News & Analysis as of

Retirement Plan Benefit Plan Sponsors Internal Revenue Service

403(b) Pre-Approved Retirement Plans List

by Bryan Cave on

We’ve recently updated the list of 403(b) pre-approved retirement plans that have received an IRS favorable opinion or advisory letter. A favorable opinion or advisory letter for a 403(b) pre-approved plan means that the IRS...more

Documentation Relief For Hardship Distributions

by Fisher Phillips on

Retirement plans are permitted, but not required, to provide in-service distributions of elective deferrals to participants if they can show financial hardship, which is defined as a hardship that is “deemed to be on account...more

The Time is Right to Contact Recordkeepers About Hardship Substantiation

If your 401(k) plan recordkeeper has not talked to your company lately about hardship distributions, it may be time to reach out to the recordkeeper. The short story is that the IRS recently issued an internal memorandum...more

Protecting Your Qualified Retirement Plan Now that the IRS Determination Program is (Mostly) Closed

A lot has been written over the last few months about what to do now that the IRS has closed its determination letter program for ongoing individually designed tax-qualified retirement plans....more

Administrative Check-Up on Participant Plan Loans

by Poyner Spruill LLP on

The IRS just issued a memo to its auditors approving two different methods for calculating the statutory limitation on available loan amounts when a participant takes a new loan within 12 months of having paid off another...more

ERISA Newsletter - First Quarter 2017

by Proskauer Rose LLP on

After a brief hiatus, Proskauer's ERISA Newsletter is back with a brand new look. We hope you like it and find it is easier to navigate. In addition to implementing our new format, we have moved to a quarterly publication...more

The one thing you should never throw out as Plan Sponsors

by Ary Rosenbaum on

I’m always asked about how long plan sponsors keep records and there is one thing plan sponsors should never throw out, their plan documents....more

Guidance to IRS Examiners on 401(k)/403(b) Hardship Withdrawals

by Seyfarth Shaw LLP on

Substantiation Requirement Clarified for Examination Purposes - Over the past few years, employers and plan administrators have frequently asked how hardship withdrawal requests can/should be substantiated from 401(k)...more

403(b) Remedial Amendment Deadline Finally Set

by Seyfarth Shaw LLP on

On January 13, 2017, the IRS issued guidance setting March 31, 2020 as the last day of the remedial amendment period for 403(b) retirement plans. A remedial amendment period is a time frame during which an employer can...more

IRS Issues First Required Amendments List for Qualified Plans

by Snell & Wilmer on

In a previous blog, we discussed the IRS’ elimination of its five year staggered determination letter cycle for individually designed plans. The IRS recently provided guidance to help sponsors of individually designed plans...more

Newly Proposed IRS Rules Permit the Use of Forfeitures for QNECs and QMACs

by Seyfarth Shaw LLP on

On January 18, 2017, the IRS issued proposed regulations that expand the permitted uses of forfeitures in a 401(k) plan. Under the proposed rules, the definitions of “qualified nonelective contributions” (QNECs) and...more

IRS Relaxes Rules on Use of Forfeitures to Fund Safe Harbor Contributions and QNECs to 401(k) Plans

by Sherman & Howard L.L.C. on

The IRS recently issued welcome guidance for sponsors of 401(k) plans. On January 18th, the IRS issued proposed regulations that permit forfeitures to be used to fund the employer’s safe harbor contributions, qualified...more

Important Changes to the IRS Determination Letter Program for Retirement Plans

by Morrison & Foerster LLP on

The Internal Revenue Service (“IRS”) has modified procedures governing favorable determination letters for individually designed qualified retirement plans, including 401(k), profit sharing, defined benefit, and cash balance...more

Are Individually Designed Retirement Plans Destined to Become Dinosaurs?

by Sherman & Howard L.L.C. on

The Impact of Changes to the IRS Determination Letter Program - This January 2017 will see the last regular IRS determination letter applications filed for individually designed retirement plans. After this final Cycle A...more

Your Business Can Fall A Lot Quicker That It Rose

by Ary Rosenbaum on

One of the business philosophies I learned while working for third party administrator is that it’s a lot easier to lose a client than to gain one. I know that first hand, seeing bad service that gets plan sponsors to fire...more

Qualified Retirement Plan Amendments and IRS Filings — Upcoming Deadlines

by Alston & Bird on

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

IRS Retirement Plan Limitations for 2017

by Miller Canfield on

Recently, the Internal Revenue Service (IRS) issued the updated retirement plan limitations for 2017. IRS Notice 2016-62 sets forth the 2017 limits to amounts that can be deferred under 401(k) plans, 403(b) and 457(b) plans...more

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

by Alston & Bird on

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

by Robinson & Cole LLP on

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

The Rosenbaum Law Firm Review - October 2016

by Ary Rosenbaum on

401(k) Sponsors Say Their Plan is OK, but They Really Have No Idea. They really have no idea. When I was dating my wife, she asked me if I had a good credit score and I said I did. I never checked my credit score, but...more

IRS Restates EPCRS Correction Methods and Procedures

by McDermott Will & Emery on

The Internal Revenue Service recently issued Revenue Procedure 2016-51, a new version of the Employee Plans Compliance Resolution System (EPCRS) to consolidate and update its prior guidance regarding how to correct of errors...more

The IRS Voluntary Compliance Program Is Like Your Parents

by Ary Rosenbaum on

As a child, you’re usually told by your parents that they just want to hear the truth and that telling the truth is going to carry a far less punishment than if you lie and try to hide whatever bad thing you do. The...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

Compensation and Benefits Insights – September 2016

by King & Spalding on

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

Update on the Apparent Demise of the Determination Letter Program

by Bryan Cave on

As we previously reported, the IRS had said last year that determination letter program for retirement plans would largely be going away. Rev. Proc. 2016-37 includes information with respect to the future of the determination...more

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