IRS Issues
Tech Talk discusses whether making contributions for the calendar year by Dec. 31 means post-marked or actually deposited into the account by that date.
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The IRS has issued a reminder to retirement plan participants and IRA owners that most retirees must take their required minimum distributions (RMDs) by Dec. 31, 2021. It issued the reminder on Dec. 8.
RMD Basics
RMDs generally are minimum amounts that retirement plan account owners must withdraw...
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The IRS on Nov. 30 issued the 2021 list of required amendments (RA) for individually designed plans qualified under Code Sections 401(a) and 403(b). The list is contained in Notice 2021-64.
Under Section 5 of Revenue Procedure (Rev. Proc.) 2016-37, in the case of a qualified individually designed...
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While it’s the celebration following a successful harvest held by the Pilgrims and members of the Wampanoag tribe in 1621 that provides most of the imagery around the holiday, Thanksgiving didn’t become a national observance until much later.
Incredibly it wasn’t marked as a national observance...
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Capping a months-long process of negotiations among Democrats, the House approved an amended version of the roughly $1.7 trillion Build Back Better Act (H.R. 5376) Nov. 19 on a near party-line vote of 220-213, with one Democrat voting no.
The bill includes limits on “mega” Roths and in-plan Roth...
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Tech Talk addresses what contributions to a 403(b) plan may consist of.
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The chairman and ranking member of the House Education and Labor Committee have introduced—and plan to act on—bipartisan legislation that shares some overlap with SECURE Act 2.0.
The Retirement Improvement and Savings Enhancement (RISE) Act (H.R. 5891) was introduced Nov. 5 by committee Chairman...
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The IRS has updated the instructions for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits. While these instructions, and the form itself, may not be relevant to all 403(b) plans, they are relevant to those to which ERISA Section 203...
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Tech Talk discusses the changes the IRS has made to the 403(b) pre-approved plan process.
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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 2022. The 2022 limits are contained in Notice 2021-61, released Nov. 4. Most rates have increased; a few are unchanged.
The limits for 2022 are as...
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Tech Talk discusses what constitutes proof that a 403(b) plan has been adopted in a timely manner.
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The IRS is reminding employers that the annual contribution limit for their 403(b) plans may require information from employees who participate in a qualified 401 plan of another employer.
The Internal Revenue Code caps the total of employee contributions (other than the age 50+ catch-up),...
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Lawmakers have continued to strip elements from the Build Back Better Act—and a series of sweeping retirement-related provisions have now all been axed.
While most of the news coverage on what was originally cast as a $3.5 trillion reconciliation bill has concentrated on a host of progressive...
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Tech Talk discusses what it means to adopt a 403(b) plan document.
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The IRS has updated the questions and answers in which it provides information regarding COVID-related relief for retirement plans and IRAs.
The IRS makes the Q&A available in accordance with relief contained in Section 2202 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act...
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When compliance errors happen in plan administration, there are ways to fix them. Speakers at an Oct. 19 ASPPA Annual conference workshop session explained some of those ways.
“It’s telling how much time is spent in this area fixing errors,” remarked Robert M. Richter, Retirement Education...
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The retirement industry currently faces challenges—but there is opportunity and good news as well, Brian Graff pointed out in the Oct. 17 Washington Update session at the 2021 ASPPA Annual conference.
Work to Do
There is plenty of work to do, Graff suggested. The ASPPA Executive Director/ARA CEO...
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Tech Talk discusses optional features in 403(b) plans.
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The American Retirement Association has suggested numerous improvements to the Employee Plans Compliance Resolution System (EPCRS).
In an Oct. 14, 2021 comment letter responding to an IRS request (in Revenue Procedure 2021-30) for comments on improving the EPCRS program, the ARA thanked the IRS...
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Open your calendar and reserve Feb. 6-8, 2022—for the 2022 NTSA Summit!
Our Summit is the only industry conference designed for 403(b) and 457(b) professionals. And it will include:
Six general sessions, an array of workshops, and continuing education (CE) credit.
The Certified Retirement...
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