IRS Issues
Tech Talk discusses investment options for funds in 403(b) plans, which generally are more limited than they are for other qualified retirement plans: they may only be invested in annuity contracts or custodial accounts that hold mutual funds.
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The IRS on April 16 issued guidance on certain specified required minimum distributions (RMDs) for 2024. It adds that the final regulations it plans to issue related to RMDs will apply for purposes of determining RMDs for calendar years beginning on or after Jan. 1, 2025.
The guidance is...
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Tech Talk discusses the plan amendment deadline for pre-approved governmental plans under IRS Revenue Procedure 2023-37.
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Tech Talk discusses the interim amendment rules under IRS Revenue Procedure 2023-37.
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Tech Talk addresses the kinds of plan amendments that will not affect an adopting employe’s ability to rely on an opinion letter for a pre-approved plan.
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Tech Talk addresses the amendments providers are required to make under Revenue Procedure 2023-37 to ensure that the form of their plans continues to satisfy qualification requirements or those of Internal Revenue Code Section 403(b).
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Tech Talk discusses recurring remedial amendment cycles in light of Revenue Procedure 2023-37.
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This session was led by Ed Salyers, who worked over 30 years with the IRS before opening his CPA firm.
Attendees aware of his experience clearly appreciated his presentation, in which he explained how plan sponsors, administrators, and TPAs should respond if/when the IRS sends a pre-exam...
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Tech Talk discusses what agencies and officials have a role in regulating and overseeing 403(b) plans or investment options provided to participants.
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Tech Talk discusses what the expense ratio is and what it expresses.
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Tech Talk discusses the administrative fees 403(b) plan service providers charge.
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On Feb. 20, the American Retirement Association (ARA) sent a letter to the Internal Revenue Service (IRS) that addressed technical issues affecting certain SECURE 2.0 provisions. It noted a few that are of particular relevance to retirement plan sponsors and advisors.
More specifically, the ARA...
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Tech Talk provides a comparison of 401(k) plans and 457(b) plans offered by government entities.
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Tech Talk outlines the distributable events for which distributions from governmental 457(b) plans are allowed.
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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...
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Tech Talk discusses the IRS position on discretionary matching contributions for Cycle 4 defined contribution plans.
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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...
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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...
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Tech Talk discusses the application of the rules governing determination letter applications.
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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.
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