes. Section 203 of the California State Labor Code imposes penalties on...more

"Labor Department Redefines ‘Fiduciary’ for ERISA and Internal Revenue Code Purposes"

On April 6, 2016, the Department of Labor (DOL) issued a widely anticipated final regulation that redefines who is a “fiduciary” of certain employee benefit and other plans for purposes of the Employee Retirement Income...more

The Brave New Fiduciary World Has Arrived - Has the Department of Labor Found a More Ideal Balance?

For the past several years, the U.S. Department of Labor (the “DOL”) has been in the process of revising the “investment advice” regulations that govern “fiduciary” status under the Employee Retirement Income Security Act of...more

“They’re Here!” – Department of Labor Issues Final ERISA Fiduciary and Conflict of Interest Regulations

After receiving and reviewing extensive feedback on its earlier proposals, the Department of Labor (“DOL”) has issued final regulations expanding the definition of a fiduciary under the Employee Retirement Income Security Act...more

IRS Requests Comments on New Compliance Questions in Form 5500

The IRS added new compliance questions to the 2015 IRS Form 5500/5500-SF, which is the annual report filed by retirement plans with the Department of Labor and the IRS.  The Form 5500 instructions, however, specifically...more

Employee Benefits Developments - March 2016

Previously, many advisors had been concerned that the Internal Revenue Service (IRS) regulations on safe harbor plan designs covering 401(k) and 403(b) plans may have severely limited the abilities of plan sponsors to adopt...more

The ERISA Litigation Newsletter - March 2016

Editor’s Overview - This month we review the U.S. Supreme Court’s decision in Montanile v. Board of Trustees of National Elevator Industries Health Benefit Plan where the Supreme Court considered the scope of...more

The Rosenbaum Law Firm Review - March 2016

Things About Plan Providers That Shouldn't Impress Plan Sponsors. Don't get bamboozled. There are certain things in life we really should be impressed by, but we always end up being impressed by the wrong...more

IRS Expands Ability of Safe Harbor Plan Sponsors to Make Mid-Year Changes

The Internal Revenue Service (IRS) recently issued Notice 2016-16, which provides safe harbor 401(k) plan sponsors with increased flexibility to make mid-year plan changes. Notice 2016-16 sets forth new rules for when and...more

New Compliance Questions in IRS Form 5500 Warrant Screening Reviews of 401(K) Plans During 2016

The IRS recently added new questions to the 2015 Form 5500/5500-SF annual retirement plan returns. The Form 5500-Series returns are used by retirement plans to report the financial condition, investments, and operations of...more

Is Your 401(k) Safe Harbor Plan Amendment Really Safe?

Finally, the IRS has made it clear that a 401(k) safe harbor plan may be amended during a plan year, with certain restrictions, and not lose its safe harbor status, in IRS Notice 2016-16 (the "Notice")....more

New Guidance From IRS Provides Mid-Year Changes To Safe Harbor 401(k) Plans

Prior to the Internal Revenue Services' (IRS) recent issuance of Notice 2016-16 (the Notice), employers that sponsored safe harbor 401(k) retirement plans were uncertain about whether any mid-year changes to their plans would...more

At Last . . . My Safe Harbor Guidance Has Come Along

At last . . . the Internal Revenue Service (IRS) finally provides mid-year safe harbor guidance. Etta James’s legendary cover of that song is fitting considering the many years that employers have waited to receive this...more

Good News from the IRS on 401(K) Safe Harbor Plans

Safe harbor 401(k) plans are attractive because they are not required to perform annual nondiscrimination testing. In the past, one of the biggest reasons not to offer a safe harbor 401k) plan was the prohibition on changing...more

The Rosenbaum Law Firm Review - February 2016

The Complete And Total Worthlessness Of The 401(k) Fiduciary Warranty - I am a firm believer in the idea that what you see is what you should get. If you’re promised the moon, anything short of it is wrong. Some of the...more

IRS Provides Guidance on New Form 5500 Compliance Questions

The Internal Revenue Service (IRS) has provided clarification regarding new “compliance questions,” principally for retirement plans, that appear on the 2015 Forms 5500 and 5500-SF. These questions should not be answered....more

IRS Announces that Mid-Year Amendments to Safe Harbor Plans Generally Are Allowed

In January 2016, the IRS released Notice 2016-16, announcing the general permissibility of mid-year amendments to “safe harbor” 401(k) plans. Safe harbor plans covered by the Notice include those using a traditional safe...more

The ERISA Litigation Newsletter - February 2016

Editor's Overview - This month's article reviews a few non-ERISA cases before the U.S. Supreme Court, which may, depending on the breadth of the decisions, impact ERISA litigation. First, in Spokeo, Inc. v. Robins, the...more

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