Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions, the CARES Act provided relief for qualified plans as a result of COVID-19. With respect to qualified defined benefit pension plans, the CARES Act...more
8/31/2020
/ Benefit Plan Sponsors ,
CARES Act ,
Coronavirus/COVID-19 ,
Defined Benefit Plans ,
Employee Benefits ,
Employee Contributions ,
Form 5500 ,
IRS ,
PBGC ,
Pensions ,
Retirement Plan
Seyfarth Synopsis: As Seyfarth has blogged about on multiple occasions, the CARES Act provides participants in tax-qualified retirement plans the opportunity to request distributions on a tax-favored basis by self-certifying...more
Seyfarth Synopsis: The IRS recently issued proposed regulations providing guidance under Internal Revenue Code (“Code”) Section 4960, which provides for an excise tax on tax-exempt organizations that pay certain executives in...more
6/12/2020
/ Compensation & Benefits ,
Employee Benefits ,
Excise Tax ,
Executive Compensation ,
Golden Parachutes ,
Internal Revenue Code (IRC) ,
IRS ,
Popular ,
Tax Cuts and Jobs Act ,
Tax Exempt Entities ,
Tax Planning
On May 1, 2019, the Internal Revenue Service (IRS) issued guidance re-opening its storied determination letter program to hybrid plans and certain plans impacted by plan mergers....more
Hopefully still in time for 2019 plan design discussions, on November 9, 2018, the Department of the Treasury and the Internal Revenue Service (IRS) issued a Notice of Proposed Rulemaking to amend IRS regulations related to...more
11/16/2018
/ 401k ,
403(b) Plans ,
Employee Benefits ,
Hardship Distributions ,
Internal Revenue Code (IRC) ,
IRS ,
New Regulations ,
QMAC ,
QNEC ,
Regulatory Requirements ,
Retirement Plan
The Internal Revenue Service has announced cost-of-living adjustments applicable to dollar limitations for retirement plans and other benefits for 2019. ...more
Seyfarth Synopsis: The Internal Revenue Service released guidance detailing specific procedures qualified retirement plans may utilize to satisfy required minimum distribution standards for missing participants and...more
The Internal Revenue Service (IRS) and Department of Labor (DOL) issued temporary relief on deadlines and procedural requirements applicable to employee benefit plans for employers impacted by Hurricane Harvey.
...more
9/6/2017
/ 401k ,
403(b) Plans ,
457(b) Plans ,
COBRA ,
Defined Contribution Plans ,
Department of Labor (DOL) ,
Employee Benefits ,
Employee Contributions ,
Employer Group Health Plans ,
Form 5500 ,
Hardship Distributions ,
Hurricane Harvey ,
IRS ,
Natural Disasters ,
Reporting Requirements ,
Retirement Plan
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
Seyfarth Synopsis: A recently published IRS memorandum provides that employees of a single-member LLC treated as a disregarded entity must be allowed to participate in a section 403(b) plan sponsored by its parent 501(c)(3)...more
On January 29, 2016, the IRS issued Notice 2016-16, which provides much-needed guidance and flexibility for mid-year amendments to safe harbor plans. The notice provides that a mid-year amendment either to a safe harbor...more
With Announcement 2015-19, the Internal Revenue Service has effectively ended the determination letter program for individually designed qualified plans as of January 1, 2017. Individually designed plans can still obtain...more