The Securities and Exchange Commission (SEC) issued a no-action letter extending relief to certain investment-related information provided to participants in non-ERISA 403(b), 457(b), and other qualified participant-directed...more
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 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
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
In a recent edition of its Employee Plans News publication, the IRS provided further guidance on what formal voluntary corrections it will accept from 457(b) plan sponsors that discover their plans are not in compliance with...more
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
The IRS’s Employee Plans Compliance Resolution System (or “EPCRS”) permits corrections, both voluntary and on audit, of a broad range of “qualification failures” — i.e., violations of sometimes arcane and complex tax rules —...more
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
The Internal Revenue Service has issued long-awaited guidance regarding the ability for participants in section 401(k), 403(b), and governmental 457(b) plans to convert balances from pre-tax and after-tax sources into Roth...more
The Internal Revenue Service recently announced it was conducting “compliance checks” of Section 457(b) plans. This newsletter discusses what those compliance checks involve as well as the steps Section 457(b) plan sponsors...more
Sponsors of 457(b) plans may receive questionnaires aimed at identifying noncompliance issues.
On June 3, the Employee Plans Compliance Unit of the Internal Revenue Service (IRS) announced the creation of its Section...more
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