Under the final rule published by the US Department of Labor on May 21, 2020, retirement plan administrators can choose to deliver required disclosures electronically by complying with the conditions of a new safe harbor. The...more
The Internal Revenue Service recently issued questions and answers regarding the special distribution, rollover and loan provisions for tax-qualified retirement plans under the Coronavirus Aid, Relief and Economic Security...more
The Internal Revenue Service (IRS) expanded the temporary relief for frozen defined benefit plans to include nondiscrimination requirements relating to benefits, rights and features, available for plan years beginning before...more
12/9/2019
/ 401k ,
Defined Benefit Plans ,
Defined Contribution Plans ,
Employee Benefits ,
IRS ,
Non-Discrimination Rules ,
Pensions ,
Popular ,
Proposed Regulation ,
Retirement Plan ,
Tax Relief ,
Year-End Tax Planning
The Department of Labor (DOL) issued a proposed rule that, if finalized, would expand its existing guidance and liberalize rules for electronic disclosure of retirement plan notices under ERISA. The proposed rule, which sets...more
10/31/2019
/ Benefit Plan Sponsors ,
Comment Period ,
Department of Labor (DOL) ,
Disclosure Requirements ,
Electronic Disclosure ,
Employee Benefits ,
Employee Retirement Income Security Act (ERISA) ,
Notice Requirements ,
Plan Administrators ,
Proposed Rules ,
Public Comment ,
Retirement Plan ,
Safe Harbors
The Internal Revenue Service (IRS) has once again extended the temporary nondiscrimination relief for frozen defined benefit plans, now through 2020. Frozen pension plans are pension plans that have been closed to new...more
Last month, the Internal Revenue Service (IRS) published Revenue Procedure 2018-4, which modified the user fee schedule for submissions under the IRS’s Voluntary Correction Program (VCP)....more
On Saturday, the Senate passed its version of the Tax Cuts and Jobs Act. The process of reconciling the House and Senate versions of the bill has already begun in earnest. Currently, the retirement-plan-related changes...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 (the IRS) recently issued Notice 2016-03 (the Notice) addressing three topics and expanding on its earlier announcement of major changes in the determination letter program for individually...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
Reflecting comments it requested, and others it received, the Internal Revenue Service (IRS) recently issued two updates which modify the Employee Plans Compliance Resolution System (EPCRS), which is the comprehensive system...more