Tag: IRS

retirement

IRS Mandates Use of New Mortality Tables for 2018 … Unless You Don’t Want to!

On October 3, 2017, the Internal Revenue Service (IRS) released Notice 2017-60, finally acknowledging that new mortality assumptions would be required for 2018 in the determination of minimum contributions and, by association, Pension Benefit Guaranty Corporation (PBGC) premiums. (See New IRS Mortality Tables for 2018 Bring Host of Concerns for DB Plan Sponsors.)

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401K

Tax Reform Extends Participant Plan Loan Offset Payment Period

Defined contribution (DC) plan sponsors should be aware of a change under the new Tax Cuts and Jobs Act that extends the period during which a participant may pay the amount of an “offset” of an outstanding 401(k) plan loan to another qualifying plan or individual retirement account (IRA) to accomplish a tax-free rollover of […]

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ACA

Employer Deadline Extended for ACA Reporting to Individuals

Recently, employers and insurers were given an extra month to comply with the upcoming Affordable Care Act (ACA) requirements to furnish 1095-B and –C reports to individuals. The deadline is being moved back from January 31 to March 2, 2018, the Internal Revenue Service (IRS) announced in Notice 2018-06. In addition, the good-faith transition relief […]

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ACA

IRS Now Enforcing ACA Employer Mandate

Despite the past year’s showdowns over the Affordable Care Act’s (ACA) fate and the turmoil in the individual insurance market, the law’s employer mandate is alive and well—and more urgent than ever.

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disaster

Employer Options for Assisting Employees After Major Disasters

From the record number of hurricanes in the Atlantic and Gulf of Mexico, to significant wildfires across the western United States, and more recent flooding in the Northeast, an unprecedented number of disasters have affected individuals throughout the country over the past year.

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disaster

Natural Disasters: We Texans are ‘100% in Control of Our Response’ to What Happens to Us

*Editor’s note: The content of this article was originally intended for Texas employers dealing with the repercussions of Hurricane Harvey. However, with the recent California wildfires and other natural disasters impacting various parts of the country, employers from all states can take glean insight from Maslanka’s advice.

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payment

IRS Offers 2 Methods to Correcting Missed Plan Loan Payments

Many qualified profit-sharing and 401(k) retirement plans allow participants to take loans from their account balance. To ensure that the loan is repaid and to avoid administrative headaches, many plans require repayments be made by payroll deduction.

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ACA

A Survival Guide for ACA Reporting and Compliance

With open enrollment well underway for most organizations and the end of calendar year fast approaching, it’s time for HR departments to focus on Affordable Care Act (ACA) reporting for plan year 2017. Though HR teams have a few years of experience navigating the ACA reporting requirements under their belts, confusion and stress levels continue […]

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disaster

Further Hurricane Relief for Retirement Plan Participants Put into Place

The second half of 2017 brought devastating hurricanes to several areas of the Southern U.S. and Puerto Rico. In recognition of Hurricanes Harvey, Irma, and Maria, the U.S. Congress provided for both retirement plan hardship distribution tax relief and more generous plan loan rules for participants whose primary residences were damaged in one of the […]

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