Insights

On September 2, 2020, the IRS issued guidance in the form of questions and answers interpreting several miscellaneous provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and the Bipartisan American Miners Act of 2019 (Miners Act) affecting qualified retirement plans, 403(b) plans and Individual Retirement Accounts (IRAs).

With the new year and the new decade comes new information that employers and participants will need to know in the employee benefits sphere.

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees by means of orientation meetings and enrollment forms.

Are you ready to catch up on some of the recently issued guidance and initiatives provided by the Internal Revenue Service (IRS) and Department of Labor (DOL) regarding employee benefit plan matters?

An annual event for employee benefit plan administrators is the reporting of information to the government of the employee benefit plans sponsored by an employer.

In Revenue Procedure 2019-19, the Internal Revenue Service (IRS) issued guidance that increases the availability of retirement plan sponsors to correct certain plan documents and plan loan failures through the IRS Self-Correction Program (SCP).

The Internal Revenue Service (IRS) recently issued its Operational Compliance List (OCL) to help plan sponsors and practitioners achieve operational and “form” (i.e., plan documentation) compliance by identifying changes in qualification requirements effective during a calendar year.

Our Employee Benefits Services Group (EBSG) has expended a lot of time reviewing restated 403(b) plan documents that record keepers, third party administrators, or other plan document preparers have provided to plan sponsors to review.

Many of you are now gathering the necessary information to prepare your organization’s employee benefit plan(s) IRS Form 550, Annual Return/Report for 2018.

Sponsors of certain defined contribution plans, namely 401(k) and 403(b) plans, need to be aware that these plans are subject to nondiscrimination tests known as the Actual Deferral Percentage (ADP) test and the Actual Contribution Percentage (ACP) test.

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees via orientation meetings and enrollment forms.

Many ESOP corporations are presented with the challenge of maintaining an ESOP over the long-term.