IRS Issues
The IRS on July 14 made multiple announcements concerning required minimum distributions (RMDs), including relief concerning RMDs and rollovers in accordance with Section 107 of SECURE 2.0. The guidance is contained in Notice 2023-54.
Transition Relief
The IRS says that after SECURE 2.0 was...
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Tech Talk addresses what an organization should do when a 403(b) plan fails to limit employer and employee contributions so they do not exceed Internal Revenue Code Section 415(c) limits.
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A surprising finding in a comprehensive report from earlier this year, writes John Sullivan in MarketBeat, is that there is no gender gap in access to employer-based retirement plans, nor in participation rates. He continues that the same cannot be said for savings.
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Tech Talk provides a checklist that the IRS has prepared to help keep a 403(b) plan in compliance with many important rules.
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The IRS’ 2007 403(b) regulations fundamentally altered the 403(b) marketplace. The imposition of those regulations of greater responsibility on 403(b) plan sponsors for maintaining the continued tax favored status of their plans triggered—among other things—efforts by a number of employers,...
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Tech Talk discusses how under Revenue Procedure 2021-30, certain failures cannot be corrected through the self-correction program (SCP) of the IRS Employee Plans Compliance Resolution System (EPCRS).
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Tech Talk discusses what a 403(b) plan sponsor may do through the self-correction program (SCP) of the IRS Employee Plans Compliance Resolution System (EPCRS).
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While the SECURE Act and SECURE 2.0 seek to make it easier for small business to offer a retirement plan, many employers that do not offer coverage still appear to be clinging to the same reasons for not doing so, writes Ted Godbout in MarketBeat.
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Tech Talk addresses whether 403(b) plans can use the same determination letter program as other plans.
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The recent 2023 NTSA Summit provided a unique opportunity to connect and also to gain from the insights of industry experts. Following is a quick rundown of our coverage of the event.
NTSA Leadership
Stubbs Takes the Helm as 2023 NTSA President https://www.ntsa-net.org/news-resources/stubbs-...
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Tech Talk addresses whether a person who had a life insurance policy under a 403(b) since before the IRS rules allowing that changed can be grandfathered so as to not lose his coverage.
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Tech Talk addresses whether a jail ministry that serves 33 jails and got their IRS determination letter in 1966 that listed it as “charitable and religious” be eligible for a NQCCO church plan.
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The IRS has issued guidance on the expansion of the Employee Plans Compliance Resolution System (EPCRS) under Section 305 of SECURE 2.0.
The guidance is contained in Notice 2023-43, which provides interim guidance in advance of an update to Revenue Procedure (Rev. Proc.) 2021-30.
The issues the...
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Tech Talk addresses whether 403(b)(9)-retirement income accounts are included in the SECURE 2.0 definition of church plans and whether they would be allowed to offer a MEP.
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Beginning June 1, 2023, the IRS is expanding its determination letter program to include certain 403(b) plans. The IRS issued a reminder May 24.
The IRS had announced on Nov. 7, 2022 in Revenue Procedure (Rev. Proc.) 2022-40 that it would allow 403(b) retirement plans used by certain public...
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Tech Talk concerns whether a K-12 public school can elect whether to have an ERISA or non-ERISA 403(b).
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With inflation running at record levels last year, the IRS provided a sizeable boost to the inflation-adjusted health savings account (HSA) limits for 2024, as determined under Section 223 of the Internal Revenue Code.
The announcement came in Revenue Procedure 2023-23, released May 16.
HSA...
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Tech Talk addresses whether an employee who is separated from service from an employer where he has an optional retirement plan 403(b) can roll it over to his new employer’s K-12 403(b) plan.
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The IRS has issued an update to the 2022-2023 priority guidance plan.
The IRS had released the initial plan on Nov. 4, 2022, setting forth guidance priorities for the 12-month period from July 1, 2022, through June 30, 2023 (the plan year). It released an update to the plan in February.
The To...
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Tech Talk discusses procedures for obtaining opinion and advisory letters for the first six-year remedial amendment cycle and a 403(b) pre-approved plan’s second six-year remedial amendment cycle.
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