IRS Issues
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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Tech Talk addresses what a 403(b) prototype plan is, and what constitutes each of its two parts.
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The IRS has issued a reminder that the submission period for 403(b) pre-approved plan providers to submit applications for a Cycle 2 Opinion Letter ends on May 1, 2023.
The IRS in 2022 revised the required modifications and information that contains samples of plan provisions that have been...
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The American Retirement Association applauds the Department of Labor’s proposed addition of a self-correction option for delinquent participant contributions and loan repayments under the Voluntary Fiduciary Correction Program (VFCP) but contends that important clarifications are needed for plan...
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Tech Talk discusses the requirement that interested persons must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b).
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Author’s Note: Over the past month this question has been asked by at least a half a dozen advisors, so I thought it would be a good thing to resurrect an article that NTSA ran quite a few years ago.
The Question: What happens when a participant signs a salary reduction agreement to defer into a...
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Tech Talk discusses the requirement that interested persons must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b).
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Tech Talk addresses submitting comments to the IRS regarding whether a 403(b) meets the requirements of Internal Revenue Code Section 403(b).
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One of the inevitable results of Congress’ failure to cobble together some sort of compromise on what the most suitable “Securities Fix” would be for the 403(b) CIT is a flurry of activity to find some way to craft a solution which would permit 403(b) plans’ investments in 81-100 trusts without a...
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The IRS has updated information relevant to reporting for 2022 and 2023.
403(b) Reporting
The IRS has updated Publication 939, General Rule for Pensions and Annuities for 2022 reporting. The publication also addresses the treatment of benefits under 403(b) plans and discusses in-plan Roth...
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Tech Talk addresses who interested persons are for purpose of 403(b) notice requirements, and who must receive notice that an application for an advance determination will be filed regarding whether a 403(b) plan meets the requirements of Internal Revenue Code Section 403(b).
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There are only 10 (or so) different provisions under SECURE 2.0 which seem to have any sort of direct relation to the provision of lifetime income through defined contribution plans (LI), and none of them seem to have the bold, systemic effects that we saw under the some of the terms under SECURE 1...
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In what appears to address changes under the SECURE 2.0 Act, the IRS has issued updated information for reporting concerning IRAs, as well as a fresh reminder concerning required minimum distributions (RMDs).
IRA Reporting
The IRS has issued an updated version of Publication 590-B,...
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Tech Talk discusses what an IRS “nonbank trustee approval letter” is, and the matters for which an applicant may be qualified to act as a nonbank custodian.
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Tech Talk addresses what an IRS Information Letter is.
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April 1, 2023, is the last day, in most cases, for retirees who turned 72 during 2022 to begin taking distributions from IRAs, 401(k)s and similar workplace retirement plans. The IRS issued a reminder about the impending deadline on March 9.
RMDs, the IRS reminds, generally are made by the end...
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The American Retirement Association (ARA) has signed on to a joint letter supporting the IRS’ new permanent rules to allow remote notarization of spousal consent forms.
Background
During the pandemic, the IRS received requests from stakeholders to permit remote witnessing of spousal consents by...
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The IRS has issued guidance to financial institutions for reporting required minimum distributions (RMDs) for 2023. The guidance, contained in Notice 2023-23, implements a change to the RMD rules made by the SECURE 2.0 Act, which delayed the required beginning date for RMDs.
Under this change, IRA...
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Tech Talk discusses the circumstances under which the IRS ordinarily does not issue a determination letter.
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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).
To Be Done
The IRS says in the updated list...
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