Qualified Retirement Plans Benefit Plan Sponsors

News & Analysis as of

Coverage is always the biggest problem

When you look at the problems of retirement plans, one that gets short shrift is coverage and that is one of the pillar of qualified plans needed to be fulfilled in order to be a qualified plan. It’s a forgotten rule of...more

Qualified Retirement Plan Amendments and IRS Filings — Upcoming Deadlines

This advisory reminds plan sponsors of deadlines for amending qualified retirement plans and for submitting certain plans to the IRS for a determination letter, as well as other significant changes to the determination letter...more

2016 End of Year Plan Sponsor “To Do” List Qualified Retirement Plans (Part 3)

As 2016 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. Like last year, we are presenting our “To Do” Lists in three separate Employee Benefits Updates. Part 1 of...more

Do You Need to Send an Annual Notice to Plan Participants? If So, You May Need to Do So by December 1, 2016*

Plan sponsors of defined contribution qualified plans may need to issue one or more annual notices to participants before the end of each plan year. Failure to issue a required annual notice can have significant consequences....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

November and December 2016 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 and Treasury Department Seek Input on How Plan Sponsors Can Avoid Plan Document Problems

On September 16, 2016, the IRS and the Department of the Treasury requested public comment on ways the IRS and Treasury “can improve compliance…by making it easier for plan sponsors to satisfy requirements for qualified plan...more

IRS Clarifies Instructions for Form 5500 Reporting of RMD Failures

Certain employee benefit plans, including qualified retirement plans, must file an annual return/report on Form 5500 with the Department of Labor, which is shared with the IRS. Each year discreet changes are typically made...more

Major Changes in IRS Determination Letter Program Take Effect in 2017

As we reported earlier this year, the Internal Revenue Service (IRS) is making significant changes to its determination letter program for tax-qualified retirement plans. Last month, the IRS issued Revenue Procedure 2016-37...more

IRS Moves Forward with Plan to Change the Determination Letter Process

In 2015, the Internal Revenue Service (IRS) announced that it would cut back the determination letter program for qualified retirement plans. In Revenue Procedure (Rev. Proc.) 2016-37, published June 29, 2016, the IRS has...more

A Blueprint for Maintaining an Individually Designed Qualified Plan after the IRS’s Determination Letter Program Cutback

In Depth - On June 29, 2016, the Internal Revenue Service (IRS) officially sounded the death knell for the five-year remedial amendment cycle with its release of Revenue Procedure 2016-37. Effective January 1, 2017,...more

The Grisly Death of Determination Letters for Individually Designed Plans

The Internal Revenue Service (IRS) announced last year that it would end its staggered five-year remedial amendment cycle system for individually designed retirement plans under the determination letter program due to...more

April and May 2016 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

How Does the Supreme Court’s Obergefell Decision Affect Your Employee Benefit Plans?

The short answer: No plan amendments are required, but certain plan amendments and operational changes are permitted, and certain operational changes may be required....more

The IRS Retirement Plan Determination Letter Program – The IRS Taketh and Then Giveth (Some Transition Guide)

Last July, in Announcement 2015-19, the IRS announced that it was terminating its determination letter program for individually designed qualified retirement plans, other than for new or terminating plans. This week, in...more

IRS Issues Guidance on Determination Letter Program

Last year, the Internal Revenue Service (IRS) announced significant changes to its determination letter program for tax-qualified retirement plans. In Announcement 2015-19, the IRS eliminated the staggered 5-year remedial...more

2015 End of Year Plan Sponsor “To Do” List Part 2 – Qualified Retirement Plans

As 2015 comes to an end, we are pleased to present you with our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are presenting our “To Do” Lists in three separate SW Benefits Updates. Part 1 of the series...more

November and December 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

Tax and Employee Benefits Alert: Important April 30, 2016 Deadline to Adopt Updated Pre-Approved Defined Contribution Retirement...

All employers who are using a pre-approved form for their 401(k), profit sharing, or other defined contribution plan must sign updated documents on or before April 30, 2016 to preserve the tax-qualified status of the plan. ...more

IRS Takes First Steps Towards Revamping Qualified Plan Determination Letters

Action Item: The IRS has taken the first steps towards what is likely to be the end of the determination letter program for individually designed qualified plans. The determination letter has been the cornerstone of...more

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 eliminated, the IRS announced in Announcement 2015-19. Additionally, according to the...more

Approval Process Disapproved: IRS Curtails the Determination Letter Program

The Internal Revenue Service (the “IRS”) on July 21, 2015, issued Announcement 2015-19, describing important changes to the determination letter program for individually designed tax-qualified retirement plans. These changes...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 Significantly Curtails Determination Letter Program for 401(k) and Other Tax-Qualified Retirement Plans

On July 21, 2015, the Internal Revenue Service (IRS) issued IRS Announcement 2015-19 stating that the determination letter program for individually designed tax-qualified retirement plans (plans that are not based on...more

IRS Determination Letters No Longer Available After 2016

The IRS recently announced significant changes to its determination letter program that will become effective January 1, 2017. These changes essentially eliminate determination letters for individually designed plans that are...more

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