OK to Amend Interest Rate Look-Back Month for Cash Balance Plan

The IRS rules in a Private Letter Ruling that it is okay to amend the interest rate lookback month for a cash balance plan’s pre-conversion benefit. Document Excerpt The determination of the present value of a participant’s Protected Benefit is a determination of the present value of an optional form of benefit and therefore is […]

FAQs on IRA Recharacterizations

The IRS has released a set of Frequently Asked Questions dealing with the changes to the IRA recharacterization rules under the Tax Cuts and Jobs Act of 2017. Document Excerpt A Roth IRA conversion made in 2017 may be recharacterized as a contribution to a traditional IRA if the recharacterization is made by October 15, […]

DOL Announces April 1, 2018 Applicability Date for Claims Regulations Amendment

The DOL announced its decision for April 1, 2018 as the applicability date for employee benefit plans to comply with the final rule amendments regarding disability claims. Document Excerpt The U.S. Department of Labor announced today its decision for April 1, 2018, as the applicability date for employee benefit plans to comply with a final […]

Covered Compensation Tables

Revenue Ruling 2018-04 provides covered compensation tables reflecting revisions to the Social Security taxable wage base for 2018 previously announced. Document Excerpt This revenue ruling provides tables of covered compensation under section 401(l)(5)(E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2018 plan year. These tables of covered compensation reflect […]

Changes to User Fees for VCP Submission

Appendix A to Revenue Procedure 2018-4 changes the user fee structure for VCP submissions to one based upon the size of plan assets. Document Excerpt Effective January 2, 2018, the IRS simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP). The total amount of net plan assets determines the […]

DOL Proposed Rules to Allow Employer Groups to Maintain Health Plans

The proposed rule would broaden the definition of employer for purposes of ERISA Section 3(5) to make it easier for employers in the same industry or employers located in the same geographic area to maintain association plans. Document Excerpt This document contains a proposed regulation under Title I of the Employee Retirement Income Security Act […]

DOL 2018 Inflation-Adjusted Penalties

The DOL announces penalty adjustments for 2018 including penalties applicable to employee benefit plans. Document Excerpt The U.S. Department of Labor (Department) is publishing this final rule to adjust for inflation the civil monetary penalties assessed or enforced in its regulations, pursuant to the Federal Civil Penalties Inflation Adjustment Act of 1990 as amended by […]

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