The IRS recently issued guidance on the tax treatment, withholding and reporting for required distributions from tax-qualified retirement plans. Plan sponsors should contact their retirement vendors and trustees to ensure...more
10/22/2019
/ 401k ,
Benefit Plan Sponsors ,
Employee Benefits ,
Income Taxes ,
Individual Retirement Account (IRA) ,
IRS ,
New Guidance ,
Reporting Requirements ,
Retirement Plan ,
Revenue Rulings ,
Tax Code ,
Tax Liability ,
Tax Planning ,
Taxable Distributions ,
Trustees ,
Vendors ,
Withholding Requirements
In 2018, the Treasury Department and the IRS issued new hardship distribution rules applicable to defined contribution plans, and many plans have begun administering these new rules. While plan sponsors may want to wait for...more
7/10/2019
/ 401k ,
Benefit Plan Sponsors ,
Bipartisan Budget Act ,
Defined Contribution Plans ,
Employee Benefits ,
Hardship Distributions ,
IRS ,
New Rules ,
QMAC ,
QNEC ,
Retirement Plan
The Internal Revenue Service and the Security Summit partners recently issued a news release outlining the “Security Six,” a list of essential steps to protect stored employee information on networks and computers. Employee...more
The new Disaster Tax Relief and Airport and Airway Extension Act of 2017 provides additional relief and flexibility for retirement plan participants impacted by recent hurricanes, including relaxed rules for plan...more
The Department of Treasury and Internal Revenue Service issued final regulations addressing the minimum present value requirements for pension benefits payable partly as an annuity and partly in an accelerated form, usually a...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
On July 21, 2015, the Internal Revenue Service (IRS) issued Announcement 2015-19 (the Announcement), which ends the five year remedial amendment cycles for individually designed plans effective January 1, 2017. For remedial...more
8/4/2015
/ Benefit Plan Sponsors ,
Comment Period ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Determination Letter ,
Internal Revenue Code (IRC) ,
IRS ,
New Guidance ,
Retirement Plan ,
Section 401 ,
U.S. Treasury
Recently the Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the...more
The U.S. Department of the Treasury (Treasury) and Internal Revenue Service (IRS) recently released long-awaited final regulations (the Final Regulations) with respect to market rates of return and related Pension Protection...more
Recent IRS guidance clarifies a number of outstanding questions regarding “in-plan conversions” of non-Roth balances to Roth balances in 401(k), 403(b) and governmental 457(b) plans. In particular, the guidance confirms that...more
New guidance issued by the U.S. Department of Labor (DOL) aims to help participants and beneficiaries with the “decumulation” phase of retirement planning by requiring sponsors to provide illustrations of lifetime retirement...more