On August 25, 2023 the Internal Revenue Service issued Notice 2023-62, which provides a critical 2-year delay in the enforcement of new retirement plan Catch-up Contributions rules passed under the Secure 2.0 Act of 2022....more
9/14/2023
/ 401k ,
403(b) Plans ,
Employee Benefits ,
Employee Contributions ,
Employer Contributions ,
FICA Taxes ,
Individual Retirement Account (IRA) ,
IRS ,
Retirement ,
Retirement Plan ,
SECURE Act
Ensuring Eligibility is Key -
Of California’s more than 75 public health care districts, a significant number of them maintain Internal Revenue Code (IRC) section 403(b) plans. The question is: of those that have them, are...more
A recently issued IRS private letter ruling may provide public agencies and their employees with another way to give employees more control over the types of retirement benefits they will eventually receive....more
Based on numerous requests for plan documents from public agency clients, we know that many cannot find complete sets of their historical and current retirement plan documents that are properly authorized, signed and dated....more
There are several tools that can be used to correct or fix governmental plan problems.
First, some classification. Practically all the retirement plans we discuss are “tax-advantaged” in one form or another. However,...more
12/6/2019
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Annuities ,
Deferred Compensation ,
Employee Benefits ,
EPCRS ,
Internal Revenue Code (IRC) ,
IRS ,
Plan Administrators ,
Public Employees ,
Retirement Plan ,
State-Sponsored Retirement Plans ,
Tax Favored Programs ,
Tax Planning
Due to the IRS’ different treatment of private sector and public agency boards of directors, it comes as little surprise that many California special districts and public agencies continue to classify their board members as...more
7/23/2019
/ 1099s ,
Board of Directors ,
Common Law Test ,
Compensation & Benefits ,
Independent Contractors ,
IRS ,
Misclassification ,
Payroll Taxes ,
Public Agencies ,
Public Officials ,
Risk Management ,
Tax Liability ,
Tax Planning ,
Wage and Hour
Within the last few days, we have received a number of emails and calls from public agency clients stating that the IRS wrote them to demand an Employer Shared Responsibility Payment amounting to millions of dollars. ...more