401(k) plans may allow an employee to receive a distribution of elective contributions (employee deferrals) on account of a hardship. The regulations provide that a distribution is made on account of hardship only if the...more
The Internal Revenue Service (IRS) has issued Revenue Procedure 2016-47, which provides for a new self-certification procedure for participants who receive retirement plan distributions but inadvertently miss the 60-day time...more
8/30/2016
/ 401k ,
403(b) Plans ,
457(b) Plans ,
Distribution Rules ,
Employee Benefits ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
Plan Administrators ,
Private Letter Rulings ,
Retirement Plan ,
Self-Certification ,
Tax Code ,
Waivers
The Internal Revenue Service (IRS) has recently issued proposed regulations on nonqualified deferred compensation plans under Internal Revenue Code (Code) Section 409A. The regulations clarify and modify specific provisions...more
The Internal Revenue Service (IRS), through its Office of Chief Counsel, recently released a memorandum regarding the tax treatment of wellness programs. Although the memorandum is not formal advice that may be relied on, it...more
Sponsors of pre-approved defined contribution retirement plans are generally required to sign new plan documents that incorporate changes required by the Pension Protection Act on or before April 30, 2016. Defined...more
Last year, the Internal Revenue Service (IRS) announced significant changes to its determination letter program for tax-qualified retirement plans. In Announcement 2015-19, the IRS eliminated the staggered 5-year remedial...more
The Internal Revenue Service (IRS) recently updated its “Nonqualified Deferred Compensation Audit Techniques Guide.” The Guide provides a framework for the IRS to audit nonqualified deferred compensation (NQDC) plans. Since...more
7/20/2015
/ 401k ,
Audits ,
Deferred Compensation ,
FICA Taxes ,
FUTA ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Payroll Taxes ,
Section 162(m) ,
Section 409A ,
Vesting ,
Voluntary Correction Program ,
Wage Withholding
The Internal Revenue Service (IRS) has surprisingly issued a notice of its intention to amend the required minimum distribution (RMD) regulations under the Internal Revenue Code (Code) to limit the use of lump sum payments to...more
7/13/2015
/ Annuities ,
Benefit Plan Sponsors ,
Defined Benefit Plans ,
Ford Motor ,
General Motors ,
Internal Revenue Code (IRC) ,
IRS ,
Lump Sum Offers ,
Proposed Amendments ,
Qualified Retirement Plans ,
Required Minimum Distributions
The IRS has provided significant administrative and monetary relief for plans correcting errors involving employee contributions. The changes to the IRS’s Employee Plans Compliance Resolutions System (EPCRS) are set forth in...more
The Internal Revenue Service (IRS) has revised its correction procedures to simplify correction of overpayments in defined benefit plans, make it cheaper to correct plan loan and minimum distribution errors, and provide more...more
In two recent Revenue Procedures, the Internal Revenue Service (IRS) has modified the Employee Plans Compliance Resolution System (EPCRS), the IRS correction program for retirement plans. Revenue Procedure. 2015-27 reduces...more
Under Notice 2014-55, the Internal Revenue Service (IRS) will now permit a cafeteria plan to allow an employee to revoke his election for coverage under the employer's group health plan in order to purchase a qualified health...more
The Internal Revenue Service (“IRS”) has issued Notice 2014-37 to provide guidance on amendments to reflect the outcome of United States v. Windsor, which invalidated Section 3 of the Defense of Marriage Act regarding the...more
To simplify the rollover validation process, the Internal Revenue Service (IRS) has issued a new Revenue Ruling 2014-9 that provides guidance on the process for a trustee-to-trustee tax-free rollover between tax-qualified...more
4/4/2014
/ Benefit Plan Sponsors ,
Form 5500 ,
Hiring & Firing ,
Individual Retirement Account (IRA) ,
IRA Rollovers ,
IRS ,
New Hires ,
Plan Administrators ,
Qualified Retirement Plans ,
Retirement Plan ,
Tax-Free Transfers
The U.S. Department of Treasury and the Internal Revenue Service have issued final regulations providing guidance on permitted midyear reductions or suspensions of safe harbor nonelective and safe harbor matching...more