Tax Exempt and Governmental Entitites 2017 Work Plan

The Work Plan includes a summary of 2016 examinations as well as targeted areas for 2017. Document Excerpt Specialty Programs: EP will continue to apply resources into specialty program casework, focusing on EP Team Audit (EPTA)/Large Case, multiemployer (MAP) plans, IRC 403(b)/457(b) plans, cash balance plans, hybrid 401(k) plans (such as those with the age […]

Updated EPCRS Guidance

The IRS has issued Revenue Procedure 2016-51 to reflect changes to EPCRS in light of changes to the IRS’ determination letter program. Document Excerpt .01 Purpose. This revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or […]

EPCU Partial Termination Compliance Program

The IRS has implemented a partial termination compliance program through its Employee Plans Compliance Unit seeking to determine whether plans that reflected a significant decrease in participants on their 5500 complied with the partial termination requirements where applicable. Document Excerpt We want to determine if the plan did experience a partial termination and did the […]

EPCU Current Project on SIMPLE IRAs

The IRS’ Employee Plans Compliance Unit’s current project is a review as to whether SIMPLE IRAs are being maintained by eligible plan sponsors. Document Excerpt Our goal is to ensure that employers sponsoring a SIMPLE IRA Plan are eligible to sponsor those plans. Link

SEC Registration Requirements for Certain 401(k) Plans with Brokerage Windows

The SEC in a Q & A (126.41) indicates that certain 401(k) plans that allow participants to invest in company stock through the plan’s brokerage window may be required to register. Document Excerpt Question 126.41 Q: A company sponsors a 401(k) plan that does not offer an employer securities fund in which employee contributions may […]

Seventh Circuit Rejects Dudenhoeffer Special Pleading for Privately Held Stock

The court interpreted the Supreme Court’s special pleading standard as applying to publicly-traded stock only. Document Excerpt GreatBanc’s (and the district court’s) reliance on Dudenhoeffer is unwarranted. In Dudenhoeffer, the Supreme Court held that ERISA fiduciaries conducting ESOP transactions can generally prudently rely on the market value of publicly traded stock, absent special circumstances. Dudenhoeffer, […]

FAQs on Proposed Expanded Missing Participant Program

The PBGC released Frequently Asked Questions regarding its proposed expansion of the Missing Participant program. Document Excerpt Under PBGC’s proposal, the Program would expand to cover missing participants in terminated defined contribution plans (such as 401(k) plans and profit-sharing plans). Instead of establishing an IRA at a financial institution for each missing participant account, plans […]

Draft Forms For Proposed Expanded Missing Participants Program

Simultaneously with the release of its proposed regulations to expand the missing participant program, the PBGC also released draft forms. Document Excerpt On September 20, 2016, PBGC issued a proposed rule that would expand its existing Missing Participants Program to cover terminated 401(k) and other defined contribution plans and certain defined benefit plans that are […]

Proposed Regulations Extending PBGC Missing Participant Program

Among other expansions, the proposed regulations would expand the program to cover most defined contribution plans. Document Excerpt This proposed rule is needed to implement amendments to section 4050 of ERISA. Those amendments require PBGC to establish rules to handle the benefits of missing participants and beneficiaries under terminated multiemployer plans covered by title IV […]

Temporary Relief For Closed Defined Benefit Plans Extended

Notice 2016-57 extends the temporary nondiscrimination relief for closed defined through 2017. Document Excerpt This notice extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan years beginning before 2018 if the conditions of Notice 2014-5 are satisfied. II. […]

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