IRS Issues
Basic rule: General 457 annual contribution limit
There is one limit on the amount of contributions an individual may defer to an eligible 457(b) deferred compensation plan in a taxable year: The annual limit on contributions under Internal Revenue Code Section 457(b)(2).
Under Section 457(b)(2...
READ MORE
Tech Talk discusses whether there are any provisions that are optional for a 457 plan.
READ MORE
Tech Talk addresses the timing for the adoption of a 457 plan and when the plan document must exist.
READ MORE
As the second half of 2022 begins, there are some deadlines relevant to retirement plans that now come into sharper focus. Some are becoming immediate; with others, there still is a bit of time to prepare.
July 31, 2022
Pre-Approved Plans (Cycle 3 Restatement). All plans using IRS pre-approved...
READ MORE
Being notified by the IRS that your 457(b) plan is under audit is about as fun as flying a kite in a lightning storm. You receive that letter or phone call followed by an official letter—an Information Document Request, or IDR—notifying you that the IRS is auditing your plan and your heart starts...
READ MORE
Tech Talk discusses what internal controls are and why they matter.
READ MORE
Retirement plans—including 457(b) plans—have garnered heightened scrutiny. In MarketBeat, John Iekel writes about a recent blog entry that notes that IRS and DOL have increased the number of plans they audit, and highlights the importance of fulfilling fiduciary duties and not committing a...
READ MORE
The IRS on June 3 announced that it is piloting a pre-examination retirement plan compliance program beginning in June 2022.
This program will notify a plan sponsor by letter that their retirement plan was selected for an upcoming examination. The letter will give a plan sponsor a 90-day window...
READ MORE
The American Retirement Association (ARA) in a May 25 comment letter has made recommendations to the IRS concerning the proposed required minimum distributions (RMD) regulations issued in February 2022, including that the IRS delay the effective date of the regulations when they are in final form...
READ MORE
Tech Talk addresses whether an employer can continue to make contributions on behalf of a deceased employee in a 403(b) plan.
READ MORE
The IRS in a May 23 edition of Employee Plan News provides a comprehensive discussion of the impact of missing a deadline for restating a pre-approved 401(a) or 403(b) plan and how such a situation can be handled.
To maintain a plan’s status as a pre-approved plan and retain uninterrupted...
READ MORE
Tech Talk discusses what surrender fees are and how they work.
READ MORE
“Saving is the No. 1 priority,” says Robert Kaplan, the American Retirement Association’s Director of Technical Education. Kaplan made his comments during a recent webcast that highlighted tax credits and deductions relevant to retirement saving, as well as proposals intended to increase it. ...
READ MORE
The IRS on May 13 announced that it is extending to the end of 2022 the temporary relief from the requirement that certain participant elections be witnessed in the physical presence of a plan representative or a notary public.
In Notice 2022-27 the IRS says that due to the pandemic, it is...
READ MORE
While adopting a plan document is the first step in establishing and maintaining a 403(b), an employer's commitment to its internal controls is equally important. In its webpage “Retirement Plan Errors Eligible for Self-Correction,” the IRS reminds employers*, “The plan sponsor must have routinely...
READ MORE
Well, this looks familiar: Capitol Hill considering a SECURE Act. But this time around, it’s SECURE 2.0. In a recent webcast, American Retirement Association Retirement Education Counsel Robert M. Richter provided an update regarding the provisions of SECURE 2.0—which include some that would affect...
READ MORE
Exercising fiduciary duty entails a variety of functions—including maintaining and periodically reviewing documents and documentation. In MarketBeat, John Iekel writes about a recent blog entry that reminds that documentation means more than just keeping documents.
READ MORE
The IRS has announced the health savings account (HSA) limits for 2023. The announcement came in IRS Revenue Procedure 2022-24.
HSA Limits
For calendar year 2023, the annual limitation on deductions under Internal Revenue Code Section 223(b)(2)(A) for an individual with self-only coverage under...
READ MORE
Tech Talk addresses what U.S. government agencies have a role in regulating and overseeing 403(b) plans or investment options provided to participants.
READ MORE
Why should the rules that determine how and how much a person can save for retirement be different depending on whether the person works for a government entity, a nonprofit or a for-profit employer? People are people, and their retirement needs are not different based on what type of entity...
READ MORE
Pages
Most Popular
