The IRS has long permitted sponsors of individually designed pension and 401(k) retirement plans qualified under Section 401(a) of the Code to obtain a favorable determination letter on the status of their tax-qualified...more
The Internal Revenue Service (IRS) issued Revenue Procedure 2021-30, which provides an updated version of the Employee Plans Compliance Resolution System (EPCRS). EPCRS is the IRS’s comprehensive program for plan sponsors to...more
8/25/2021
/ Audits ,
Benefit Plan Sponsors ,
Corporate Counsel ,
Employee Benefits ,
EPCRS ,
Internal Revenue Code (IRC) ,
IRS ,
Overpayment ,
Retirement Plan ,
Revenue Procedures ,
Self-Correction Programs ,
Voluntary Correction Program
The Internal Revenue Service (IRS) recently issued Rev. Rul. 2020-24 and Rev. Proc. 2020-46 to provide direction with respect to qualified plan distributions paid to a state unclaimed property fund (i.e., an escheatment of...more
The Internal Revenue Service recently issued questions and answers regarding the special distribution, rollover and loan provisions for tax-qualified retirement plans under the Coronavirus Aid, Relief and Economic Security...more
Due to an Internal Revenue Service (IRS) change in course published in Notice 2019-18, plan sponsors may now offer retirees lump-sum windows as another pension “de-risking” option. Plan sponsors considering pension de-risking...more
The US Department of the Treasury recently issued guidance that retirement plan sponsors should consider as part of their obligation to take reasonable steps to locate missing participants. Specifically, the Treasury issued a...more
In Depth -
Beginning with W-2 forms filed with respect to 2016 wages, a new law requires employers to file the government copy by January 31, 2017, for both paper and electronic copies. The accelerated deadline also...more
In Depth -
Recent reports show that the number of retirement plan audits by government agencies is increasing. A survey released by Willis Towers Watson indicates that one in every three plan sponsors has experienced a...more
In Depth -
The IRS and US Department of Treasury have issued final and temporary regulations which address benefit and self-employment tax issues regarding partners in a partnership which is the sole owner of a second,...more
The Internal Revenue Service (IRS) recently issued Notice 2016-16, which provides safe harbor 401(k) plan sponsors with increased flexibility to make mid-year plan changes. Notice 2016-16 sets forth new rules for when and...more
The Internal Revenue Service (IRS) recently issued two significant notices for employers that sponsor defined benefit pension plans, particularly those considering lump-sum windows as a “de-risking” option for their plans....more
9/3/2015
/ Benefit Plan Sponsors ,
De-Risking ,
Defined Benefit Plans ,
Funding Requirements ,
Internal Revenue Code (IRC) ,
IRS ,
Lump Sum Offers ,
Lump Sum Payments ,
New Guidance ,
PBGC ,
Pensions ,
Private Letter Rulings ,
Section 401 ,
U.S. Treasury
The Internal Revenue Service recently established a one-year pilot program that provides plan administrators and plan sponsors of certain non-ERISA and foreign plans subject to the annual Form 5500 reporting requirements...more
The Internal Revenue Service (IRS) recently released new final regulations under Section 83 of the Internal Revenue Code (the Code) that confirm several positions that it has successfully taken in litigation about what is ...more