IRS Issues
The Cycle 3 defined contribution pre-approved plan restatement deadline is coming: July 31, 2022. But there is more to restatements than that.
That looming deadline means that “now is the time” to focus on updating 401(k) and other plans—including profit-sharing, money purchase and employee stock...
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Tech Talk addresses whether, and how, a plan participant can switch from an ERISA 403(b) plan to a non-ERISA 403(b) plan.
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Guidance on the SECURE Act, missing participants and student loan payments are among the items listed on the updated 2021-2022 Priority Guidance Plan of the Treasury Department and IRS.
The updated Treasury/IRS plan released Feb. 22 sets forth guidance priorities for the 12-month period from July...
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The IRS on Feb. 23 issued a proposed rule addressing the required minimum distribution (RMD) requirements for plans qualified under Code Section 401(a) that will update applicable regulations to reflect provisions of the SECURE Act.
The proposed rule will affect RMDs from qualified plans,...
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Tech Talk addresses whether there are any limitations to transfers from one 403(b) to another.
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Employer payroll deduction IRAs are coming back into vogue, an expert at the recent NTSA Summit argued in a Feb. 7 session.
“Employer IRAs are not new—they’re just getting a resurgence because of the MEP and PEP rules,” said Sue Diehl, President of PenServ. Employer IRAs are “totally open to...
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Tech Talk addresses whether a client who has an inactive 403b with their current employer can transfer the 403(b) to a 401(k).
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A Feb. 7 workshop at the 2022 NTSA Summit held in Phoenix, AZ looked at the Cycle 2 restatements set forth in Revenue Procedure 2021-37.
Nancy Billings, Vice President of Compliance, Tax-Deferred Solutions; and Sue Diehl, President of PenServ Plan Services, Inc., told attendees that the IRS...
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The devil may be in the details, but they occur against a bigger backdrop. At a Feb. 7 session of the 2022 NTSA Summit in Phoenix, American Retirement Association Chief Content Officer Nevin Adams offered attendees a look at some big picture “seismic shifts” affecting the retirement industry. ...
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Tech Talk discusses what an interim amendment is and what it addresses.
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The IRS on Jan. 28 issued the 2022 Cumulative List of Changes in Plan Qualification Requirements. Contained in Notice 2022-08, the list sets forth the 2022 Cumulative List of Changes in Section 403(b) Requirements for Section 403(b) Pre-Approved Plans.
The 2022 Cumulative List will assist...
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Tech Talk addresses the interim amendment deadline for pre-approved 403(b) plans.
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The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2022-04.
Rev. Proc. 2022-04 is a general update of Rev. Proc. 2021-4, published in Internal Revenue Bulletin 2021-01, which sets forth:
general information about the types of advice provided by the IRS Employee Plans Office of...
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The IRS has issued three updated certificates relevant to withholding for pension plans and certain payments. Two are for use in 2022, and one is for use for 2021 reporting.
2022 Form W-4P
Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments, is used in order for the...
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The IRS has issued tables of covered compensation under Internal Revenue Code Section 401(l)(5)(E) and the Income Tax Regulations thereunder for the 2021 plan year. The tables are contained in Revenue Ruling (Rev. Rul.) 2022-02.
The covered compensation tables for 2022 provide:
Data based on...
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The SECURE Act and the CARES Act changed the rules for required minimum distributions (RMDs) in 2020 and 2021, and the IRS has issued a handy reminder concerning the new rules for them.
2020 RMD Waiver
RMDs were waived for 2020 for IRA and workplace retirement plan account holders, including...
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Tech Talk addresses the ways in which a plan review can be helpful.
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Errors: not inevitable, but also not unusual. When they concern compliance with the Internal Revenue Code and regulations that apply it, one of the steps that can be taken is to use the Employee Plans Compliance Resolution System (EPCRS). A Dec. 6 session of the ASPPA Winter Symposium took a look...
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Sometimes the door doesn’t close on retired employees and it turns out to be a revolving door. In MarketBeat, John Iekel writes about a recent blog entry that discusses what rehiring a former employee may spell for an employer and a plan, and steps an employer may want to take.
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When the IRS audits a 403(b) plan, the pre-contact analysis includes a review of the Form W-2 (Wage and Tax Statement) for the year of the audit. According to the IRS 403(b) Examination Guidelines, an IRS auditor may be able to “identify potentially significant issues” with a 403(b) plan by...
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