IRS Issues

Comparisons between public- and private-sector benefits are understandable; indeed, such comparisons are often a large factor in employment decisions. But the variety and types of employers — and workers — covered by programs that operate under the auspices of 403(b) plans are extraordinarily... READ MORE

The IRS has updated the operational compliance list relevant to 403(b) requirements effective during the calendar year. The update adds a discussion of provisions that became effective in 2022. The IRS intends the list to help plan sponsors and practitioners achieve operational compliance by... READ MORE

SECURE 2.0 is a reality now — and two industry experts offered their insights in a Jan. 25 webcast as the dust settles.    American Retirement Association Director of Regulatory Affairs Kelsey Mayo, who also is a Partner at Poyner Spruill LLP, and American Retirement Association Director of... READ MORE

Once an employer has established a 457(b) plan, that plan still requires ongoing maintenance to comply with plan design modifications and federal legislative and regulatory changes. The following overview is intended to help governmental employers understand the IRS due dates —  both past and... READ MORE

The IRS has updated the procedures for letter rulings and information letters. The update is contained in Revenue Procedure (Rev. Proc.) 2023-1.  More specifically, the IRS has updated the procedures for letter rulings and information letters issued by the Associate Chief Counsel (Corporate),... READ MORE

The IRS has issued proposed regulations on the use of  electronic media to make participant elections and spousal consents. The proposed regulation generally affects sponsors and administrators of, and individuals entitled to benefits under, certain qualified retirement plans. The proposed... READ MORE

The Treasury Department and Internal Revenue Service have announced that brokers will not be required to report additional information with respect to dispositions of digital assets until final regulations are issued. According to IRS Announcement 2023-2, brokers are still required to comply with... READ MORE

There are 92 provisions in the new SECURE 2.0 Act — and by at least one assessment, they are “almost universally good, with ‘good’ being defined as ‘helpful to the cause of promoting retirement security.’” Group Plan Systems’ Pete Swisher and Cherisha Chapman rank the Top 10 Impact Provisions — and... READ MORE

Fast away the old year passes! There are plenty of things to occupy an employer, a plan administrator, and a service provider’s time as the year comes to a close — and the IRS offers suggestions regarding year-end considerations concerning a retirement plan.  Such a resource is especially helpful... READ MORE