Treasury 2020-2021 Priority Guidance Plan Includes Retirement Benefits

The priority guidance plan that the Treasury and IRS have issued for 2020-21 includes plans for action that will affect retirement plans. They unveiled the plan on Nov. 17. 

The 2020-2021 Priority Guidance Plan contains guidance projects that will be the focus of the efforts by the Treasury and IRS during the 12-month period from July 1, 2020, through June 30, 2021. The plan contains 191 guidance projects. In the plan, they also note the 57 guidance items they have released as of Sept. 30, 2020. The appendix to the 2020-2021 plan lists routine or ministerial guidance that is generally published each year.

Following are the retirement-related matters on which the Treasury and IRS plan to issue guidance during this period. 

Guidance to Be Issued

Guidance on student loan payments and qualified retirement plans and 403(b) plans. 

Guidance on missing participants, including guidance on uncashed checks. 

Regulations to Be Issued 

Update to IRA regulations under Internal Revenue Code Sections 219, 408, 408A, and 4973 to account for statutory changes and additional issues. 

Regulations updating electronic delivery rules for providing applicable notices and making participant elections. 

Regulations under Internal Revenue Code Section 401(a)(9) updating life expectancy and distribution period tables for purposes of the required minimum distribution rules and addressing certain other issues under Section 401(a)(9). Proposed regulations were published on Nov. 8, 2019. 

Regulations and related guidance on the exception to the unified plan rule for Internal Revenue Code Section 413(e) multiple employer plans. Proposed regulations under Section 413(c) were published on July 3, 2019. 

Regulations on the definition of governmental plan under Internal Revenue Code Section 414(d). An ANPRM was published on Nov. 8, 2011. 

Regulations relating to the reporting requirements under Internal Revenue Code Section 6057. Proposed regulations were published on June 21, 2012.

Guidance Published

Guidance relating to certain programs of the IRS' Tax Exempt and Government Entities, Employee Plans office, including the Pre-approved Plan Program, the Determination Letter Program and the Employee Plans Compliance Resolution System (EPCRS). Published Aug. 31, 2020 in Internal Revenue Bulletin 2020-36 as Announcement 2020-14. 

Guidance implementing Section 3608 of the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act. Published on Aug. 24, 2020 in Internal Revenue Bulletin 2020-35 as Notice 2020-61 and published on Sept. 28, 2020 in Internal Revenue Bulletin 2020-40 as Announcement 2020-17. 

Guidance implementing changes made by the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE) Act. Published on: 

• Aug. 24, 2020 in Internal Revenue Bulletin 2020-35 as Notice 2020-62;
• Aug. 31, 2020 in Internal Revenue Bulletin 2020-36 as Notice 2020-60; and
• Sept. 14, 2020 in Internal Revenue Bulletin 2020-38 as Revenue Procedure 2020-40 and Notice 2020-68.