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The Bipartisan Budget Act of 2018 passed by Congress on February 8 and signed the next day by President Trump didn’t change retirement savings taxation or contribution limits, but it did bring good news for some plan activities.
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 […]
After hearing concerns from the retirement plan industry, the IRS issued modifications on March 25 to its pre-approved program for 403(b) plans, in Revenue Procedure 2014-28. These welcome changes will provide another year — until April 30, 2015 — to apply for the program and will increase the number of entities that can take advantage […]
On March 28, the IRS issued long-awaited guidance to help 403(b) retirement plan sponsors comply with written plan document requirements in the form of Revenue Procedure 2013-22, which contains a “master and prototype program,” and an information package with sample plan provisions. As a result, beginning June 28, 2013, the IRS will accept plan sponsor […]
Now that the IRS has incorporated 403(b) plans into its Employee Plans Compliance Resolution System, it is providing some plan sponsors with compliance relief, and is expanding upon some online tools it provides to help plan sponsors identify the steps they can take to help maintain their 403(b) plans. In January, the IRS issued Revenue […]
Government efforts to bring 403(b) retirement plans up to regulatory par with 401(k) plans has resulted in a rough transition for 403(b) plan sponsors, and in recognition of that fact, an ERISA advisory council gave the U.S. Department of Labor (DOL) five recommendations to help ease the compliance burden. Background Over the years, many 403(b) […]
The IRS is promising that changes to the Employee Plans Compliance Resolution System program are coming soon, and those changes will provide a way to correct plan document errors. The IRS has also proposed a “remedial amendment period” for 403(b) plans, as part of its proposed 403(b) prototype program, which will allow employers to retroactively […]
The “first ever transparency standards for disclosure of fees and services in the public school 403(b) marketplace,” were launched Feb. 1 by partners of the 403(b) Transparency Taskforce, which include the National Education Association (NEA), the National Tax Sheltered Accounts Association (NTSAA) and The American Society of Pension Professionals & Actuaries (ASPPA). The issue of […]