Employee Benefits and Executive Compensation: Getting Ready for 2024 - Qualified Plans — Special Edition Podcast
How to Prepare for the IRS’s “New 90-Day Pre-Examination Compliance Pilot” Audit Process
Correcting Problems With Your Retirement Plan
Every six years, all preapproved defined contribution retirement plans (such as 401(k) plans) must be restated in new plan documents that have fresh approval from the Internal Revenue Service (IRS). The deadline to adopt the...more
Retirement plan sponsors should be aware of a new Internal Revenue Service (IRS) pilot program, which permits plan sponsors to conduct a pre-examination “check-up” of retirement plan administration before the IRS begins a...more
In response to the continued administrative difficulties due to the COVID-19 pandemic, recent Internal Revenue Service (IRS) guidance extends additional retirement plan deadlines for 2020...more
On May 28, 2020, the Internal Revenue Service (IRS) released an advanced version of Notice 2020-35, which amplifies the relief it had previously provided from deadlines for certain time-sensitive actions. The relief offered...more
IRS Notice 2020-35 is a follow-on to Notice 2020-23 that provided for a wide range of pension filings and actions that were otherwise due between April 1 and July 14, 2020 that were extended until July 15, 2020. ...more
The United States Internal Revenue Service (the “IRS”) has released Revenue Procedure 2019-39, which sets forth a March 31, 2020 deadline by which tax-qualified 403(b) plans must have plan documents that fully comply with the...more
Section 403(b) plans must be maintained pursuant to a written plan document that meets detailed requirements set forth in IRS regulations. If a plan contains a defect as to form (e.g., a provision does not comply with the...more
On April 19, 2019, the Internal Revenue Service (“IRS”) released Revenue Procedure 2019-19 (the “Revenue Procedure”) and a separate IRS Release (the “Release”) updating the Employee Plans Compliance Resolution System...more
In guidance issued on April 19, 2019, the IRS expands the situations in which retirement plan sponsors can self-correct compliance failures without first having to seek IRS approval or paying a fee. Employers should be aware...more
On April 19, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-19, which updates its Employee Plans Compliance Resolution System (EPCRS). The new EPCRS significantly expands the use of retroactive plan...more
In Revenue Procedure 2019-19 effective April 19, 2019, the IRS expanded a plan sponsor’s ability to Self-Correct certain retirement plan failures. This expansion makes it easier for plan sponsors to fix retirement plan...more
PBGC v. Findlay Industries, Inc.: Sixth Circuit Expands Controlled Group and Successor Liability - In Pension Benefit Guaranty Corporation v. Findlay Industries, Inc. et al., the Sixth Circuit ruled that a family trust which...more
Starting April Fools’ Day, all Voluntary Correction Program (VCP) submissions and fee payments under the IRS’s Employee Plans Compliance Resolution System (EPCRS) must be made online; the IRS will no longer process paper VCP...more
On September 28, 2018, the IRS released Revenue Procedure 2018-52. The Revenue Procedure makes changes to the IRS Employee Plans Compliance Resolution System (“EPCRS”), which is the IRS’ comprehensive correction program for...more
Through Revenue Procedure 2018-52, the Internal Revenue Service (IRS) has recently updated its system of correction programs for retirement plans known as the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits...more
New Guidance Affects Wellness Program Design - Over the last several months, the Equal Employment Opportunity Commission (“EEOC”) and the Internal Revenue Service (“IRS”) have provided additional guidance regarding the...more