403(b) Plans Internal Revenue Service

News & Analysis as of

IRS Reduces Cost to Fix Some Missed Deferral Errors

The Internal Revenue Service has issued new guidelines that should be advantageous for employers that sponsor 401(k) and 403(b) plans. The new rules reduce and, in some cases, completely eliminate the windfall in favor of...more

More and Less Expensive Options for Retirement Plan Corrections: New IRS Guidance on EPCRS

In This Issue: - Rev. Proc. 2015-27 - Rev. Proc. 2015-28 - For More Information - Excerpt from Rev. Proc. 2015-27: Rev. Proc. 2015-27 may be used beginning March 27, 2015 and is effective July 1,...more

Effect of a Check Notation: Void After 90 Days

On April 2, 2015, the IRS issued Rev. Proc. 2015-28, which provides new safe harbor correction methods for errors relating to automatic contribution features, including automatic enrollment and automatic escalation of...more

New Correction Options for 401(k) and 403(b) Plans

On April 2, 2015, the IRS issued Rev. Proc. 2015-28, which provides new safe harbor correction methods for errors relating to automatic contribution features, including automatic enrollment and automatic escalation of...more

2015 Cost-of-Living Adjustments for Retirement and Other Benefit Plans

Retirement Plan Limits - The following limits apply to retirement plans in 2015: - The limit on elective deferrals under 401(k) and 403(b) plans has increased to $18,000 in 2015. - The annual limit on...more

Tax Law Blog: 2015 Retirement Plan Limits Announced

Every year, about this time, the IRS calculates the cost of living increases, and determines whether the change is enough to trigger an adjustment to the statutory limit/threshold for various areas, including retirement...more

The 2015 Retirement Plan Limits are in

The Internal Revenue Service (IRS) announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. The elective deferral (contribution) limit...more

Legal Alert: IRS Reaches a Split Decision on Rollover Allocation Rules

On September 18, the Internal Revenue Service (IRS) issued Notice 2014-54, which clarifies that, subject to some limitations, a single distribution of pre-tax and after-tax amounts from a qualified retirement plan, a 403(b)...more

IRS Gives QLACs the Green Light: Final Regulations Issued

On July 1, 2014, the Internal Revenue Service (“IRS”) issued final regulations (“Final Regulations”) that permit employers and IRA providers to offer “qualified longevity annuity contracts” or “QLACs” under defined...more

IRS Expands Guidance on In-Plan Roth Conversions

Recent IRS guidance clarifies a number of outstanding questions regarding “in-plan conversions” of non-Roth balances to Roth balances in 401(k), 403(b) and governmental 457(b) plans. In particular, the guidance confirms that...more

IRS Provides New Guidance on In-Plan Roth Rollovers

On December 11, 2013, the IRS issued IRS Notice 2013-74 which provides guidance on in-plan Roth rollovers. An in-plan Roth rollover is a rollover within a Section 401(k), Section 403(b) or governmental Section 457(b) plan to...more

Monthly Benefits Update - November 2013

Health & Welfare Plans - Health Care Reform: Supreme Court Grants Review to Two Cases Challenging ACA’s Contraception Coverage Mandate - The United States Supreme Court has agreed to hear two cases challenging...more

IRS Limited 50% OFF SALE for 403(b) Plans!

Tax exempt employers who sponsor 403(b) plans were generally required to adopt a written plan document by December 31, 2009. If a written document was not timely adopted, the employer may take advantage of the IRS Voluntary...more

Attention Non-Profits, Public Schools and Other 403(b) Plan Sponsors: the Deadline to Correct a Failure to Adopt a Section 403(b)...

In what seems like a lifetime ago, the IRS provided eligible plan sponsors until December 31, 2009 to adopt a written plan under which they would maintain their existing Section 403(b) arrangements. A 403(b) plan is a...more

Compliance Corner: Review of IRS 2013 Audit Priorities

Although the Internal Revenue Service (IRS) is engaged in a variety of ongoing qualified plan compliance, education and audit projects, it is targeting certain types of retirement plans and activities in 2013....more

The ERISA Litigation Newsletter - May 2013

This month our articles focus on the availability of damages in complex ERISA class actions and withdrawal liability actions. Jackie Len first provides Proskauer's perspective on the implications for ERISA litigation arising...more

Recent 403(b) Developments

Background - 403(b) retirement plans are similar to 401(k) plans, but the employers who may establish 403(b) plans are limited to public schools, certain tax exempt employers (including religious and charitable...more

Recent IRS Guidance Concerning 403(b) Plans

Final Internal Revenue Code Section 403(b) regulations which became effective January 1, 2009 require that plan sponsors adopt written 403(b) Plan documents. ...more

403(b) Plans – Correction Of Plan Errors

Final Internal Revenue Code Section 403(b) regulations issued December 31, 2009 require that plan sponsors adopt written 403(b) Plan documents. A 403(b) Plan is a form of defined contribution retirement plan that may only be...more

New Opinion and Advisory Program for Pre-Approved 403(b) Plans

The IRS releases new procedures and sample plan language to assist 403(b) plan sponsors in obtaining pre-approval of 403(b) plan documents and to ensure documentary compliance with 403(b) requirements....more

IRS Establishes Pre-Approved Plan Program For 403(B) Plans

On March 28, 2013, the IRS issued Revenue Procedure 2013-22 which establishes a program for the IRS to accept applications for opinion and advisory letters for 403(b) prototype plans and 403(b) volume submitter plans,...more

IRS Issues Procedures for Securing Favorable Opinions on Pre-Approved 403(b) Programs

The Internal Revenue Service (IRS) recently released a revenue procedure establishing a new program for the pre-approval of 403(b) plans. The program opens June 28, 2013, and the IRS will begin accepting applications for...more

Expanded Guidance from IRS on 403(b) Plans

IRS amends EPCRS, significantly affecting 403(b) plans, and issues guidance to assist 403(b) plan sponsors in identifying and correcting defects....more

IRS Relief for 403(b) Retirement Plans

Recognizing that the requirement to have a detailed written plan document for a 403(b) retirement plan was a new and arduous task for many non-profit entities who sponsored such plans, the IRS has now published favorable...more

IRS Issues 403(b) Plan Fix-It Guide

On February 21, 2013, the Internal Revenue Service (IRS) added to its “self-help” resources a new “403(b) Plan Fix-It Guide” to provide guidance more specifically directed at 403(b) plan sponsors that identify qualification...more

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