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Federal Government Links

Final Rules for DB Minimum Required Contributions Issued

The Internal Revenue Service (IRS) has issued final regulations providing guidance on the determination of minimum required contributions for single-employer defined benefit (DB) plans, as well as final regulations regarding the excise tax for failure to satisfy the minimum funding requirements for defined benefit plans.  The regulations apply to plan years on or after January 1, 2016.

IRS Retirement Plan Checklists

The IRS offers one-page checklists for SIMPLE IRAs, SEPs, SARSEPs, 401(k) plans and 403(b) plans to help plan sponsors start a review of their plan’s basic operations.   Each checklist links to a Fix-It Guide with tips on how to find, fix and avoid each potential error.

IRS Updates Regarding Retirement Plan Appeal Procedures

IRS Publication 1020, “Appeal Procedures Employee Plans Examinations”, the IRS explains what plan sponsors can do if they disagree with a proposed disqualification of their qualified retirement plan by the agency, as well as what plan sponsors must do if they agree to a proposed plan disqualification.

IRS Notice 2014-74: Safe Harbor Explanations

This IRS notice amends the two safe harbor explanations in Notice 2009-68 regarding certain information to be provided to recipients of eligible rollover distributions. Amendments to the safe harbor explanations relate to the allocation of pre-tax and after-tax amounts, distributions in the form of in-plan Roth rollovers and other clarifications.

IRS Contribution/Benefits Limits for 2015

This page on the IRS website provides a table of IRC Section 415 dollar limits for pension plans and other items for tax year 2015 adjusted for cost-of-living increases.

IRS Notice 2014-49: Further Guidance on Look-Back Measurement Procedures

The IRS issued guidelines on September 18, 2014, for application of the look-back measurement process for employers in two specific situations: when an employee transfers from one position to another within the same company but with different look-back measurement periods or when an employer changes the look-back measurement period for a position.

IRS Issues Additional Guidance Regarding Hybrid Retirement Plans

The IRS published final regulations providing guidance in the Federal Register on September 19, 2014 relating to applicable defined benefit plans. Applicable defined benefit plans are those that use a lump sum-based benefit formula, including cash balance plans and pension equity plans, as well as other hybrid retirement plans.

Report on the Economic Well-Being of U.S. Households in 2013

This July 2014 report based on survey conducted by the Federal Reserve Board in September 2013 captures a snapshot of the financial and economic well-being of U.S. households. The survey also examined the issues they face, their recovery from the Great Recession and perceived risks to their financial stability.

2014 IRC 415 Dollar Limitations on Benefits and Contributions

This page on the IRS website provides a table specifying the IRC 415 limits for 2014. Essentially, deferral rates for defined contribution plans are unchanged. The chart includes COLA changes for annual compensation, HCE threshold, taxable wage base, etc.

IRS February 2013 Employee Plan News

This is the February 2013 edition of a periodic newsletter the IRS publishes. In this issue is information on how new revenue correction procedures affect 403(b) plans, updates on compliance projects and more.

Guide to Common Qualified Retirement Plan Requirements

This page on the IRS website, updated in October, 2012,  lists some of the more important retirement plan requirements to ensure that employer-sponsored plans maintain their qualified status under IRS rules.

IRS Employee Plans News – March 2012

The March 2012 issue has articles on new guidance encouraging plans to offer lifetime income options, an update on the Determination Letter Program, the IRS’ 401(k) plan projects and other employer plan-related topics.