Defined Benefit Plans Internal Revenue Service

News & Analysis as of

IRS Proposes Permanent Nondiscrimination/Coverage Relief for Closed Pension Plans

The Internal Revenue Service (IRS) has issued proposed regulations that would provide permanent relief from certain coverage and nondiscrimination testing requirements to defined benefit plans that are closed to new...more

Nonqualfied deferred compensation plan update

In June 2015, the Internal Revenue Service released updated audit guidelines for nonqualified deferred compensation plans. Basically, audit guidelines are used by the IRS to communicate with the agents in the field who are...more

Does Your Defined Benefit Plan Need to be Amended Before Year-End?

The deadline for amending hybrid defined benefit plans to comply with recent changes in applicable law is the last day of the 2015 plan year – December 31, 2015, for calendar year plans. The IRS issued final regulations on...more

Employee Benefits Developments - October 2015

The Internal Revenue Service (IRS), consistent with prior regulations from the Department of Health and Human Resources (HHS), issued supplemental proposed regulations requiring employer sponsored health plans to provide...more

2016 Retirement Plan Contribution Limits

The IRS has issued the contribution and benefit limits in effect for 2016. Most of these limits remain the same as in 2015. The following chart details the compensation, contribution and benefit limits for 2016. All limits...more

The Rosenbaum Law Firm Review - October 2015

Bundled vs. Unbundled 401(k) Plan Providers: The Choice Is Not Clear. Not an easy choice. In our lives, there are times when we have two important choices. It's Coke vs. Pepsi, Mac vs. PC, Xbox vs. PlayStation...more

IRS Annual Limits on Qualified Plans

The Internal Revenue Service (IRS) has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely...more

IRS Annual Limits on Qualified Plans

The Internal Revenue Service has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely unchanged...more

Updated Static Mortality Tables Issued for Defined Benefit Pension Plans

In Notice 2015-53, the IRS provided updated static mortality tables for use by defined benefit pension plans under Section 430(h)(3)(A) of the Internal Revenue Code. The new tables apply for purposes of calculating the...more

September and October 2015 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

Recent IRS Guidance Prohibits Lump-Sum Windows for Pension Retirees, Updates Pension Mortality Tables for 2016

The Internal Revenue Service (IRS) recently issued two significant notices for employers that sponsor defined benefit pension plans, particularly those considering lump-sum windows as a “de-risking” option for their plans....more

The ERISA Litigation Newsletter - August 2015

Editor's Overview - As the summer draws to a close, this month's Newsletter previews three cases that the U.S. Supreme Court already has agreed to hear that ought to be of particular interest to ERISA plan sponsors and...more

The IRS Takes Aim at De-Risking of Defined Benefit Plans

Many defined benefit plan sponsors are looking for ways to reduce the on-going liability and the volatility of the annually required contributions to their defined benefit plans, which is sometimes referred to as...more

August and September 2015 Filing and Notice Deadlines for Qualified Retirement and Health and Welfare Plans

Employers and plan sponsors must comply with numerous filing and notice deadlines for their retirement and health and welfare plans. Failure to comply with these deadlines can result in costly penalties. To avoid such...more

IRS Announces Major Changes to its Determination Letter Program for Individually Designed Retirement Plans

On July 21, 2015, the Internal Revenue Service (IRS) issued Announcement 2015-19 (the Announcement), which ends the five year remedial amendment cycles for individually designed plans effective January 1, 2017. For remedial...more

Employee Benefits Alert - July 2015

Major Revisions to Qualified Plan Determination Letter Process Announced - Effective January 1, 2017, the staggered five-year determination letter remedial amendment cycles for individually designed plans will be...more

New IRS Guidance on Lump-Sum Windows

The IRS has changed its position on lump-sum windows for retirees in pay status. On July 9, the Internal Revenue Service (IRS) issued Notice 2015-49, which prohibits sponsors of qualified defined benefit plans from...more

IRS Flip Flops DeRisking Pension Plan Options

The volatility and unpredictability of an employer's obligations under a defined benefit pension plan can have a significant impact on its bottom line. This is especially true of plans with liabilities for pension benefits...more

IRS Moves to Prohibit Lump Sum Windows for Retirees

The IRS issued Notice 2015-49 (the "Notice") on July 9, 2015, effectively ending the ability of sponsors of qualified defined benefit pension plans ("DB Plan") to "de-risk" their plans by offering participants in pay status...more

It's Curtains for Some Lump-Sum Window Programs

On July 9, the Internal Revenue Service (IRS) released Notice 2015-49 to announce it intends to prohibit retirees who are receiving annuity payments from a defined benefit pension plan from electing a lump sum in lieu of the...more

IRS Changes Rules on Lump Sum Window Programs

The Internal Revenue Service (IRS) has surprisingly issued a notice of its intention to amend the required minimum distribution (RMD) regulations under the Internal Revenue Code (Code) to limit the use of lump sum payments to...more

Tax Law Blog: New Procedures to Correct Retirement Plan Mistakes

The IRS has recently modified the Employee Plans Compliance Resolution System (EPCRS) to encourage employers to adopt automatic contribution features, and to detect and correct errors in retirement plans quickly. Revenue...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

IRS Extends Temporary Coverage/Nondiscrimination Testing Relief for Closed Defined Benefit Plans

Under guidance issued in Notice 2015-28, the IRS extended relief from certain coverage/nondiscrimination testing requirements for defined benefit plans that have been closed to new participants but provide ongoing accruals...more

Monthly Benefits Alert - March 2015

Retirement Plans - IRS Modifies its Voluntary Retirement Plan Correction Procedures (EPCRS) - Under the IRS’s Employee Plans Compliance Resolution System (EPCRS), retirement plan sponsors may voluntarily request...more

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