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Practitioners and plan administrators are celebrating the arrival of several helpful revisions in a newly updated Internal Revenue Service (IRS) Employee Plans Compliance Resolution System (EPCRS) Revenue Procedure 2019-19.
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.
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 […]
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 […]