News & Analysis as of

Defined Contribution Plans

Social Security Administration Corrects and Updates Wage Base for 2018

On November 27, 2017, the Social Security Administration (SSA) announced that it is adjusting the maximum earnings subject to the Social Security tax for 2018 to $128,400. As we have previously posted, the SSA had announced...more

Plan Administrators’ 2017 Year-End Checklist

by Williams Mullen on

Plan administrators should review the following actions to be taken before the end of 2017 and focus on what to expect for 2018. The attached checklist addresses plan amendments, notices and other considerations for qualified...more

New Tax Bill Eliminates Many Popular Individual Deductions/Exclusions, Adds Excise Tax and Clarifies IRA/Pension Provisions

On November 2, 2017, House Republicans released their highly anticipated tax reform proposal formally named the Tax Cuts and Jobs Act (the "Act"). The Act must be approved by both the House and the Senate and signed by the...more

Tax Reform’s Impact on Qualified Retirement Plans

House Republicans this week released much-anticipated legislation to reform individual and corporate income taxation. Titled the “Tax Cuts and Jobs Act,” the legislation proposes substantial revisions to the Internal Revenue...more

Do You Need to Send an Annual Notice to Plan Participants?

by Alston & Bird on

Plan sponsors of defined contribution qualified plans may need to issue one or more annual notices to participants before the end of each plan year. Failure to issue a required annual notice can have significant consequences....more

Alert: IRS Announces Adjusted Plan Limits for 2018

by Cooley LLP on

The Internal Revenue Service has announced the 2018 limits that affect the operation of tax-qualified retirement plans, including 401(k) plans, and certain other types of employee benefit plans, including deferred...more

IRS Announces Benefit Plan Limits and Thresholds for 2018

by McGuireWoods LLP on

The Internal Revenue Service has announced various 2018 benefit plan limits and thresholds. There are increases from 2017 in some cases, but in other instances, the 2017 amounts will continue to apply....more

IRS Announces 2018 Pension and Related Limitations

by Bond Schoeneck & King PLLC on

The Internal Revenue Service recently announced the dollar limitations for pension plans and other items beginning January 1, 2018. Some of the limits are listed below....more

Germany’s Major Reform on Company Pension – The Company Pension Strengthening Act

by Bryan Cave on

It was hard work and in the end a close call. Up to the very end, it was unclear whether the “Company Pension Strengthening Act” (Betriebsrentenstärkungsgesetz) (“the Act”) would fail or succeed. On January 1 2018, most...more

IRS Announces 2018 Retirement Plan Numbers

The Internal Revenue Service has just announced the limits on retirement plan contributions and benefits for 2018. The limit on 401(k) contributions will be $18,500, an increase from $18,000 per year. The catch-up...more

2018 Benefit Limits

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

IRS Announces Year 2018 Retirement Plan Limits

by Blank Rome LLP on

The Internal Revenue Service (“IRS”) announced today, October 19, 2017, the following dollar limits applicable to tax-qualified plans for 2018: - The limit on the maximum amount of elective contributions that a person may...more

The Pension Regulator: online materials for trustees of occupational pension schemes

by Hogan Lovells on

The Pensions Regulator (tPR) has issued a multitude of codes of practice, guidance notes and other documents to assist pension scheme trustees to understand and better perform their role. However, knowing what help is...more

Pension Alert - September 2017

by Hogan Lovells on

Hogan Lovells pension group is delighted to send you our September e-newsletter. Topics covered include, restrictions on early exit charges, and case judgements on the validy of limits on future pensionable pay and a...more

401(k)/403(b) Loan Borrowers – Check Your Paystubs!

by Foley & Lardner LLP on

A recent tax court case, Louelia Salomon Frias, v. Commissioner, TC Memo 2017-139, illustrates why it is good practice to verify that employee loan repayments have been timely deducted. Plan Loan Requirements. An employer...more

IRS and DOL Provide Relief for Plan Sponsors and Participants Affected by Hurricane Harvey

by Seyfarth Shaw LLP on

The Internal Revenue Service (IRS) and Department of Labor (DOL) issued temporary relief on deadlines and procedural requirements applicable to employee benefit plans for employers impacted by Hurricane Harvey. ...more

Ascensus Keeps On Buying

by Ary Rosenbaum on

As I always said, change in the retirement plan business was going to spur consolidation especially after fee disclosures were implemented in 2012....more

IRS Retirement Plan Guidance Simplifies Pre-Approved Plans and Provides Roadmap for Individually Design Plan Conversion

by Benesch on

In Revenue Procedure 2017-41, the IRS makes significant changes to the procedures that it will use in reviewing and approving “pre-approved” retirement plans. The revenue procedure applies to almost all types qualified...more

IRS Scrutiny of Plan Loans Increases, But IRS Provides Helpful Guidance

by Dickinson Wright on

The Internal Revenue Service has increased its level of scrutiny on the limitations imposed on participant loans from defined contribution retirement plans. Internal Revenue Code Section 72(p) generally limits a participant’s...more

If Timely Notice is Given, the Cost to Correct a 401(k) Exclusion Error May Be Reduced

by Dickinson Wright on

Occasionally, an employer may determine that it did not withhold deferral contributions for a new employee in accordance with the terms of its 401(k) plan. If the plan has an automatic enrollment feature, and the error is...more

2017 Ontario Budget: Highlights for Pension Plan Sponsors and Administrators

by Dentons on

Pension plan sponsors and administrators have much to anticipate with the release of the 2017 Ontario Budget: A Stronger, Healthier Ontario (Budget) on April 27, 2017. The Budget provides updates to several pension reform...more

The new pensions advice allowance: implications for trustees

by Hogan Lovells on

As announced in the 2016 Autumn Statement, pension schemes may (but will not be required to) allow members to withdraw up to £500 from their defined contribution (DC) pension pots to pay for financial advice about retirement....more

Charges and governance requirements for Defined Contribution pensions

by Hogan Lovells on

This note sets out the areas in which restrictions on charges and governance requirements apply to trustees or managers of occupational money purchase schemes. These requirements have been introduced over the last two years...more

Administrative Exhaustion As a Defense to Statutory ERISA Claims?  Not So Much

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The Sixth Circuit becomes the seventh circuit court to not require administrative exhaustion for statutory ERISA claims (as opposed to denial of benefit claims), while two circuit courts still do. In...more

Pending Alabama Tax Legislation (2017 Regular Session) State and Local Tax Alert: Alabama Edition

The House and Senate have each met a total of six legislative days thus far. There are therefore 24 legislative days remaining in the 2017 Regular Session. The House will reconvene on Tuesday, February 28 at 1:00 p.m. The...more

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