IRS Issues
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...
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The IRS has revised the required modifications and information that contains samples of plan provisions that have been found to satisfy certain requirements of Code Section 403(b) and its implementing regulations, for purposes of complying with Revenue Procedure (Rev. Proc.) 2021-37. The IRS has...
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It is important for the employer to know the differences between an IRS model 5305-SEP or a prototype simplified employee pension (SEP) plan for a number of reasons. Do they have another plan? Do they want to provide the same percentage of contributions for all employees? Does the Employer “own”...
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The best defense, it is said, is a good offense. In MarketBeat, John Iekel writes about a March 31 ASPPA webinar that offers tips and suggestions regarding how to prepare for examinations of retirement plans by the IRS and Department of Labor (DOL).
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Many people think that governmental section 457(b) plans and private sector 401(k) plans are the same because they both allow pre-tax deferrals of similar amounts of income—but they’re not.
Due to their differing origins, their rules and requirements are different, and it’s important not to...
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Tech Talk discusses the kinds of administrative and investment fees that might be charged to a 403(b) plan.
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Tech Talk discusses the features and distinctions of a deemed IRA.
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Timeliness matters regarding a plan audit. But if you think that just means having everything ready on time, you may already be too late. In MarketBeat, John Iekel writes about a recent blog entry that argues that the time to be concerned about timeliness is well before the date of a plan audit.
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The IRS announced on March 25 that it has suspended issuance of delinquent notices to a variety of filers, including retirement plans. These are notices generally mailed to tax-exempt or governmental entities in case of a delinquent return.
Among the notices covered by the announcement are: ...
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The rules for required minimum distributions (RMDs) apply to a variety of retirement plans and accounts and their participants and holders. Some are the same for IRAs and defined contribution plans, but they are not all the same. Following is a look at the differences and the similarities.
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The law firm of Schlichter Bogard & Denton has a new target—with some familiar accusations.
This time (Mills v. Molina Healthcare, Inc., C.D. Cal., No. 2:22-cv-01813, complaint 3/18/22) they are representing plaintiffs Michelle Mills, Coy Sarell, Chad Westover, Brent Aleshire, Barbara Kershner...
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Tech Talk discusses the contribution rules for payroll deduction IRAs.
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April 1 may be April Fools Day, but a deadline looming on that date is no joke: Participants in retirement plans and IRA holders who attained age 72 after June 30, 2021 must receive their first required minimum distribution (RMD) by April 1, 2022.
There is an exception to the April 1 deadline,...
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Does a 403(b) plan have the authority to voluntarily transfer the account of a missing plan participant or beneficiary under the state’s unclaimed property or escheat laws?
State Law Terminology
In a January 2019 Government Accounting Office (GAO) report, “Retirement Accounts: Federal Action...
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The IRS on March 14 announced that it is temporarily suspending its Prototype IRA Opinion Letter Program.
Announcement 2022-06 provides that, effective March 14, 2022, and until further notice, the IRS will not accept applications for opinion letters on prototype IRAs (traditional, Roth and...
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Tech Talk discusses how nonforfeitability applies to 403(b) plans.
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The $1.5 trillion budget bill passed by Congress this week includes budget boosts for the Employee Benefits Security Administration (EBSA) and the IRS—but bipartisan retirement legislation apparently will have to wait for another day.
On March 9, the House of Representatives passed, by a vote...
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The recent 2022 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
Flagg Thanked for Her Service as 2021 NTSA President https://www.ntsa-net.org/news-resources/...
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The IRS has issued a reminder that it may still be possible to claim a deduction for 2021 for contributions to IRAs—but the clock is ticking. Contributions that could be claimed must have been made by April 18, 2022.
Contributions for 2021 can be made to a traditional or Roth IRA until the filing...
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Tech Talk discusses what a plan-to-plan transfer is.
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