News & Analysis as of

403(b) Plans

The Budget Act Relaxes Hardship Withdrawal Rules, But Some Changes May Not Apply to 403(b) Plans

On Feb. 9, 2018, Congress passed, and the president signed, the Bipartisan Budget Act of 2018 (the “Budget Act”). As we previously discussed here, the Budget Act contains a number of provisions that affect qualified...more

403(b) University Cases Move Forward: Cassell v. Vanderbilt University

by McDermott Will & Emery on

A lawsuit against Vanderbilt University is moving forward based on allegations that the university and its fiduciaries mismanaged its retirement plan by paying excessive fees and maintaining poor investment options....more

Retirement Plans: The Fiduciary Landscape and Best Practices to Avoid Liability for Plan Investments

by Steptoe & Johnson PLLC on

The landscape surrounding retirement plans maintained by institutions of higher education has been changing in recent years, although certain critical responsibilities that are imposed on plan sponsors have been in place...more

RMDs: Another Concern for 403(b) Plans

by McNair Law Firm, P.A. on

Section 403(b) of the Internal Revenue Code of 1986, as amended (the “Code”) authorizes a type of retirement plan that can be sponsored by certain tax exempt organizations (e.g., a Code Section 501(c)(3) organization,...more

The issue with 403(b) plans

by Ary Rosenbaum on

I always say that as bad as 401(k) plans may be, 403(b) plans are in much worse shape. It didn’t help that the Internal Revenue Service only issued regulations that governed them only 30 years too late, back in 2008. It also...more

Employee Benefits Developments - March 2018

by Hodgson Russ LLP on

Proposed Rules Extend Short-Term, Limited-Duration Insurance - In response to last October’s Executive Order, the Internal Revenue Service, Department of Labor, and Department of Health and Human Services (Departments)...more

403(b) Document Compliance and the Commencement of the Three Year Remedial Amendment Period

by Hodgson Russ LLP on

Unlike profit sharing and 401(k) retirement plans, 403(b) retirement plans only became subject to IRS regulations requiring written plan documents in 2007. Compliance with the written document requirement was made difficult...more

IRS Provides Guidance on Searching for Missing 403(b) Participants

On February 23rd, the IRS issued a memorandum to its examiners instructing them not to challenge a 403(b) plan for failing to satisfy the required minimum distribution (“RMD”) rules with respect to missing participants or...more

IRS Issues Reminder on Required Minimum Distributions Due April 1

Sunday, April 1, 2018, is the deadline for tax-qualified retirement plan participants who had reached at least age 70 ½ and retired in 2017 to commence receiving required minimum distributions (RMDs) of their plan benefits....more

Issues Plan Sponsors and Fiduciaries Should Watch

by Winstead PC on

Once upon a time, our retirement plan worries were primarily generated by the U.S. Department of Labor (“DoL”) or the Internal Revenue Service and their regulatory and enforcement efforts. In more recent times we have seen...more

IRS Advises Its Auditors on 403(b) Plan Missing Participant Search Procedures

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

Action Needed by Certain ERISA Plans – New Disability Claims Procedures Apply Beginning April 2018

by Bass, Berry & Sims PLC on

In January 2018, the U.S. Department of Labor (DOL) announced that final regulations affecting how some ERISA plans process claims and appeals will apply beginning April 1, 2018. As explained below, the final regulations...more

IRS extends RMD audit guidelines for missing participants to 403(b) programs

In a February 2018 memorandum to its Employee Plans examiners, the IRS National Office extended to section 403(b) programs the audit guidelines for required minimum distribution (RMD) failures due to missing participants and...more

Tax and Budget Bills Include Tax Qualified Retirement Plan Provisions

by K&L Gates LLP on

The tax bill enacted late last year (Public Law No. 115-97) and the budget bill enacted earlier this month (the Bipartisan Budget Act of 2018) included a handful of changes to the rules applicable to tax-qualified retirement...more

Hardship Distribution Changes – Tax Reform May Have Unintended Consequences

by Snell & Wilmer on

When tax reform proposals were floating around in the fall of 2017, several early proposals to the Tax Cuts and Jobs Act (the “Act”) included changes to the hardship distribution rules for qualified retirement plans. However,...more

The Bipartisan Budget Act’s Impact on Retirement Plans

On Friday, February 9, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018 (the “Budget Act”). The Budget Act contains a number of provisions that affect qualified retirement plans. Plan...more

IRS Updates VCP User Fees

The IRS has revised its user fees for the Voluntary Correction Program (VCP) effective for submissions made on or after January 2, 2018. VCP is an IRS program that allows plan sponsors to correct failures involving a...more

DOL Announcement– Disability Benefit Claims Procedures Become Effective April 1, 2018

by Sherman & Howard L.L.C. on

The Department of Labor (“DOL”) recently announced that April 1, 2018 would be the effective date for employee benefit plans to comply with the final rule under the Employee Retirement Income Security Act (“ERISA”) concerning...more

Helping Non-Profits Navigate Tax and Labor Issues

by Proskauer For Good on

Amanda Nussbaum, a partner in the Tax Department and a member of the Not-for-Profit Group at Proskauer, chairs a comprehensive seminar each fall for non-profits to discuss current developments and topics of interest related...more

Tax Cuts and Jobs Act – Impact on Employee Benefit Plans

by Sherman & Howard L.L.C. on

On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (the “Act”) into law. While the Act is extensive, this Advisory discusses only the changes made to employee benefits such as qualified retirement plans,...more

IRS Modifies Voluntary Compliance Program Fees for Qualified Retirement Plans

by Ballard Spahr LLP on

The IRS has announced that it has made substantial modifications to the fee structure applicable to voluntary compliance program (VCP) applications for the correction of compliance defects in tax-qualified retirement plans,...more

Much Ado About (Almost) Nothing?

by Foley & Lardner LLP on

Impact of Tax Reform on Employer-Provided Retirement, Welfare, and Fringe Benefits - The recently enacted Tax Cuts and Jobs Acts (the “Tax Reform Act”) made significant changes to the Internal Revenue Code. Although there...more

2018 Benefits Limits

by Clark Hill PLC on

Please see full 2018 Benefit Limits Chart below for more information....more

2018 Tax Reform Series: A Change To Participant Loan Rollovers

by Jackson Lewis P.C. on

One welcome qualified plan change under the Tax Cuts and Jobs Act is the extension of the period within which a participant may pay the amount of an “offset” of an outstanding plan loan to another qualifying plan or IRA to...more

Impact of 2017 Tax Reform Bill on Executive Compensation and Employee Benefits

by Reed Smith on

The Senate and House approved, and the President of the United States is expected to sign into law, the Tax Cuts and Jobs Act (the “Tax Reform Bill”). Despite the media’s predominant focus on the sweeping reforms to...more

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