Recommendations Made to Help With Loss of Determination Letter Program
ERIC has made suggestions to the IRS to help qualified individually designed retirement plans that no longer have the ability to file for determination letters.
Tag: Internal Revenue Service (IRS)
DOL, IRS Plan Audits Becoming More Frequent and Thorny
There are a wide variety of mistakes plan fiduciaries can make; getting it all right is an ongoing team effort.
IRS Publishes List of Required Plan Amendments
The IRS noted that the fact that a change in a qualification requirement is included on the RA List does not mean that a plan must be amended...
Progressive Proposal Offers One Take on Tax Reform
“Rather than taxing income, the Progressive Consumption Tax would generate reasonable revenue by taxing the purchase of goods and services,” suggests Senator Ben Cardin.
Groups Say Form 5500 Proposed Updates Too Burdensome
Retirement industry groups ask agencies to scale down reporting requirements for investments, fees and compliance.
Reforms in United Kingdom Offer Guidance for U.S. Policy
Retirement reforms being implemented in the UK through 2018 represent an important testing ground for government-backed savings efforts.
New IRS Document Request Process to Affect Employee Plan Examinations
The agency says the updated process will reduce plan sponsors’ burden and provide consistent treatment of them, and allow the IRS to secure more complete and timely responses...
Closed DB Plan Nondiscrimination Issues Focus of Bipartisan Bill
A bipartisan piece of legislation with backing in the House and Senate seeks to protect long-term participants in closed and frozen pensions.
Guide Discusses Setting Up and Operating Automatic Enrollment 401k
The IRS document can be used by advisers in helping them educate plan sponsors about automatic enrollment 401(k) plans as well as to help plan sponsors set up...
IRS Considering Changes to Interest Crediting Rules for Certain PEPs
The agency is considering amendments to hybrid plan rules to address implicit interest pension equity plans.
Educational Resources Offered to Retirement Plan Sponsors by IRS
The agency announced the availability of “Issue Snapshots” about tax-related issues for retirement plan practitioners.
IRS Offers Sample Language for SIMPLE IRA Plans
The agency has issued a List of Required Modifications (LRMs) and Information Package for use with prototype SIMPLE IRAs.
IRS Eases Hardship Withdrawals for Hurricane Victims
Retirement plans can provide this relief to employees and certain members in disaster area localities affected by Hurricane Matthew and designated for individual assistance by the FEMA.
Updates on IRS Compliance Projects
The IRS released results on two completed projects and announce a new one.
403(b) Requirements Will Be Covered in IRS Webcast
Attendees will learn about hours of service; changes in employee status; student participation; and other 403(b) rules.
Updates to Correction Program Included in IRS Revenue Procedure
The revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of the Internal Revenue Code, but...
fiduciary fitness
IRS Restricts Salary Deferrals for NQDC Plans
... yet its proposed rules backtrack on vesting threat
Nondiscrimination Relief for Closed DBs Extended Again
The relief is available for plan years beginning before 2018, if certain conditions are satisfied.