IRS Guidance

2018 Plan Dollar Limits

The IRS releases the 2018 retirement plan limits via Notice 2017-64. Document Excerpt Section 415 of the Internal Revenue Code (the Code) provides for dollar limitations on benefits and contributions under qualified retirement plans. Section 415(d) requires that the Secretary of the Treasury annually adjust these limits for cost-of-living increases. Other limitations applicable to deferred […]

October Employee Plans News

Included is a discussion of use of a cure period for missed loan payments, the new procedures for automatic approval for certain changes in funding method, and the newly released updated mortality table. Document Excerpt Link https://www.irs.gov/retirement-plans/employee-plans-news

IRS Updates Procedures for Requesting a change in Funding Method

Revenue Procedure 2017-57 updates guidance setting forth procedures for obtaining approval of the IRS for a change in funding method. Document Excerpt The purpose of this revenue procedure is to update Rev. Proc. 2000-41, 2000-2 C.B. 371, to take into account the enactment of subsequent legislation. This revenue procedure sets forth the procedure for obtaining […]

IRS Updates Automatic Approval Guidance

Revenue Procedure 2017-56 updates guidance on automatic approval for certain changes to take into account the provisions of Section 430 enacted as part of PPA. Document Excerpt Automatic approval for certain funding method changes for single-employer defined benefit pension plans subject to the minimum funding requirements of § 430 Link https://www.irs.gov/pub/irs-drop/rp-17-56.pdf

Adjusted Dollar Amounts under Sections 4375 and 4376

Notice 2017-61 provides adjusted applicable dollar amounts to be multiplied by the average number of covered lives for purposes of Sections 4375 and 4376. Document Excerpt This notice provides the adjusted applicable dollar amount to be multiplied by the average number of covered lives for purposes of the fee imposed by §§ 4375 and 4376 […]

Guidance on obtaining approval for Plan-Specific Mortality Table

Revenue Procedure 2017-55 provides guidance for plans that wish to obtain approval to use their own plan-specific mortality table. Document Excerpt This revenue procedure sets forth the procedure by which the sponsor of a defined benefit plan that is subject to the funding requirements of § 430 of the Internal Revenue Code (Code) may request […]

Updated Mortality Table

Notice 2017-60 provides the updated mortality table for defined benefit plans effective beginning in 2018. Document Excerpt This notice sets forth the mortality table that is used for purposes of determining minimum present value under § 417(e)(3) of the Internal Revenue Code (Code) and section 205(g)(3) of the Employee Retirement Income Security Act of 1974, […]

IRS 2018 Employee Benefits Work Plan

The IRS releases its 2018 work plan for tax exempt and governmental entities. Document Excerpt Link https://www.irs.gov/pub/irs-tege/tege_fy2018_work_plan.pdf

Extension of Special Nondiscrimination Relief for Closed Defined Benefit Plans

Notice 2017-45 extends the temporary relief under Notice 2014-5 from Section 401(a)(4) nondiscrimination testing for closed defined benefit plans through plan years beginning before 2019. 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 […]

IRS Announces Relief for Participants Affected by Hurricane Harvey

Announcement 2017-11 provides guidance for participants and beneficiaries affected by Hurricane Harvey including with respect to loans and hardship distributions. Document Excerpt This announcement provides relief to taxpayers who have been adversely affected by Hurricane Harvey and who have retirement assets in qualified employer plans that they would like to use to alleviate hardships caused […]

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