IRS Issues
Tech Talk discusses how to address a situation in which a not-for-profit organization is closing and a prior/retired Executive Officer has been receiving a monthly payment from their 457(b) eligible deferred compensation plan which is reported by the employer each year via IRS Form W-2.
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A fierce and powerful Democrat will be joining one of the Senate’s most powerful committees.
On Feb. 2, Sen. Ron Wyden (D-OR), who is the new, incoming chairman of the Senate Finance Committee, announced that Sen. Elizabeth Warren (D-MA) will join the Committee in the 117th Congress.
“I’m...
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Tech Talk addresses whether a 403(b) plan participant can take the hardship withdrawal from the Roth account if the account has only been open for 2½ years and has not been in existence for more than five years.
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An indirect rollover occurs when a participant receives the distribution of their interest under a retirement plan and then, within 60 days, redeposits all or some portion of the amount of the distribution into another eligible retirement plan.
Because the amount was paid directly to the...
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Tech Talk addresses how one calculates the most recent year of service for employees not yet employed for one year.
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As expected—and as has routinely been done in recent memory along with a change in administrations—the incoming Biden administration moved to immediately pause all pending and recently issued regulatory projects, including new retirement guidance by the Labor Department.
In a Jan. 20 memo, White...
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Tech Talk addresses how the most recent year of service should be figured for employees who are part-time or employed only part of the year.
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The IRS on Jan. 19 in Notice 2021-11 has announced additional relief regarding employment tax deadlines applicable to employers affected by the pandemic.
Notice 2021-11 makes changes to Notice 2020-65, which the IRS issued Aug. 28 to provide guidance implementing President Trump’s Aug. 8...
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The IRS has issued the Instructions for Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits, to be used for filing concerning the 2020 plan year.
Form 8955-SSA is used to satisfy the reporting requirements of Internal Revenue Code Section...
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Tech Talk discusses most recent year of service in the context of 403(b) accounts.
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The IRS has updated the procedures for determination letter requests. The new procedures are outlined in Revenue Procedure (Rev. Proc.) 2021-04.
Rev. Proc. 2021-04 is a general update of Rev. Proc. 2020-4, https://www.irs.gov/irb/2020-01_IRB#REV-PROC-2020-4 which sets forth:
general information...
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In a year in which uncertainty and confusion reigned supreme, almost overnight our industry packed up and went home one night and opened up for business the next day from… what seemed a zillion different locations.
Most doubtless did so anticipating a short disruption—a couple of weeks, a month...
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With one of Georgia’s two U.S. Senate races called so far, Democrats are now just one seat away from control of that chamber.
Democrat Raphael Warnock has been projected to win Georgia’s U.S. Senate runoff election against Sen. Kelly Loeffler (R), who was appointed to the seat in December 2019 to...
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Tech Talk addresses what includible compensation for the most recent year of service is.
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In MarketBeat, John Iekel writes about the insights of Maggie Younis, National Director, Consultant Relations at Lincoln Financial Group, and S. Derrin Watson, APM, an attorney who is of counsel with the Ferenczy Benefits Law Center, on the challenge missing participants pose, and what can—and must...
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The IRS office of Tax Exempt & Government Entities has outlined its compliance program and priorities for 2021.
In the fiscal year 2021 program letter for the office, TE/GE Commissioner Tammy Ripperda and Deputy Commissioner Edward Killen note that “The challenges of COVID-19 during fiscal...
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We are on the cusp of a new year, and there are some important developments to keep in mind as 2021 arrives.
Required Minimum Distributions
The Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, enacted on Dec. 20, 2019, raised the age for required minimum distributions...
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A direct rollover is the direct movement of all or some portion of a participant’s interest in a plan from the custodian, insurer or trustee holding the participant’s account to the custodian, insurer or trustee of another eligible retirement plan into which the participant wishes to have their...
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Tech Talk addresses how much can be contributed to a 403(b)account.
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It’s hard to find among the nearly 5,600 pages of text, but there is some important retirement plan relief in the $900 billion COVID stimulus package.
Perhaps the most significant element is a “temporary rule preventing partial plan termination.” The provision, for which the American Retirement...
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