IRS Issues
There are 92 provisions in the new SECURE 2.0 Act — and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions — and...
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Tech Talk discusses federal and state agencies aside from the Department of Labor’s Employee Benefits Security Administration that have a role in regulating and overseeing 403(b) plans or investment options provided to participants.
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Fast away the old year passes! There are plenty of things to occupy an employer, a plan administrator, and a service provider’s time as the year comes to a close — and the IRS offers suggestions regarding year-end considerations concerning a retirement plan.
Such a resource is especially helpful...
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After months of speculation on whether the House and Senate would attach a final retirement security legislative package with a must-do, year-end spending bill, we now have an answer.
While most were nestled all snug in their beds in the waning hours of Dec. 19, House and Senate leaders released...
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Tech Talk discusses seven main areas to address if one is notified by the IRS that a 457(b) plan is under audit by letter or phone call followed by an official letter.
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Or two. Or more. New Year’s Eve heralds more than the end of 2022. It also marks a number of deadlines that a plan and professionals serving it may want to keep in mind.
Plan Design Changes
A plan generally must be amended by the end of the plan year to reflect changes an employer made during...
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The IRS earlier this year issued guidance announcing that it was extending the deadlines for amending retirement plans to reflect the provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act and Taxpayer Certainty and Disaster Tax Relief Act of 2020. But that doesn’t mean all of...
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Tech Talk discusses a variety of tips the IRS offers that are relevant to audits in the context of aggregation of 403(b) plans.
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It sometimes helps to go back to the basics when assessing the impact of changes to the law, including some of the most seemingly obscure of them, writes Robert Toth in MarketBeat. He continues that one of the most obscure of 403(b) rules lies in the structural difference between 403(b) and 401(a)...
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Tech Talk discusses what the IRS has to say about aggregation and 403(b) plans.
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Tech Talk addresses what must be done in order to be eligible for retroactive correction.
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The IRS on Nov. 21 announced that there will be no changes to the required amendments (RA) for individually designed plans qualified under Code Sections 401(a) and 403(b) for 2022. The IRS made the announcement in Notice 2022-62.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2022-40, in the...
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Whether you are a school business official or a human resources employee of a nonprofit organization, chances are that you are juggling so many responsibilities that your time is at a premium. Knowing deadlines for amending your employer’s 403(b) plan document helps keeps that plan compliant. ...
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Tech Talk discusses what a remedial amendment period enables an employer to do.
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The Voluntary Correction Program (VCP) is part of the IRS Employee Plans Compliance Resolution System. An IRS official who is part of that system offered some insights in an Oct. 24 session at the 2022 ASPPA Annual conference into how it all works.
Stephanie Bennett, a Voluntary Compliance...
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To err is human, to forgive divine. And to correct is wise — as industry experts recently outlined in a panel discussion.
Heather Bader, Partner at Faegre Drinker Biddle & Reath LLP, and Adam Pozek, Partner at DWC-The 401(k) Experts, discussed doing just that in an Oct. 24 session of the 2022...
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Additional guidance on the SECURE Act, missing participants and student loan payments are among the items listed on the updated 2022-2023 Priority Guidance Plan of the Treasury Department and IRS.
The updated Treasury/IRS plan released Nov. 4 sets forth guidance priorities for the 12-month period...
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Tech Talk discusses IRS guidance that expands the individually designed retirement plan determination letter program to include certain 403(b) plans.
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The IRS has, effective immediately, expanded the individually designed retirement plan determination letter program to include certain 403(b) plans.
The IRS announced on Nov. 7 in Revenue Procedure (Rev. Proc.) 2022-40 that it will now allow 403(b) retirement plans used by certain public schools...
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The top leaders of the IRS Tax Exempt & Government Entities (TE/GE) office have outlined their broad plan for fiscal year 2023, which they say will focus on service and enforcement.
TE/GE Commissioner Edward Killen and Deputy Commissioner Robert Choi in their announcement about TE/GE plans...
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