IRS Issues
The IRS in Revenue Procedure (Rev. Proc.) 2023-37 has issued fresh guidance on qualified pre-approved plans and 403(b) pre-approved plans which combines, conforms, clarifies, and updates rules for those plans set forth in prior revenue procedures.
Rev. Proc. 2023-37 generally became effective...
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The IRS has released a draft of the Form 1099-R to be used in 2024. This is an early release draft of the form, as well as its instructions, which the IRS is providing only to inform taxpayers, including benefits recipients.
The form is used to provide information to recipients about...
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Tech Talk discusses the rules one should take into account when figuring one’s years of service for purposes of a 403(b).
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Tech Talk discusses repayments for qualified COVID-19 distributions that are eligible for tax-free rollover treatment to an eligible retirement plan.
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Tech Talk addresses how 403(b) plan assets can be invested.
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How did the SECURE Acts affect required minimum distributions (RMDs) and death benefits? Robert Richter, JD, LLM, Retirement Education Counsel at the American Retirement Association, and Michele Ueding, Partner, Kutak Rock LLP, offer their take on how the enactment of those measures changed the...
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The IRS has just announced the new contribution and benefit limits for 2024 and—reflecting the moderating inflation readings, the increases are modest.
The headline is that next year the amount individuals can contribute to their 401(k) plans (not to mention 403(b) and most 457 plans, as well as...
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A panel at the Oct. 22 opening session of the 2023 ASPPA Annual Conference noted that there is legislation that would allow 403(b) plans to offer CITs and separate account insurance contracts as investment options.
Panel members were Brian Graff, American Retirement Association (ARA) CEO; Will...
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Editor’s Note: This is the second in a two-part series about service providers’ audits of clients and their plans. The first is here.
Audits may be a frightening and painful experience from the perspective of plan administrators and plan sponsors. But what does it look like from the auditor’s...
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What Tech Talk offers some considerations for a school system that is thinking about putting in place a student loan matching contribution program.
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Tech Talk addresses what a governmental employer that offers a 457(b) plan should consider regarding offering a student loan matching contribution program.
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The IRS has updated the information it makes available concerning its voluntary compliance program (VCP). It issued the reminders in the Sept. 29 edition of Employee Plans News.
Check Status
The IRS reminds taxpayers that they can check the status of any submissions they have made under the VCP...
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The priority guidance plan that the Treasury and IRS have issued for 2023-24 includes plans for action that will affect retirement benefit matters relevant to the education sector. They unveiled the plan on Sept. 29.
The 2023-2024 Priority Guidance Plan contains projects that will be the focus of...
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If you made an error with IRA contributions or discover one, there still is time to correct them. But not much time—the deadline for fixing those mistakes is Oct. 16, 2023.
Among the errors that could cause someone to seek to make an adjustment, observes Sarah Brenner, Director of Retirement...
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Tech Talk discusses which agencies other than the Department of Labor and its Employee Benefits Security Administration have a role in regulating and overseeing 403(b) plans or investment options provided to participants.
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Social Security—often cited as a “third rail”—has been a staple of the retirement landscape for almost 90 years. But that doesn't mean that it’s free of misconceptions; in MarketBeat, John Iekel discusses a recent commentary that highlights some to avoid.
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Taking action in advance to protect vital documents can be helpful when a disaster strikes, a principle that applies to retirement plans and administration as well as other records and functions, writes John Iekel in MarketBeat.
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Think you’ve taken care of everything with your 457 plan? Maybe you have—but maybe you haven’t.
In the second of a two-part series in the Trucker Huss “The Benefit of Benefits” blog, Scott E. Galbreath discusses more common mistakes he has encountered in 457 plans that exempt organizations (EOs)...
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The IRS released guidance on Aug. 25 that addressed Section 603 of the SECURE 2.0 Act concerning Roth catch-up contributions.
The guidance grants a two-year delay in the provision's effective date that mandates that catch-up contributions must be Roth for those earning more than $145,000. More...
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Running any employee benefit plan entails following certain rules—and it is always possible that at some point, a mistake will be made in running a plan. An expert offers his observations regarding mistakes that tax-exempt organizations (EOs) make with their 457(b) plans.
In a recent entry in the...
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