News & Analysis as of

Final regulations on qualified longevity annuity contracts

An ongoing focus for the IRS and the DOL has been trying to ensure that individuals have a regular stream of income for the duration of their lives. In connection with this goal, in July of this year, the IRS released final...more

PBGC Issues Final Regulations Regarding Rollovers from Defined Contribution Plans to Pension Plans

The PBGC has recently initiated efforts to enhance retirement security for Americans by promoting lifetime income options (i.e., annuitized benefits). As part of these efforts, as well as those of the IRS and U.S. Department...more

IRS and DOL Issue Guidance on Including Deferred Annuities in Target Date Funds

Guidance addresses nondiscrimination, qualified default investment alternative, and annuity safe harbor rules. On October 24, the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) each issued...more

New IRS Rules on Direct Rollovers of Taxable and Non-Taxable Amounts Require Changes to Defined Contribution Plan Administration...

The Internal Revenue Service (IRS) recently released guidance allowing participants to allocate the taxable and non-taxable portions of a single distribution from a defined contribution retirement plan into separate accounts....more

2015 Cost-Of-Living Adjustments Applicable To Employee Benefit Plans

Elective Deferral Contributions: For the 2015 calendar year, the annual limitation under Code section 402(g)(1) on the amount of elective deferrals to Code section 401(k) plans, Code section 403(b) plans, and Code section...more

IRS Increases Maximum Employee Contribution to Health Care FSAs for 2015

The IRS announced yesterday that the maximum annual employee contribution to a health care flexible spending account plan is increasing by $50 to $2,550 for 2015 (up from the $2,500 limit that has applied since 2013)....more

IRS and DOL Issue Favorable Guidance on Lifetime Income Provided Through Target Date Funds in Retirement Plans

On October 23 and 24, the Internal Revenue Service (IRS) and the Department of Labor (DOL) issued coordinated guidance on lifetime income provided through target date funds held by retirement plans. According to an...more

Treasury Department and IRS Allow Lifetime Annuity Contracts as Investments by Target Date Funds

Last week, the IRS issued Notice 2014-66, providing a special rule that allows defined contribution pension plans to give participants a lifetime annuity income option by offering target date funds ("TDFs") that include...more

IRS Announces 2015 COLA Increases for Dollar Limitations on Benefits and Contributions

On October 23, 2014 the Internal Revenue Service (IRS) announced the cost-of-living adjustments impacting tax-qualified pension plans for 2015. The increase in the cost-of-living index met the statutory thresholds that...more

IRS Issues 2015 HSA Contribution Limits

Each year, the IRS issues contribution limits for Health Savings Accounts for the upcoming year. The 2015 contribution limits are outlined below....more

Does your Company’s Retirement Plan Need to be Restated?

Between May 1, 2014 and April 30, 2016, all pre-approved defined contribution plans (e.g. most 401(k), profit sharing, money purchase and other qualified plans) must be restated to reflect the provisions of the Pension...more

Where Oh Where Could They Be? Finding Missing Participants Under the New DOL Guidance

The U.S. Department of Labor (DOL) has issued updated guidance on locating missing participants in a terminated defined contribution plan. The guidance reflects the discontinuance of the IRS and SSA letter forwarding...more

IRS Seeking Comments on Business Hardship Rules for Safe Harbor Defined Contribution Plans

The IRS is seeking comments on rules that permit sponsors of 401(k) plans to reduce or suspend safe harbor contributions in the middle of the plan year. As we wrote in a previous alert, under rules issued in November of 2013,...more

IRS Modifies Required Minimum Distribution Rules to Permit Purchase of Longevity Annuities in Defined Contribution Plans

The IRS has issued final regulations modifying the required minimum distribution rules that apply to defined contribution retirement plans to accommodate the purchase of annuities known as qualifying longevity annuity...more

DOL Updates Procedures for Locating Missing Participants in Defined Contribution Plans

The U.S. Department of Labor recently released Field Assistance Bulletin 2014-01 (the “FAB”), which updates DOL’s guidance on locating missing participants when a defined contribution plan, such as a 401(k) plan, is...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

Final Regulations Allow Retirement Plan Payments for Accident, Health and Disability Insurance

On May 9, 2014, the Internal Revenue Service finalized regulations that govern the tax treatment of payments made by retirement plans to pay accident or health insurance premiums. Under the final regulations, accident or...more

Religious Institutions Update - Lex Est Sanctio Sancta

"Church plans" are pension plans (including defined benefit or defined contribution plans) exempt (without an irrevocable election) from many of the legal requirements of the Employee Retirement Income Security Act (ERISA)...more

IRS Issues Final Regulations on Suspending or Reducing Safe Harbor 401(k) Contributions

The U.S. Department of Treasury and the Internal Revenue Service have issued final regulations providing guidance on permitted midyear reductions or suspensions of safe harbor nonelective and safe harbor matching...more

IRS and DOL Guidance Clarifies Employee Benefits Impact of Supreme Court’s DOMA Ruling

Recent guidance issued by the U.S. Department of the Treasury, the Internal Revenue Service (IRS) and the Employee Benefits Security Administration (EBSA) division of the U.S. Department of Labor (DOL) provides some initial...more

Monthly Benefits Update - May 2013

Health Care Reform: Agencies Issue Final Regulations on Wellness Programs Under ACA - The Internal Revenue Service (IRS), Department of Labor (DOL), and the Department of Health and Human Services (HHS) finalized...more

The IRS's Retirement Plan Correction Program Has Been Updated and Expanded

On December 31, 2012, the IRS issued Revenue Procedure 2013-12, which updates and expands the IRS's Employee Plans Compliance Resolution System (EPCRS) – the IRS's "fix-it" program for retirement plan errors. Every few years,...more

DOL, IRS, and HHS Put the Brakes on Stand-Alone HRAs Used to Access Health Insurance Coverage in the Individual Market

In a set of Frequently Asked Questions (FAQs) posted to the Department of Labor’s website on January 24, the Departments of Health and Human Services, Labor, and Treasury (the “Departments”) put a stop to an approach to...more

IRS Announces Cost of Living Adjustment (COLA) Limits for 2013 Applicable to Retirement Plans

The Internal Revenue Service has announced cost of living adjustments (COLA) applicable to dollar limitations for retirement plans for 2013. Employers should make sure that the individuals in charge of their payroll...more

IRS Updates Employee Plans Compliance Resolution System

The Internal Revenue Service (IRS) recently updated the Employee Plans Compliance Resolution System (EPCRS), the comprehensive system of correction programs for sponsors of qualified retirement plans. The components of EPCRS...more

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