401k Internal Revenue Service

News & Analysis as of

Dealing with New IRS Qualification Requirements for Pension, Profit Sharing and 401(k) Plans, Effective January 1, 2017

The procedures for qualification of an employer sponsored individually designed pension, profit sharing or 401(k) plan for favorable tax deferred treatment under the Internal Revenue Code (“Code”) changed significantly...more

Newly Proposed IRS Rules Permit the Use of Forfeitures for QNECs and QMACs

On January 18, 2017, the IRS issued proposed regulations that expand the permitted uses of forfeitures in a 401(k) plan. Under the proposed rules, the definitions of “qualified nonelective contributions” (QNECs) and...more

IRS Relaxes Rules on Use of Forfeitures to Fund Safe Harbor Contributions and QNECs to 401(k) Plans

The IRS recently issued welcome guidance for sponsors of 401(k) plans. On January 18th, the IRS issued proposed regulations that permit forfeitures to be used to fund the employer’s safe harbor contributions, qualified...more

Important Changes to the IRS Determination Letter Program for Retirement Plans

The Internal Revenue Service (“IRS”) has modified procedures governing favorable determination letters for individually designed qualified retirement plans, including 401(k), profit sharing, defined benefit, and cash balance...more

Employee Benefits Legislation Proposed (But Not Passed) by the Obama Administration

In February of 2015, the Department of Treasury issued a reported entitled “General Explanation of the Administration’s Fiscal Year 2016 Revenue Proposals” (the “General Explanation”). The General Explanation is several...more

Now You Can Be Up to Your QNEC in Forfeitures

On January 18, 2017, the IRS issued proposed regulations allowing amounts held as forfeitures in a 401(k) plan to be used to fund qualified nonelective contributions (QNECs) and qualified matching contributions (QMACs). This...more

Advisors Advantage - January 2017

How An RIA Can Profit Off Of The New Fiduciary Rule. It's an opportunity. When it comes to an industry, change is often fraught with trepidation and fear. However, I always believe that change also brings...more

Your Business Can Fall A Lot Quicker That It Rose

One of the business philosophies I learned while working for third party administrator is that it’s a lot easier to lose a client than to gain one. I know that first hand, seeing bad service that gets plan sponsors to fire...more

Best Practices for 401(k) Plan Administration Includes Using Forfeiture Accounts by Year-End

Since at least 2010, the IRS has publicly stated that forfeitures must be used by the end of the plan year in which the forfeiture occurred, or as soon as possible thereafter. Some IRS pre-approved prototype or volume...more

Employee Benefits Developments - November 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

Forfeitures can be a compliance headache

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

Cost-Of-Living Adjustments for 2017 to IRS Caps

The IRS in Notice 2016-62 recently announced the Cost-Of-Living Adjustments for 2017 for various caps on benefits. ...more

Do You Need to Send an Annual Notice to Plan Participants? If So, You May Need to Do So by December 1, 2016*

Plan sponsors of defined contribution qualified plans may need to issue one or more annual notices to participants before the end of each plan year. Failure to issue a required annual notice can have significant consequences....more

IRS Releases Benefits and Contribution Limits for 2017

The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017. Please see full...more

Alert: IRS Announces Adjusted Plan Limits for 2017

The Internal Revenue Service has announced the 2017 limits that affect the operation of tax-qualified retirement plans, including 401(k) plans, and certain other types of employee benefit plans, including deferred...more

IRS Announces 2017 Retirement Plan Dollar Limits

The IRS recently announced cost-of-living adjustments for 2017 in Notice 2016-62. The key dollar limits, along with last year’s limits, are noted below....more

Employee Benefits Developments - October 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

The Rosenbaum Law Firm Review - October 2016

401(k) Sponsors Say Their Plan is OK, but They Really Have No Idea. They really have no idea. When I was dating my wife, she asked me if I had a good credit score and I said I did. I never checked my credit score, but...more

IRS Announces 2017 Pension and Related Limitations

The Internal Revenue Service recently announced the dollar limitations for pension plans and other items beginning January 1, 2017. ...more

IRS Announces 2017 Retirement Plan Limitations – Most Limits Remain Unchanged

The Internal Revenue Service announced the 2017 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more

2017 Cost-of-Living Adjustments for Retirement and Other Benefit Plans

The IRS recently announced the 2017 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans. Retirement Plan Limits - The following limits apply to...more

IRS Announces 2017 Qualified Plan Limits; Pumpkin Spice Inexplicably Lacking

Late each October, the IRS gets around to announcing the cost of living adjustments for qualified plans for the upcoming year. This year was no exception, and here they are [Plan Limits]. Unlike last year, 2017 brings some...more

2017 Qualified Plan Cost of Living Increases, 2017 Social Security Taxable Wage Base 2

The Internal Revenue Service has announced the cost-of-living adjustments for the various qualified retirement plan limits. Some of the limits shown below remain unchanged from last year, but others have increased....more

IRS Annual Limits on Qualified Plans for 2017

IRS Annual Limits on Qualified Plans for 2017 On October 27, 2016, the Internal Revenue Service released the 2017 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement...more

IRS Announces Benefit Plan Limits and Thresholds for 2017

The Internal Revenue Service (IRS) has announced various 2017 benefit plan limits and thresholds. There are increases from 2016 in some cases, but in other instances the 2016 amounts will continue to apply. Benefit Plans...more

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