Internal Revenue Service Employee Benefits 401k

The United States Internal Revenue Service is a bureau of the United States Department of the Treasury. The IRS is charged with collecting revenue and enforcing the Internal Revenue Code.  
News & Analysis as of

Employee Benefits Developments - November 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of November, 2016. ACA Information Reporting – Bad News and Good News - First, the bad news: The 2016 final...more

Forfeitures can be a compliance headache

Defined contribution plans such as 401(k) plans have a forfeiture provision if there are contribution in the plan that are not immediately vested. The problem with the forfeiture provision is that they are usually neglected...more

IRS Releases Benefits and Contribution Limits for 2017

The Internal Revenue Service (IRS) recently issued its annual update regarding dollar limitations on contributions and benefits applicable to tax-qualified retirement and welfare plans for 2017. Please see full...more

Alert: IRS Announces Adjusted Plan Limits for 2017

The Internal Revenue Service has announced the 2017 limits that affect the operation of tax-qualified retirement plans, including 401(k) plans, and certain other types of employee benefit plans, including deferred...more

Employee Benefits Developments - October 2016

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of October, 2016. 2017 Benefits Limits Announced - The Internal Revenue Service and Social Security...more

IRS Announces 2017 Pension and Related Limitations

The Internal Revenue Service recently announced the dollar limitations for pension plans and other items beginning January 1, 2017. ...more

IRS Announces 2017 Retirement Plan Limitations – Most Limits Remain Unchanged

The Internal Revenue Service announced the 2017 cost-of-living adjustments to the dollar limitations for qualified retirement plans and other benefits, and the Social Security Administration announced its own cost-of-living...more

IRS Annual Limits on Qualified Plans for 2017

IRS Annual Limits on Qualified Plans for 2017 On October 27, 2016, the Internal Revenue Service released the 2017 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement...more

IRS Announces Benefit Plan Limits and Thresholds for 2017

The Internal Revenue Service (IRS) has announced various 2017 benefit plan limits and thresholds. There are increases from 2016 in some cases, but in other instances the 2016 amounts will continue to apply. Benefit Plans...more

New Self-Certification Procedure for Late Rollovers

The Internal Revenue Service (IRS) has issued Revenue Procedure 2016-47, which provides for a new self-certification procedure for participants who receive retirement plan distributions but inadvertently miss the 60-day time...more

Employee Benefits: ERISA Spring Cleaning - Have You Properly Identified All of Your ERISA Benefits? (5/16)

Why Is It Important To Properly Identify All of Your ERISA Benefits? The Employee Retirement Income Security Act ("ERISA") imposes numerous requirements on covered employee benefit plans, including annual report...more

More DB DC Plan Design Flexibility in Maximizing Benefits for Highly Compensated Employees

Given the subject matter involved, this Alert is very technical and specialized. If your company offers both an active pension plan and a 401(k) or profit sharing plan and performs the general test to satisfy the...more

IRS Requests Comments on New Compliance Questions in Form 5500

The IRS added new compliance questions to the 2015 IRS Form 5500/5500-SF, which is the annual report filed by retirement plans with the Department of Labor and the IRS.  The Form 5500 instructions, however, specifically...more

Employee Benefits Developments - March 2016

Previously, many advisors had been concerned that the Internal Revenue Service (IRS) regulations on safe harbor plan designs covering 401(k) and 403(b) plans may have severely limited the abilities of plan sponsors to adopt...more

The ERISA Litigation Newsletter - March 2016

Editor’s Overview - This month we review the U.S. Supreme Court’s decision in Montanile v. Board of Trustees of National Elevator Industries Health Benefit Plan where the Supreme Court considered the scope of...more

New Compliance Questions in IRS Form 5500 Warrant Screening Reviews of 401(K) Plans During 2016

The IRS recently added new questions to the 2015 Form 5500/5500-SF annual retirement plan returns. The Form 5500-Series returns are used by retirement plans to report the financial condition, investments, and operations of...more

Is Your 401(k) Safe Harbor Plan Amendment Really Safe?

Finally, the IRS has made it clear that a 401(k) safe harbor plan may be amended during a plan year, with certain restrictions, and not lose its safe harbor status, in IRS Notice 2016-16 (the "Notice")....more

New Guidance From IRS Provides Mid-Year Changes To Safe Harbor 401(k) Plans

Prior to the Internal Revenue Services' (IRS) recent issuance of Notice 2016-16 (the Notice), employers that sponsored safe harbor 401(k) retirement plans were uncertain about whether any mid-year changes to their plans would...more

Good News from the IRS on 401(K) Safe Harbor Plans

Safe harbor 401(k) plans are attractive because they are not required to perform annual nondiscrimination testing. In the past, one of the biggest reasons not to offer a safe harbor 401k) plan was the prohibition on changing...more

The ERISA Litigation Newsletter - February 2016

Editor's Overview - This month's article reviews a few non-ERISA cases before the U.S. Supreme Court, which may, depending on the breadth of the decisions, impact ERISA litigation. First, in Spokeo, Inc. v. Robins, the...more

IRS Allows Mid-Year Changes, Further Encouraging Safe Harbor Plans

The IRS has issued new guidance giving sponsors of Safe Harbor 401(k) plans much greater flexibility to amend their plans during a plan year. This is welcome relief from the previous IRS position that had hobbled such plans....more

Employee Benefits: IRS Issues Helpful Guidance Regarding Mid-Year Amendments To Safe Harbor Plans (2/16)

In Notice 2016-16, the Internal Revenue Service issued helpful guidance to employers that sponsor so-called safe harbor 401(k) and 403(b) plans. The guidance significantly expands the types of amendments that may be made to a...more

Most Midyear Safe Harbor Plan Amendments Now Allowed

Many employers offering a retirement plan utilize a safe harbor 401(k) plan for the convenience and level of security afforded to the employer by its use. However, until recently, the IRS has not expressly permitted...more

IRS Provides Welcome Guidance on Mid-Year Amendments to Safe Harbor 401(k) Plans

The IRS recently issued Notice 2016-16 (the “Notice”), which permits most mid-year amendments to safe harbor 401(k) plans.  This is welcome news to sponsors of safe harbor 401(k) plans who, prior to the issuance of the...more

Safe! Mid-Year Changes to Safe Harbor Plans Permitted

The Internal Revenue Service recently issued long-awaited relief to sponsors of safe harbor 401(k) plans. For years, many employers have relied on various safe harbor plans designs to avoid generally applicable...more

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