News & Analysis as of

Voluntary Compliance Employee Benefits

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Being aggressive could be a bad idea

Many years ago, I was contacted by a bank that had an issue. For 20 years, they didn’t include bonuses as part of their plan’s compensation, even though it was supposed to be included. I told them that the only option was an...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Make sure RMDs are made

In the past 35 years, it changed on who had to take out a required minimum distribution (RMD) from a qualified retirement plan. Thankfully, it hasn’t changed since 1997. So a person who is a 5% owner has to take out an RMD...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The Rosenbaum Law Firm Review - November 2019

Great 401(k) Participant Features That Can Land You In Plan Sponsor Hot Water. It can get you in a bad spot. A 401(k) plan is one of the great employee benefits. Within a 401(k) Plan, some options are truly beneficial to...more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

The half-empty look from an IRS agent

As a plan sponsor being investigated by an Internal Revenue Service (IRS) agent, there is one thing you might not be aware of. The IRS agent is there to ensure there has been voluntary compliance by you to the provisions of...more

Foster Garvey PC

Washington Paid Family & Medical Leave Act: What Employers Need to Know to Be in Compliance

Foster Garvey PC on

Washington employers are likely aware of Washington Paid Family & Medical Leave Act ("PFMLA") and the recently passed amendments, but they may have some lingering questions. This post seeks to answer those questions to ensure...more

Verrill

Voluntary Compliance with ERISA Does Not Preclude Church Plan Status

Verrill on

The IRS has once again confirmed that an employee benefit plan maintained by a church or church-affiliated organization is not subject to ERISA unless the plan sponsor makes an affirmative written election to have ERISA apply...more

Foley & Lardner LLP

Complying with Hardship Withdrawal Rules Makes Retirement Plan Administration Easy (Well, Easier, Anyway)

Foley & Lardner LLP on

In a February 2018 article, my colleague Kathleen Dreyfus Bardunias encouraged retirement plan sponsors to implement annual “operational checkups” in order to ensure their plans were administered in compliance with the plan’s...more

Neal, Gerber & Eisenberg LLP

Employee Benefits Alert

This alert is intended to provide you with an update on the following employee benefit developments that we thought would be of interest: Tax Cuts and Jobs Act reduces the health savings account limit for 2018....more

Ary Rosenbaum - The Rosenbaum Law Firm P.C.

Get that late 5500 Filed

I used to have this recurring dream that I was back in college and it was my last semester. The dream was that there was this one class that I didn’t attend all semester and the finals were around the corner. Someone pointe...more

Robinson & Cole LLP

IRS Issues Changes to Voluntary Compliance Program User Fees

Robinson & Cole LLP on

On January 2, 2018, the Internal Revenue Service(IRS) issued Internal Revenue Bulletin 2018-1, containing Internal Revenue Procedure 2018-4, which includes new user fees for submissions under the Voluntary Correction Program...more

Ballard Spahr LLP

IRS Modifies Voluntary Compliance Program Fees for Qualified Retirement Plans

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

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