Members of Kilpatrick’s Employee Benefits and Investment Management Teams recently presented a webinar on the topic of “Optimizing Retirement Plan Investment Committee Performance.” The discussion was focused on helping...more
Kilpatrick Townsend partners Lois W. Colbert and Sterling Perkinson recently presented a webinar focused on new rules for correcting compliance issues for 401(k) and profit-sharing plans, 403(b) plans, and defined benefit...more
Emergency Withdrawals. Participants in defined contribution plans (profit sharing, 401(k), and 403(b) plans) could access their retirement savings now if plans are amended to allow coronavirus-related withdrawals....more
On August 21, 2018, Treasury and IRS released Notice 2018-68, their initial guidance on the application of Code section 162(m) after Tax Reform (including the operation of the grandfather provision for compensation required...more
In a recent memorandum to employee plan auditors, the IRS prescribes missing participant search procedures for 403(b) plans (the “Memo”). Locating missing participants (and beneficiaries) often arises as an issue for 403(b)...more
One week ago the Republicans’ Tax Bill H.R. 1, the “Tax Relief and Jobs Act,” was released. Section 3801 of that bill proposed to significantly curtail deferred compensation arrangements by replacing Internal Revenue Code...more
Retirement Plan Limits -
The IRS updated very few of the retirement plan limits effective for the plan year that begins on or after January 1, 2018.
Social Security Tax and Wage Base -
For calendar year 2018, the...more
In Revenue Procedure 2017-8, the IRS announced that the remedial amendment period (“RAP”) for 403(b) plans would end on March 31, 2020. A RAP is a period in which a plan can be amended retroactively to comply with the...more
In July of 2015, the IRS announced that it would end its regular determination letter program for individually designed plans effective January 1, 2017. At the time of this announcement, many plan sponsors and other...more
On January 4, 2016, the IRS issued Revenue Procedure 2016-8, which provides guidance for complying with the user fee program of the Voluntary Correction Program (VCP). Effective February 1, 2016, the fees for a VCP filing for...more
The IRS updated very few of the retirement plan limits effective for the plan year that begins on or after January 1, 2016. A comparison of the 2016 and 2015 limits is listed below.
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