IRS Reporting and Disclosure Chart for Retirement Plans

The IRS has released a reporting and disclosure chart. Document Excerpt Link https://www.irs.gov/pub/irs-tege/irs_reporting_disclosure_guide.pdf

Nondiscrimination Relief for Closed Defined Benefit Plans

The IRS has released proposed regulations providing relief for nondiscrimination purposes for certain closed defined benefit plans. Document Excerpt This document contains proposed regulations that modify the nondiscrimination requirements applicable to certain retirement plans that provide additional benefits to a grandfathered group of employees following certain changes in the coverage of a defined benefit plan […]

Guidance on Mid-Year Changes in Safe Harbor Plans

The IRS has released Notice 2016-16 providing some guidance on mid-year changes to a safe harbor plan. Document Excerpt This notice provides guidance on mid-year changes to a safe harbor plan under §§ 401(k) and 401(m) of the Internal Revenue Code. The notice provides that a mid-year change either to a safe harbor plan or […]

Applicability of Normal Retirement Age Regulations to Government Pensions

The IRS has issued proposed regulations clarifying the applicability of the 2007 normal retirement regulations to government pension plans. Document Excerpt SUMMARY: This document contains proposed regulations under section 401(a) of the Internal Revenue Code (Code). These regulations would provide rules relating to the determination of whether the normal retirement age under a governmental plan […]

Plan Cannot Recover Overpayments from Participant’s General Assets

The Supreme Court held that a plan cannot recover plan overpayments from a participant’s general assets where the proceeds from a settlement had been dissipated on nontraceable items. Document Excerpt We hold that, when a participant dissipates the whole settlement on nontraceable items, the fiduciary cannot bring a suit to attach the participant’s general assets […]

Qs and As on Health Coverage Provider Reporting

The IRS has released a series of questions and answers on information reporting by insurers under Section 6055. Document Excerpt Information reporting under section 6055 is voluntary for coverage providers in calendar year 2014. Reporting is first required in early 2016 for coverage providers in calendar year 2015, see question 2 below for details. More […]

Qs & As on Reporting Employer Offers of Coverage

The IRS has released a list of questions and answers on reporting employer offers of coverage under Section 6056. Document Excerpt Information reporting under section 6056 is first required in early 2016 with respect to calendar year 2015. For more information, see question 2. More information is available on the information reporting by applicable large […]

Changes to VCP User Fees

The changes result in the reduction of the user fee for many smaller plans. Document Excerpt Link https://www.irs.gov/Retirement-Plans/Changes-to-Voluntary-Correction-Program-Compliance-Fees-Including-Reduced-Fees-for-Most-401a-and-403b-Plans

Electronic Premium Filing Ready for 2016

The PBGC announces that it is now ready to accept online electronic premium filings for 2016. Document Excerpt 2016 Premium Filings: My PAA is now ready to accept electronic premium filings for plan years beginning in 2016. For additional information, see the following pages: Premium Payment Instructions & Addresses, What’s New in My PAA, Online […]

Guidance on Restored Health Coverage Tax Credit

Notice 2016-02 provides guidance on claiming the restoring health coverage tax credit for 2014 and 2015. Document Excerpt This notice provides guidance regarding the health coverage tax credit (HCTC) under § 35 of the Internal Revenue Code, as modified by the Trade Preferences Extension Act of 2015, Pub. L. 114-27 (June 29, 2015) (Extension Act). […]

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