News & Analysis as of

Retirement Plan Internal Revenue Service

Employee Benefits Developments - July 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of July, 2017. Class Action Plaintiffs Target University 403(b) Plans - In June, an ERISA action – a proposed...more

IRS Retirement Plan Guidance Simplifies Pre-Approved Plans and Provides Roadmap for Individually Design Plan Conversion

by Benesch on

In Revenue Procedure 2017-41, the IRS makes significant changes to the procedures that it will use in reviewing and approving “pre-approved” retirement plans. The revenue procedure applies to almost all types qualified...more

Life with Conflict of Interest Starting to be Implemented and Retirement Plan Update

by Winstead PC on

Fee Changes and Disclosures Post Conflict of Interest Regulations Initial Partial Effective Date - The effects of the U.S. Department of Labor’s (“DoL”) conflict of interest or fiduciary regulation and related prohibited...more

IRS Scrutiny of Plan Loans Increases, But IRS Provides Helpful Guidance

by Dickinson Wright on

The Internal Revenue Service has increased its level of scrutiny on the limitations imposed on participant loans from defined contribution retirement plans. Internal Revenue Code Section 72(p) generally limits a participant’s...more

Calendar Year Plans Need to File Form 5500 by Monday, July 31, 2017

by FordHarrison on

Executive Summary: The Form 5500 is an annual report that must be filed for every employee benefit plan that covers 100 or more participants. For calendar year plans, these forms must be filed by July 31, 2017....more

Key Considerations for Asset Managers under the DOL’s Fiduciary Rule

by Ropes & Gray LLP on

On June 9, the long-anticipated compliance date for the U.S. Department of Labor’s fiduciary rule arrived. As a result, many institutions and individuals, including asset managers of open- and closed-end funds,...more

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

Collection of Funds in Individual Retirement Accounts: Are They Really Exempt?

by Clark Hill PLC on

This article explores the assumption that IRAs are fully exempt from attachment by judgment creditors. Recently, Clark Hill argued that a judgment debtor's use of IRA funds for purposes that were not intended by Illinois...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

Advisors Advantage - May 2017

by Ary Rosenbaum on

For Retirement Plan Providers, It's All About Relationships. That is what it's about. The retirement plan business is a relationship driven business. It's about connecting with other plan providers and more...more

New Cash Balance Retirement Plan Guidance

by Dickinson Wright on

On April 7, 2017, the IRS issued a memorandum relating to cash balance retirement plans. A cash balance plan is a defined benefit pension plan which looks like a defined contribution plan because participants have individual...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

IRS takes a look at Cash Balance Formulas for Funny Business

by Ary Rosenbaum on

Throughout my career as an ERISA attorney, I’ve come across actuarial third party recordkeeping firms that push the envelope in cash balance and defined benefit plan designs. I can’t forget the actuaries who still push for...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

IRS Announces End Date for 403(b) Remedial Amendments

Many tax exempt employers sponsor Section 403(b) retirement plans to help their employees save money for retirement. A 403(b) plan offers the ability for an employee to make pre-tax contributions to the plan (similar to the...more

DOL Continues Investigating Defined Benefit Plans Regarding Procedures for Locating Participants and Paying Benefits at Mandatory...

by Jackson Lewis P.C. on

The U.S. Department of Labor (DOL) publicized last year its stepped up enforcement efforts inquiring about procedures used by larger defined benefit plans for locating, and then beginning payment of benefits to, terminated...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

IRS Announcement Mirrors DOL Enforcement Policy; U.S. Chamber of Commerce Still Seeking Injunction from the Fiduciary Rule

Following the Department of Labor’s (“DOL’s”) announcement in Field Assistance Bulletin (“FAB”) 2017-01 that it will temporarily not enforce the provisions of the final fiduciary rule, the Internal Revenue Service (“IRS”)...more

Employee Benefits Developments - March 2017

by Hodgson Russ LLP on

The Employee Benefits practice group is pleased to present the Benefits Developments Newsletter for the month of March, 2017. Company Owner Found Personally Liable for Unpaid Contributions to Union Benefit Funds...more

IRS Sets Deadline for Retroactive Fixes to 403(b) Retirement Plan Documents

In January 2017, the IRS published Revenue Procedure 2017-18 which set March 31, 2020 as the last day to take advantage of the remedial amendment period under Revenue Procedure 2013-22 to retroactively fix defects in 403(b)...more

IRS Issues Substantiation Guidelines for Safe-Harbor Hardship Withdrawals

by McGuireWoods LLP on

Earlier this year, the IRS issued a memorandum setting forth substantiation guidelines for IRS auditors examining whether a 401(k) plan hardship distribution is “deemed to be on account of an immediate and heavy financial...more

Did Hardship Distributions Just Get Easier?

by Snell & Wilmer on

In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant...more

Last Day of Remedial Amendment Period for 403(b) Plans is March 31, 2020

by Jackson Lewis P.C. on

Eligible employers sponsoring Code Section 403(b) retirement plans have until March 31, 2020 to self-correct any defects as to the written form of those plans. In recently issued Revenue Procedure 2017-18, the IRS fixed March...more

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