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Final QNEC and QMAC Regulations

Document Excerpt ‘SUMMARY: This document contains final regulations that amend the definitions of qualified matching contributions (QMACs) and qualified nonelective contributions (QNECs) under regulations regarding certain qualified retirement plans that contain cash or deferred arrangements under section 401(k) or that provide for matching contributions or employee contributions under section 401(m). Under these regulations, an employer […]

Proposed Updated Rule on Terminated and Insolvement Multiemployer Plans

Document Excerpt The Pension Benefit Guaranty Corporation proposes to amend its multiemployer reporting, disclosure, and valuation regulations to reduce the number of actuarial valuations required for smaller plans terminated by mass withdrawal, add a valuation filing requirement and a withdrawal liability reporting requirement for certain terminated plans and insolvent plans, remove certain insolvency notice and […]

Covered Compensation Tables

Revenue Ruling 2017-22 provides the covered compensation tables effective January 1, 2018. Document Excerpt This revenue ruling provides tables of covered compensation under § 401(l)(5)(E) of the Internal Revenue Code and the Income Tax Regulations thereunder, for the 2018 plan year. Link https://www.irs.gov/pub/irs-drop/rr-17-22.pdf

Summary of Senate Tax Bill

While the Senate has not yet released the text of its tax bill, it has released a summary. Document Excerpt Link https://www.ciab.com/download/11012/

Appeal Procedures on Adverse Qualification Determination

The IRS has released updated information on appeal rights in the face of an adverse determination on qualification. Document Excerpt  Appeal Rights Because people sometimes disagree on retirement plan qualification matters, the IRS has an administrative appeal system. Most differences can be settled by appeal without a court trial.   Link https://www.irs.gov/pub/irs-pdf/p5153.pdf

Revisions to Standard, Distress and Missing Participant Forms

The PBGC has released revisions to its standard termination, distress termination and missing participant forms and instructions. Document Excerpt   Link     http://www.pbgc.gov/prac/whatsnew.html      

Updated IRS Priority Guidance

The IRS releases its Priority Guidance for 2013-2014 as updated. Document Excerpt Link http://www.irs.gov/pub/irs-utl/2013-2014_pgp_3rd_quarter_update.pdf < a href=”http://http://www.irs.gov/pub/irs-utl/2013-2014_pgp_3rd_quarter_update.pdf “>

May Lump Sum Rate Released

The PBGC has released the interest rate for May lump sums. Document Excerpt   Link  http://www.pbgc.gov/prac/interest/monthly.html

SBC Template

The DOL releases a SBC template. Document Excerpt Link http://www.dol.gov/ebsa/pdf/correctedsbctemplate2.pdf

Employee Plans News

The February, 2013 edition of the IRS’ Employee Plans News includes a discussion of the impact of the newly released updated Employee Plans Compliance Resolution System providing some relief for late written plan adopters of Section 403(b) arrangements on current audits of those plans. Document Excerpt Link http://www.irs.gov/Retirement-Plans/Employee-Plans-News

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