Responding to concerns about administrative headaches for plan sponsors and administrators, the Internal Revenue Service (IRS) reversed its previous decision to lower the maximum family health savings account (HSA) contribution from $6,900 to $6,850.
The Internal Revenue Service (IRS) should modify its Employee Plans Compliance Resolution System (EPCRS) to expand its use by retirement plans seeking to self-correct errors, according to the American Retirement Association (ARA). Doing so would reduce the burden of newly increased Voluntary Correction Program (VCP) fees (see, IRS Adjusts Voluntary Correction Program User Fees Starting […]
The Internal Revenue Service (IRS) said on April 5 that it may reopen its determination letter program to certain types of individually designed retirement plans, beyond the narrow set of circumstances in which such letters are currently available.
The Bipartisan Budget Act of 2018 enacted in February relaxed certain restrictions on hardship withdrawals from 401(k) and 403(b) retirement plans (see, New Federal Budget Relaxes Hardship Withdrawals for Retirement Plan Participants), starting in 2019. But defined contribution (DC) retirement plan sponsors also should be aware that, in contrast, the federal Tax Cuts and Jobs […]
The Internal Revenue Service (IRS) is lowering back to 2017’s level the fee it charges for applications seeking determination letters for terminating retirement plans, the agency announced on March 14.
Defined benefit (DB) retirement plan sponsors with restated preapproved plan documents that were part of the latest Internal Revenue Service (IRS) 6-year remedial amendment cycle can benefit from some of the lessons learned by other sponsors that have completed the defined contribution (DC) cycle.
The Internal Revenue Service (IRS) intends to issue opinion and advisory letters for some preapproved defined benefit (DB) pension plans restated for changes in plan qualification requirements, the IRS announced March 9.
The family contribution limit for a health savings account (HSA) for 2018 was reduced from $6,900 to $6,850 by the Internal Revenue Service (IRS), along with adjustments made to other IRS thresholds to reflect the recent tax legislation.
Male sterilization and male contraceptives are not considered “preventive care” for health savings account (HSA) purposes, the Internal Revenue Service (IRS) confirmed in Notice 2018-12. However, the March 5 notice also provided transition relief for applicable fully insured plans at least through the end of 2019.
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.)