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IRS Issues

The IRS has made the 2023 Cumulative List of Changes in Plan Qualification Requirements for Defined Contribution Qualified Pre-Approved Plans available. The new list, contained in Notice 2024-3, provides updated listings of required modifications and information packages for DC plans.  The 2023... READ MORE
Tech Talk discusses the IRS position on discretionary matching contributions for Cycle 4 defined contribution plans. READ MORE
One provision in particular in the SECURE 2.0 Act is receiving the lion’s share of attention from retirement plan sponsors and participants. Section 110 allows student loan payments to be treated as elective deferrals for purposes of matching contributions. Yet guidance on how it will happen is... READ MORE
There have been significant changes to the IRS Pre-Approved Defined Contribution Plan Program, and two of the IRS officials involved in the thick of it recently provided a refresher on the program rules and recent developments.  Milo Atlas of the Retirement Plan Forms and Publications Office at... READ MORE
Tech Talk discusses the application of the rules governing determination letter applications. READ MORE
Tech Talk addresses how the deadline for the timely adoption of an amendment for a pre-approved plan that is a governmental plan is determined. READ MORE
The IRS has updated the instructions for Form 8606, which is used to report contributions and distributions, as well as conversions, from IRAs—including Roths.  Form 8606, Nondeductible IRAs, is used to report:  Nondeductible contributions to traditional IRAs;  Distributions from traditional,... READ MORE
Tech Talk addresses how the deadline for the timely adoption of an amendment for a pre-approved plan that is not a governmental plan is determined. READ MORE
Tech Talk addresses whether when one defaults on a loan taken from a 403(b), one can later take another. READ MORE
The IRS has issued a reminder that people born before 1951 need to take required minimum distributions (RMDs) from funds held in IRAs and other retirement plans by the end of the year. And in so doing, it provides an opportunity to in turn remind participants as well as clients whose participants... READ MORE
Tech Talk covers whether income inclusion can occur over three years. READ MORE
The IRS has just released new guidance in the form of questions and answers addressing several key provisions contained in the SECURE 2.0 Act of 2022. The IRS advises that the notice (Notice 2024-02) is not intended to provide comprehensive guidance as to the specific provisions of the SECURE 2.0... READ MORE
The IRS on Dec. 20, 2023, issued the 2023 cumulative list of changes in plan qualification requirements for pre-approved defined contribution plans. The changes are contained in Notice 2024-03. The 2023 Cumulative List is intended to assist providers applying to the IRS for opinion letters for the... READ MORE
Tech Talk addresses how one figures the maximum amount contributable if one has more than one 403(b).   READ MORE
The IRS on Dec. 8 announced that there will be no changes to the Required Amendments (RA) List for individually designed plans qualified under Internal Revenue Code (IRC) Sections 401(a) and 403(b) for 2023. The IRS made the announcement in Notice 2023-79. ​ The RA List establishes the end of the... READ MORE
Tech Talk discusses the limits relevant to figuring the maximum amount that can be contributed to a 403(b). READ MORE
In a positive sign that lawmakers are committed to fixing several errors contained in the SECURE 2.0 Act, the House and Senate have just released a draft technical corrections bill, including changes to allow catch-up contributions and provide parity for Starter 401(k)s championed by the American... READ MORE
The IRS has released a draft of the updated version of Publication 571, “Tax-Sheltered Annuity Plans (403(b) Plans) for Employees of Public Schools and Certain Tax-Exempt Organizations.”  Publication 571 is intended to help taxpayers better understand the tax rules that apply to 403(b) tax-... READ MORE
Tech Talk discusses designating 403(b) plan elective deferrals as Roth contributions. READ MORE
The IRS has prepared the draft instructions for the Form 5329 for reporting additional taxes on qualified plans, including Roth and traditional IRAs and other tax-favored accounts from 2023. Employers, plan administrators and retirement plan professionals may find it worthwhile to remind plan... READ MORE

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