News & Analysis as of

Qualified Plan Distributions: IRS Issues Guidance on Allocation of After-Tax and Pretax Amounts

Lack of clarity causes frustration. The topic of how to properly allocate the pretax and after-tax amounts attributable to distributions from qualified plan accounts that include Roth 401(a) accounts or after-tax accounts has...more

2015 Cost-of-Living Adjustments for Retirement and Other Benefit Plans

Retirement Plan Limits - The following limits apply to retirement plans in 2015: - The limit on elective deferrals under 401(k) and 403(b) plans has increased to $18,000 in 2015. - The annual limit on...more

Tax Law Blog: 2015 Retirement Plan Limits Announced

Every year, about this time, the IRS calculates the cost of living increases, and determines whether the change is enough to trigger an adjustment to the statutory limit/threshold for various areas, including retirement...more

Mitigating Longevity Risk in DC Plans

401(k) participants face the risk of outliving retirement assets. However, earlier this month, the Internal Revenue Service and the Treasury Department issued final regulations that make it easier for 401(k) plans, individual...more

Recent Employee Benefits Developments

Amending Retirement Plans to Recognize Same-Sex Marriages Plan sponsors need to review retirement plan documents and operations to determine whether changes are needed in response to last year's Supreme Court decision in U.S....more

Update on 401(k) Plan Errors

The Internal Revenue Service (“IRS”) recently updated its informal guidance about 401(k) plan errors. The updated materials contain simple guidance that is helpful for both identifying and correcting mistakes and avoiding...more

New Rules for IRS Relief on Late Form 5500 Filings

Form 8955-SSA Required to Correct Late Form 5500. The IRS recently issued a new rule for late Form 5500 filings on qualified retirement plans (such as 401(k) plans, ESOPs or pension plans) using the Department of Labor’s...more

IRS Issues Guidance on Recognition of Same-Sex Marriage Under Tax-Qualified Retirement Plans

On April 4, 2014, the Internal Revenue Service issued Notice 2014-19 providing guidance on the application of the U.S. Supreme Court’s decision in United States v. Windsor (“Windsor”) to tax-qualified retirement plans (such...more

Is There An Elephant In The Room?

401(k) Plan documents can read like Russian novels. They are often long and difficult to understand, so it’s no surprise that administrative errors in operating such plans happen frequently. Common errors include omitting or...more

The Law Firm Review - January 2014

Future Threats That a 401(k) Plan Sponsor Should Be Aware Of. What might be good today, may not be good tomorrow. What was good yesterday might not be a good today. Asbestos was a great fireproof building...more

New Opportunities For In-Plan Roth Rollovers

In furtherance of Section 902 of the American Taxpayer Relief Act of 2012 (ATRA), the Internal Revenue Service (IRS) recently issued Notice 2013-74 updating prior IRS guidance regarding so-called “in-plan” Roth conversions...more

IRS Provides New Guidance on In-Plan Roth Rollovers

On December 11, 2013, the IRS issued IRS Notice 2013-74 which provides guidance on in-plan Roth rollovers. An in-plan Roth rollover is a rollover within a Section 401(k), Section 403(b) or governmental Section 457(b) plan to...more

IRS Issues In-Plan Roth Rollover Guidance

The Internal Revenue Service has issued long-awaited guidance regarding the ability for participants in section 401(k), 403(b), and governmental 457(b) plans to convert balances from pre-tax and after-tax sources into Roth...more

Monthly Benefits Update - November 2013

Health & Welfare Plans - Health Care Reform: Supreme Court Grants Review to Two Cases Challenging ACA’s Contraception Coverage Mandate - The United States Supreme Court has agreed to hear two cases challenging...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

Tax-Qualified Retirement Plans: Amendments and Other Year-End Action Items - 11/21/2013

Plan sponsors should consider whether they need to make certain plan amendments or provide certain plan notices prior to the end of the year. The end of the year marks the deadline by which sponsors of qualified...more

IRS Proposes New Rules on Indian Fishing Rights Income for Retirement Plans

On November 15, 2013, the Internal Revenue Service published a notice of proposed rule making (NPRM) along with proposed regulations regarding the treatment of certain income derived from Indian fishing rights-related...more

IRS Permits Mid-Year Changes to 401(k) Safe Harbor Contributions

On November 14, 2013, the Internal Revenue Service issued final regulations that permit mid-year reductions or suspensions of safe harbor nonelective contributions, and that modify the rules permitting mid-year reductions or...more

2014 COLAs For Employee Benefit Plans

The Internal Revenue Service has announced the 2014 cost of living adjustments to various limits on employee benefit plans. The adjusted amounts generally apply for plan years beginning in 2014. ...more

IRS Announces Employee Benefit Plan Limits for 2014

The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans for 2014. Although many dollar limits currently in...more

Plan Sponsors of 401(k) Plans/Pension Plans: Must Recognize Same Sex Married Couples Effective September 16, 2013

On August 29, 2013, the Internal Revenue Service (IRS) ruled that for federal tax purposes, spouse includes an individual who is legally married to a same-sex individual under state law. This Revenue Ruling 2013-17 has a...more

Next Stop: IRS Compliance Checks Of Non-Governmental 457(b) Deferred Compensation Plans

Recently the Employee Plans Compliance Unit (EPCU) of the Internal Revenue Service completed an informal compliance check of 401(k) plans conducted via an extensive written questionnaire sent to plan sponsors. ...more

Compliance Corner: Review of IRS 2013 Audit Priorities

Although the Internal Revenue Service (IRS) is engaged in a variety of ongoing qualified plan compliance, education and audit projects, it is targeting certain types of retirement plans and activities in 2013....more

It Takes Only One Participant To Sink A Retirement Plan Sponsor

I am a fan of the original Highlander movie with Christopher Lambert and Sean Connery. The subsequent sequels and television series make the cannon of the series nonsensical, but I do love the original. Maybe it’s because of...more

Amendment of Public Company ESOPs may be Required

Many public companies allow their employees to invest a portion of their retirement plan balances in company stock. By making a company stock fund an available investment in a 401(k) plan, employees may share the potential...more

30 Results
|
View per page
Page: of 2