Benefits Forward

The IRS has released proposed regulations on the purchase of longevity annuities under a defined contribution plan. Document Excerpt This document contains proposed regulations relating to the purchase of longevity annuity contracts under tax-qualified defined contribution plans under section 401(a) of the Internal Revenue Code (Code), section 403(b) plans, individual retirement annuities and accounts (IRAs) [...]

Revenue Ruling 2012-4 provides guidance as to whether a defined benefit plan that accepts an eligible rollover distribution from a defined contribution plan maintained by the same employer satisifes Section 411 and 415 where the defined benefit plan provides an annuity for the rollover funds. Document Excerpt Does a qualified defined benefit pension plan that [...]

Revenue Ruling 2012-3 provides guidance as to how the QJSA and QPSA rules apply when a deferred annuity contract is purchased under a profit sharing plan. Document Excerpt How do the qualified joint and survivor annuity (“QJSA”) and the qualified preretirement survivor annuity (“QPSA”) rules, described in §§ 401(a)(11) and 417 of the Internal Revenue [...]

Notice 2012-14 addresses whether individuals who are eligible for services at an Indian Health Services facility are eligible individuals for purposes of Health Savings Accounts. Document Excerpt  This notice provides guidance on whether an individual eligible to receive medical services at an Indian Health Service facility is an “eligible individual” with respect to Health Savings [...]

The IRS will hold a phone forum on March 6, 2012 on the results from its Quesionaire and problems found. Document Excerpt The 401(k) Questionnaire Interim Report, its next steps, and current issues found in 401(k) audits will be discussed by Monika Templeman, Director of Employee Plans Examinations, along with IRS staff members Janice Gore [...]

Notice 2012-10 provides guidance as to the corporate bond weighted interest rate and the permissible range as in effect for plan years beginning before 2008. Document Excerpt  This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of the Internal Revenue Code [...]

Notice 2011-100 provides guidance as to the corporate bond weighted average interest rate and the permissible range interest rates as in effect for plan years beginning before 2008. Document Excerpt This notice provides guidance as to the corporate bond weighted average interest rate and the permissible range of interest rates specified under § 412(b)(5)(B)(ii)(II) of [...]

Rev. Rul. 2012-5 contains new covered compensation tables. Document Excerpt  This revenue ruling provides tables of covered compensation under § 401(l)(5)(E) of the Internal Revenue Code (the “Code”) and the Income Tax Regulations thereunder, for the 2012 plan year. Link http://www.irs.gov/pub/irs-drop/rr-12-05.pdf

As of the beginning of the new year, the IRS has issued a number of revenue procedures that may be of interest to retirement plan sponsors and practitioners. Document Excerpt These synopses are intended only as aids to the reader in identifying the subject matter covered. They may not be relied upon as authoritative interpretations. [...]

Notice 2012-9 amends and restates interim guidance on the reporting to employees of employer cost of health coverage. Document Excerpt  This notice restates and amends the interim guidance on informational reporting to employees of the cost of their employer-sponsored group health plan coverage initially provided in Notice 2011-28, 2011-16 I.R.B. 656. This informational reporting is [...]