New Employee Plans News

The most recent Employee Plans News includes slightly revised VCP submission forms 8950 and 8951.   Document Excerpt Link http://www.irs.gov/Retirement-Plans/Employee-Plans-News

PBGC Disaster Relief for Parts of California

The PBGC announces relief from its deadlines for parts of California due to fires. Document Excerpt Pension Benefit Guaranty Corporation (“PBGC”) is waiving certain penalties and extending certain deadlines in response to the Valley and Butte Fires that began on September 12, 2015, in California. Link http://www.pbgc.gov/prac/other-guidance/dr/dr15-09.html

IRS Updates 8950 & 8951

The IRS has revised VCP submission forms 8950 and 8951. Document Excerpt Although we prefer that plan sponsors use the revised version of the forms, we’ll continue to accept the prior versions (Form 8950 (Rev. 1-2013) and Form 8951 (Rev. 8-2014)) through January 1, 2016. Link http://www.irs.gov/Retirement-Plans/Revised-Forms-8950-and-8951-Sponsors-May-Temporarily-Choose-to-Use-Prior-Versions  

Procedural changes to Form 8950

The IRS has issued revised instructions to Form 8950 which include the requirement to include the plan sponsor’s business code used in filing its tax return. Document Excerpt Link http://www.irs.gov/pub/irs-pdf/i8950.pdf

Information Reporting on Minimum Essential Coverage

Notice 2015-68 provides notice of proposed rulemaking regarding information reporting under the Affordable Care Act for such things as catostriphic coverage. Document Excerpt  This notice advises taxpayers that the Treasury Department and the Internal Revenue Service intend to propose regulations under § 6055 of the Internal Revenue Code (1) providing that health insurance issuers must […]

Procedures for 5500EZ filers to Request Reflief from Electronic Filing

Revenue Procedure 2015-47 sets forth the procedures for those filing form 5500EZ but required to file Form 8955-SSA to request relief from the requirement that Form 8955 be filed electronically. Document Excerpt  This revenue procedure sets forth procedures for plan administrators of retirement plans (or, in certain situations, employers maintaining retirement plans) that are required […]

Reportable Events Final Regulations

The PBGC releases its reportable events and other notifications regulations. Document Excerpt In 2013, PBGC proposed to establish risk-based safe harbors that would exempt most companies and plans from many of its reportable events requirements and target reporting toward the minority of plan sponsors and plans presenting the most substantial risk of involuntary or distress […]

IRS Withdraws Part of Minimum Value Regulations

The IRS has withdrawn and re-proposed part of its regulations dealing with minimum value under the Affordable Care Act. Document Excerpt SUMMARY: This document withdraws, in part, a notice of proposed rulemaking published on May 3, 2013, relating to the health insurance premium tax credit enacted by the Affordable Care Act (including guidance on determining […]

Final Required Minimum Contribution Regulations

The IRS issues final required minimum contribution regulations under Section 430. Document Excerpt This document contains final Income Tax Regulations (26 CFR part 1) under sections 430(a), 430(c), 430(e), 430(f), 430(h), 430(j) and 436, as added to the Internal Revenue Code (Code) by the Pension Protection Act of 2006 (PPA ’06), Public Law 109-280 (120 Stat. […]

Guidance on Participant Vote on MPRA Suspension of Benefits

The IRS has released temporary regulations setting forth guidance on a participant vote on suspension of benefits under the MPRA applicable to multiemployer plans. Document Excerpt This document contains temporary regulations that provide guidance relating to the administration of that vote. These temporary regulations affect active, retired, and deferred vested participants and beneficiaries of multiemployer […]

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