Administering a retirement plan is a complicated task fraught with potential missteps. Fortunately, employers are now able to self-correct most errors and thereby avoid the considerable time and expense of filing an...more
The SECURE 2.0 Act of 2022 sets forth a number of changes affecting retirement plans that go into effect over several years. This article focuses on key changes for 2024 that may be implemented....more
In response to the continued proliferation of lawsuits against retirement plan fiduciaries, fiduciary liability insurers are raising rates, limiting coverage, and expanding their due diligence of fiduciary processes...more
In Notice 2021-31, the Internal Revenue Service (IRS) provides broad guidance in a question-and-answer format on the application of the American Rescue Plan Act of 2021 (ARP) regarding premium assistance under the...more
6/2/2021
/ American Rescue Plan Act of 2021 ,
Benefit Plan Sponsors ,
COBRA ,
Employee Benefits ,
Employees ,
Employer Group Health Plans ,
Employer Liability Issues ,
IRS ,
Notice Requirements ,
Premium Subsidies ,
Termination Clauses
In response to ongoing pleas for guidance, the Department of Labor (DOL) has published an informal outline expressing its views on how retirement plan administrators should be addressing missing or unresponsive participants....more
The recently enacted COVID-19 Related Tax Relief Act of 2020 and the Taxpayer Certainty and Disaster Tax Relief Act of 2020, both of which are part of the “Consolidated Appropriations Act, 2021,” includes the following...more
1/4/2021
/ Benefit Plan Sponsors ,
CARES Act ,
Consolidated Appropriations Act (CAA) ,
Coronavirus/COVID-19 ,
Department of Labor (DOL) ,
Employee Benefits ,
Employer Group Health Plans ,
Employer Liability Issues ,
IRS ,
New Legislation ,
Relief Measures ,
Retirement Plan ,
Trump Administration
The Departments of Labor (DOL), Health and Human Services (HHS), and Treasury have issued a proposed rule for grandfathered group health plans under the Affordable Care Act (ACA). The proposed rule provides greater...more
The Internal Revenue Service (IRS) recently issued Notice 2020-50 to provide retirement plans with guidance under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The extensive guidance provides helpful...more
6/24/2020
/ 401k ,
Benefit Plan Sponsors ,
CARES Act ,
Certifications ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Popular ,
Repayment Options ,
Retirement Plan ,
Safe Harbors
In response to the COVID-19 pandemic, the Internal Revenue Service (IRS) has issued a notice providing temporary relief from the physical presence requirement for participant elections required to be witnessed by a plan...more
The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) was enacted last year as part of the Further Consolidated Appropriations Act of 2020. The SECURE Act provisions include a number of changes...more
The Internal Revenue Service (IRS) has finalized revisions to the regulations governing hardship distributions under 401(k) and 403(b) plans. The final regulations make some subtle but important changes to the regulations...more
9/25/2019
/ 401k ,
403(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
Filing Deadlines ,
Hardship Distributions ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Natural Disasters ,
New Regulations ,
Notice Requirements ,
Retirement Plan ,
Safe Harbors ,
Tax Planning
Last week, the House of Representatives overwhelmingly passed the “Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019” (H.R. 1994) by a vote of 417-3. The bill makes numerous changes affecting...more
5/29/2019
/ 529 Plans ,
Annual Reports ,
Benefit Plan Sponsors ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Filing Deadlines ,
Form 5500 ,
Income Taxes ,
Individual Retirement Account (IRA) ,
Investment Management ,
Non-Discrimination Rules ,
Part-Time Employees ,
Proposed Legislation ,
Required Minimum Distributions ,
Retirement Plan ,
Safe Harbors ,
Tax Returns
Through Revenue Procedure 2018-52, the Internal Revenue Service (IRS) has updated its system of correction programs for retirement plans known as the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits plan...more
The Internal Revenue Service (IRS) has expanded the determination letter program for individually designed plans. Under Revenue Procedure 2019-20, the IRS will now accept determination letter applications for statutory hybrid...more
Through Revenue Procedure 2018-52, the Internal Revenue Service (IRS) has recently updated its system of correction programs for retirement plans known as the Employee Plans Compliance Resolution System (EPCRS). EPCRS permits...more
10/2/2018
/ 403(b) Plans ,
457(b) Plans ,
Benefit Plan Sponsors ,
Employee Benefits ,
EPCRS ,
Filing Deadlines ,
Filing Requirements ,
Internal Revenue Code (IRC) ,
IRS ,
Retirement Plan ,
Revenue Procedures ,
Tax Audits ,
Tax Penalties ,
U.S. Treasury ,
Voluntary Correction Program
The Internal Revenue Service (IRS) has issued a private letter ruling approving of an employer’s program to provide employees a retirement plan contribution conditioned on student loan repayments. Specifically, the IRS found...more
Sponsors of pre-approved defined contribution retirement plans are generally required to sign new plan documents that incorporate changes required by the Pension Protection Act on or before April 30, 2016. Defined...more
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
The Internal Revenue Service (IRS) has surprisingly issued a notice of its intention to amend the required minimum distribution (RMD) regulations under the Internal Revenue Code (Code) to limit the use of lump sum payments to...more
7/13/2015
/ Annuities ,
Benefit Plan Sponsors ,
Defined Benefit Plans ,
Ford Motor ,
General Motors ,
Internal Revenue Code (IRC) ,
IRS ,
Lump Sum Offers ,
Proposed Amendments ,
Qualified Retirement Plans ,
Required Minimum Distributions
The IRS has provided significant administrative and monetary relief for plans correcting errors involving employee contributions. The changes to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) are set forth in...more
The Internal Revenue Service (IRS) has revised its correction procedures to simplify correction of overpayments in defined benefit plans, make it cheaper to correct plan loan and minimum distribution errors, and provide more...more
As a result of the U.S. Supreme Court’s decision in Tibble v. Edison Int'l, it will now be easier for participants in 401(k) and other participant-directed plans to bring lawsuits challenging investment options added to the...more
In two recent Revenue Procedures, the Internal Revenue Service (IRS) has modified the Employee Plans Compliance Resolution System (EPCRS), the IRS correction program for retirement plans. Revenue Procedure. 2015-27 reduces...more
To simplify the rollover validation process, the Internal Revenue Service (IRS) has issued a new Revenue Ruling 2014-9 that provides guidance on the process for a trustee-to-trustee tax-free rollover between tax-qualified...more
4/4/2014
/ Benefit Plan Sponsors ,
Form 5500 ,
Hiring & Firing ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
New Hires ,
Plan Administrators ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax-Free Transfers