Retirement Plan Internal Revenue Service Employee Benefits

News & Analysis as of

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

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

Employee Benefits Developments February 2016

IRS Issues Guidance Regarding Application of ACA Fee to Expatriate Health Plans. Section 9010 of the Affordable Care Act (ACA) imposes an annual fee on covered entities engaged in the business of providing health insurance...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

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

February 2016 IRS Issues Notice on Midyear Changes to Safe Harbor Plans and Safe Harbor Notices

On January 29, 2016, the Internal Revenue Service (IRS) released Notice 2016 - 16 , which provides, effective immediately, significant relief with respect to the ability of a plan sponsor to make midyear changes to a safe...more

IRS Relaxes Rules for Mid-Year Changes

Since its availability, many 401(k) plan sponsors, particularly smaller employers have adopted a “Safe Harbor” plan design under Code Section 401(k)(12) or (13) and 401(m)(11) or (12). Safe Harbor plan designs include both a...more

IRS Issues Guidance on Application of Obergefell Decision to Benefit Plans

This past June, the United States Supreme Court held in Obergefell v. Hodges, 576 U.S. ___, 135 S.Ct. 2584 (2015), that the Fourteenth Amendment (i) requires a state’s civil marriage laws to apply to same-sex couples on the...more

IRS Retirement Plan Limitations for 2016

The Internal Revenue Service (IRS) has issued the new 2016 retirement plan limitations. In this announcement, the IRS sets forth the limits of the amounts that can be deferred under 401 (k) plans, 457 (b) plans and the...more

IRS Announces 2016 Retirement Plan Limitations – Most Limits Remain Unchanged

The Internal Revenue Service announced the 2016 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

2016 Cost of Living Increases are Rare

On October 21, 2015, in Information Release 2015-118, the IRS announced cost-of-living adjustments to various dollar limitations under the Internal Revenue Code (the "Code") for pension plans and other related items for the...more

2016 Cost-of-Living Adjustments for Retirement and Other Benefit Plans

The IRS recently announced the 2016 cost-of-living adjustments to various benefit and contribution limits applicable to retirement plans and welfare plans. Most retirement plan limits have not changed because increases in the...more

Alert: IRS Announces Adjusted Plan Limits for 2016

The Internal Revenue Service has announced the 2016 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

IRS Announces 2016 Dollar Limitations for Retirement Plans

On October 21, 2015, the IRS announced the 2016 dollar limitations for retirement plans based on the applicable cost-of-living adjustment guidelines. The retirement plan limitations generally will not change for 2016 because...more

IRS Annual Limits on Qualified Plans

The Internal Revenue Service (IRS) has released the 2016 cost of living adjustments affecting dollar limits on benefits and contributions under qualified retirement plans and health savings accounts, which are largely...more

IRS Releases Inflation Adjustments for 2016

Each year, the IRS calculates cost of living and inflation adjustments and determines how much certain limits and thresholds should be adjusted, if at all, for the upcoming tax year. The IRS released Revenue Procedure 2015-53...more

IRS Announces Employee Benefit Plan Limits for 2016

Recently the Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the...more

Benefit and Contribution Limits for 2016

The Commissioner of Internal Revenue announced yesterday that the dollar limitations for benefits and contributions that apply to retirement plans generally will not change for 2016 because the increase in the cost-of-living...more

2016 Benefit Plan Limits and Thresholds: Few Changes from 2015

The Internal Revenue Service (IRS) has announced various 2016 benefit plan limits and thresholds. In most cases, there are no changes from 2015. According to the IRS, in general, the retirement plan limitations will not...more

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