Guidance on Corporate Bond Weighted Interest Rate

Notice 2012-16 provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under Section 412(b)(5). Document Excerpt  This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code […]

Proposed Regs on Longevity Annuities Purchased Under DC Plans

The IRS has released proposed regulations on the purchase of longevity annuities under a defined contribution plan. Document Excerpt This document contains proposed regulations relating to the purchase of longevity annuity contracts under tax-qualified defined contribution plans under section 401(a) of the Internal Revenue Code (Code), section 403(b) plans, individual retirement annuities and accounts (IRAs) […]

Highlight of Changes to Final Service Provider Disclosure Regulations

In addition to issuing the final regulations with a delayed effective date, the DOL has also issued a Summary highlighting the changes made in the final regulations. Document Excerpt Link

Fact Sheet On Service Provider Disclosure Final Regulations

In conjunction with the issuance of final regulations, the DOL has issued a Fact Sheet on the final service provider disclosure regulations. Document Excerpt The Employee Retirement Income Security Act (ERISA) requires plan fiduciaries, when selecting and monitoring service providers and plan investments, to act prudently and solely in the interest of the plan’s participants […]

DOL Finalizes and Delays Service Provider Level Disclosure

The Department of Labor has both finalized and delayed the application of its service provider fee disclosure regulations. Document Excerpt This document contains a final regulation under the Employee Retirement Income Security Act of 1974 (ERISA or the Act) requiring that certain service providers to pension plans disclose information about the service providers’ compensation and […]

Treatment of Rollover to Defined Benefit

Revenue Ruling 2012-4 provides guidance as to whether a defined benefit plan that accepts an eligible rollover distribution from a defined contribution plan maintained by the same employer satisifes Section 411 and 415 where the defined benefit plan provides an annuity for the rollover funds. Document Excerpt Does a qualified defined benefit pension plan that […]

Guidance on Survivor Benefit Rules

Revenue Ruling 2012-3 provides guidance as to how the QJSA and QPSA rules apply when a deferred annuity contract is purchased under a profit sharing plan. Document Excerpt How do the qualified joint and survivor annuity (“QJSA”) and the qualified preretirement survivor annuity (“QPSA”) rules, described in §§ 401(a)(11) and 417 of the Internal Revenue […]

Guidance on HSA Eligibility for certain Individuals

Notice 2012-14 addresses whether individuals who are eligible for services at an Indian Health Services facility are eligible individuals for purposes of Health Savings Accounts. Document Excerpt  This notice provides guidance on whether an individual eligible to receive medical services at an Indian Health Service facility is an “eligible individual” with respect to Health Savings […]

IRS to Hold Phone Forum on 401(k) Questionaire

The IRS will hold a phone forum on March 6, 2012 on the results from its Quesionaire and problems found. Document Excerpt The 401(k) Questionnaire Interim Report, its next steps, and current issues found in 401(k) audits will be discussed by Monika Templeman, Director of Employee Plans Examinations, along with IRS staff members Janice Gore […]

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