IRS Issues
Feeling SECURE? We’re still fairly new at implementing the first one, and here comes the second. In an Oct. 24 session of the 2022 ASPPA Annual conference, two industry experts offered a deep dive into what part two may portend — and that includes 403(b)s.
“The legislative process is a mystery,”...
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In working on behalf of retirement plans, retirement plan participants, and those who support them, one of the constants is the importance of a bipartisan approach, American Retirement Association CEO and ASPPA Executive Director Brian Graff stressed in his opening remarks at the 2022 ASPPA Annual...
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The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2023. The 2023 limits are contained in Notice 2022-55, released Oct. 21.
The limits for 2023 are as follows.
The limitation under Code Section 402(g)(1...
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Tech Talk discusses what can be done if one finds that one is maintaining a 403(b) plan without the appropriate credentials.
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Tech Talk warns of the possible consequences if one maintains a 403(b) plan without the appropriate credentials.
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One-size-does not fit all when amending a 457(b) plan of a governmental employer to comply with the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019 and Coronavirus Aid, Relief, and Economic Security Act (CARES).
A 457(b) plan document must satisfy the written plan...
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Though final regulations are still pending, the Department of Treasury and IRS have essentially reaffirmed guidance for DC plans on required minimum distributions (RMDs), addressing questions surrounding the 10-year distribution rules under the SECURE Act and providing relief for certain...
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Tech Talk discusses whether a particular group of public healthcare districts can maintain 403(b) plans.
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The IRS on Sept. 26 in Notice 2022-45 announced that it is extending the deadline by which IRAs and non-governmental 403(b)s must be amended under the CARES Act and the Taxpayer Certainty and Disaster Tax Relief Act of 2020.
CARES Act and Relief Act
Specifically, the deadline is extended under...
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Tech Talk discusses a blog entry that provides a reminder concerning when one is considered a fiduciary and what functions help identify a party as one.
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Tech Talk offers suggestions regarding documents related to plan participants that must be kept indefinitely while a plan is functioning.
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Retaining and maintaining records is not a minor matter—ERISA and Department of Labor (DOL) regulations make that clear. In MarketBeat, John Iekel writes about a plan administrator who observes that regardless of their importance, policies concerning record retention and maintenance are not as...
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The 2023 NTSA Summit — Feb. 26-28, 2023, at the Grand Hyatt Tampa, in Tampa Bay, Florida — is the only industry event designed for 403(b) and 457(b) professionals.
But it gets better!
You can expect tailored general sessions and workshops based on advisor feedback we received from the agenda...
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Tech Talk discusses the importance of retaining and maintaining records and tips for performing that function.
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Compliance with the rules and regulations governing plan documents can be complicated and is always important, writes John Iekel in MarketBeat in discussing the insights of an industry expert on the importance of taking action if there has been a plan document failure.
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As previously reported, IRS Notice 2022-33 extends the deadline for employers to adopt plan amendments for the SECURE Act as well as the required minimum distribution (RMD) provisions of the CARES Act.[1] We’ve heard that many providers are moving forward with amendments for these provisions...
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Tech Talk addresses what documents are especially helpful to keep.
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Plan documents are the “lifeblood” of compliance, asserted John P. Griffin, JD, LLM Principal at the ASC Institute in a webinar. John Iekel writes in MarketBeat that Griffin noted that plan documents “drive communication, they drive compliance.”
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Tech Talk discusses plan document requirements and what key regulatory practices do or do not apply to 457(b) plans for governmental and tax-exempt organizations.
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The July 31, 2022, deadline for restating pre-approved 401(k) plans has come and gone. If a plan missed that deadline, now what? A recent blog entry offers some suggestions.
July 31 was the deadline for the latest plan remedial amendment cycle (Cycle 3). In a recent entry in the JacksonLewis blog...
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