IRS Issues
The fire and ice of dragons in winter are the stuff of mythology. But even the seemingly commonplace can incorporate a dash of mythology as well; in MarketBeat, John Iekel discusses what a speaker at the recent Plan Sponsor Council of America (PSCA) annual conference outlined concerning myths...
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Can a frozen plan of an employer that is no longer an “eligible employer” still allow new loans from the plan? In Tech Talk, Susan Diehl tells us.
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While many employers offer 403(b) plans to employees, most do not adequately educate the employees on the importance of retirement savings or promote participation in the 403(b) plan as a valuable employee benefit. Many fail to recognize the correlation between higher participation rates and...
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Is there a requirement that for non-ERISA Section 403(b) or Section 457(b) loans, the interest rate on the loan must be prime plus 2%? In Tech Talk, Sue Diehl tells us.
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The Internal Revenue Service has announced updated deduction limits for high deductible health plans.
For calendar year 2020, the annual limitation on deductions under § 223(b)(2)(A) for an individual with self-only coverage under a high deductible health plan is $3,550, up $50 from the 2019...
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Editor’s Note: This is an occasional feature in the NTSA Advisor. It is drawn from The Source, a book that covers technical, compliance, administrative and marketing aspects of the 403(b) and 457(b) markets. More information about The Source is available here.
The following general concepts about...
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Tech Talk addresses when a pastor is considered “retired” and whether that Is defined by the Internal Revenue Code and the plan document, or by some other criteria.
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A 501(c)3 ministry has a main office and 12 chapters throughout the state, all of which operate under the same employer identification number (EIN). In Tech Talk, Susan Diehl tells us whether one could set a plan up under the main entity and have the chapters as participating employers, or whether...
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In MarketBeat, Linda Segal Blinn discusses the mechanics of Internal Revenue Code Section 415(c); she writes that determining the 415(c) annual additions limit requires additional information if an individual contributes to more than one 403(b) product or participates in more than one defined...
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Editor’s Note: This is an occasional feature in the NTSA Advisor. It is drawn from The Source, a book that covers technical, compliance, administrative and marketing aspects of the 403(b) and 457(b) markets. More information about The Source is available here.
Each product provider that offers a...
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The IRS and Treasury are seeking comments concerning the way the Form 5500-EZ is filed. The IRS says that it plans to make the Form 5500-EZ available on the EFAST2 for direct electronic filing instead of using Form 5500-SF.
The Forms 5500 and 5500-SF are filed electronically through the web-based...
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Tech Talk addresses whether a 403(b) plan that has vendors holding money but does not have any current contributions needs to update its 403(b) document as a part of the new restated plan document requirement.
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In MarketBeat, John Iekel discusses a recent blog entry that focuses on whether or not to outsource, and outlines the advantages and disadvantages of decisions about how a retirement plan’s funds are to be invested.
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Editor’s Note: This is an occasional feature in the NTSA Advisor. It is drawn from The Source, a book that covers technical, compliance, administrative and marketing aspects of the 403(b) and 457(b) markets. More information about The Source is available here.
Internal Revenue Code Section 72(p)...
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The IRS has announced the expansion of areas for issuing determination letters for certain retirement plans.
Revenue Procedure (Rev. Proc.) 2019-20 issued May 1, details two new issues for which retirement plan sponsors may now request determination letters:
Statutory Hybrid Plans – plan...
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The Treasury Department and the IRS welcome comments about what should be included in their 2019-2020 Priority Guidance Plan. The plan will identify guidance projects that the Treasury and the IRS intend to work on during the 12-month period from July 2019 to July 2020. They made the announcement...
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A county sponsors a 457(b) governmental plan and is asking questions concerning eligibility of those in elected positions to participate. In Tech Talk, Sue Diehl tells us whether there is any guidance concerning whether they can participate and receive any future discretionary matching dollars.
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In Tech Talk, Susan Diehl tells us whether acceleration applies only to the timing of a distribution, frequency of distribution or both.
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Editor’s Note: This is an occasional feature in the NTSA Advisor. It is drawn from The Source, a book that covers technical, compliance, administrative and marketing aspects of the 403(b) and 457(b) markets. More information about The Source is available here.
Loans are an important feature in a...
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In a major victory for the advocacy efforts of the American Retirement Association, the IRS has expanded its Employee Plans Compliance Resolution System (EPRCS) self-correction program (SCP).
The American Retirement Association (ARA) on April 4, 2018 had submitted a comment letter to the IRS to...
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