List of Nonbank Trustees and Custodians

Announcement 2011-59 contains the list of nonbank entities approved by the Commissioner to serve as trustees and/or custodians of IRAs. Document Excerpt The following is a list of entities that have been approved by the Commissioner of Internal Revenue, pursuant to § 1.408-2(e) of the Income Tax Regulations, to serve as anonbank trustee or custodian. This […]

IRS Phone Forum on Participant Loans

The IRS will hold a free phone forum on participant loans on September 12, 2011. Document Excerpt The presentation on participant loans will include the treatment of loans as distributions under IRC §72(p), their taxability, and their relationship with IRC §4975. Frequent issues noted on participant loans and how to correct them will also be […]

Exceptions to 10% Early Distributions Tax

The IRS provides a chart of the major exceptions to the 10% early distributions tax. Document Excerpt Link

Tips for Master and Prototype Plan Sponsors

The IRS provides tips for sponsors of master and prototype plans regarding their responsibilities to plan adopters. Document Excerpt M&P plan sponsors must meet their responsibilities that include making diligent efforts to ensure that adopting employers:   complete and sign new adoption agreements and signature pages when necessary (for example, when the plan has been […]

Summary of Benefits and Coverage Template

The Departments release a completed Summary of Benefits and Coverage template. Document Excerpt Link

Retirement News for Employers

The Summer, 2011 edition of the IRS’ Retirement News for Employers includes a discussion of finding and correcting compensation errors in retirement plans and withholding on plan distributions. Document Excerpt Link

Exchange Functions and Eligibility Determinations

HHS releases proposd guidance on certain Exchange functions and determinations of eligibility. Document Excerpt This proposed rule would implement certain functions of the new Affordable Insurance Exchanges (‘‘Exchanges’’), consistent with title I of the Patient Protection and Affordable Care Act of 2010, as amended by the Health Care and Education Reconciliation Act of 2010, referred […]

Employee Plans News

August Edition of the Employee Plans News includes a revised ESOP worksheet and tips for sponsors of Master and Prototype Plans  to help their adopting employers along with Form 8955-SSA FAQs. Document Excerpt Link

Summary of Benefits and Coverage

Along with the proposed regulations and the Fact Sheet, other subregulatory guidance regarding the Summary of  Benefits and Coverage is also made available at the HHS website. Link

Summary of Coverage Fact Sheet

A Summary of Coverage Fact Sheet is released along with the proposed regulations at the HHS website. Link

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