Same-Sex Marriage: New Developments & Impact on Employee Benefits
With over 1,100 federal statutory provisions in which marital status is a factor in determining access to statutory benefits, rights, or privileges, the outcome of the challenge to the constitutionality of laws adversely impacting same-sex marriages could have a significant [...]
IRS Audit Trends & Issues
Continuing our series of posts reporting on the recent TE/GE meetings, today we focus on the audit trends and issues that the IRS officials in attendance identified. In addition to providing insight on the IRS’s focus, the list serves as [...]
IRS Updates Retirement Plan Correction Program
After a long wait, an updated Revenue Procedure for the Employee Plans Compliance Resolution System (EPCRS) was released in the form of Rev. Proc. 2013-12. The new Revenue Procedure makes some important changes to the EPCRS. As many plan sponsors [...]
Paper by (Forced) Choice?
AARP recently released survey results where plan participants were asked whether they preferred paper or electronic retirement plan disclosures. AARP is touting this as proof positive that plan participants prefer paper over electronic disclosures. In a prior life, I (Chris) [...]
ERISA 4062(e)asier?
Last Friday, the Pension Benefit Guaranty Corporation officially announced a change in enforcement under ERISA § 4062(e) that had been encountered some time ago by practitioners. This is the “Third Act” in the unfolding saga of 4062(e) enforcement. In broad [...]
Year-End Qualified Retirement Plan Checklist
It’s time to ensure year-end qualified plan deadlines are satisfied. Below is a checklist designed to help employers with this process. A. QUALIFIED PLAN AMENDMENTS The deadline for adopting the amendments listed below is the last day of the plan [...]
Updated Qualified Plan Limits
Last week, the IRS updated various qualified plan limits for 2013 to reflect increases in the cost of living. A table of those limits, along with a listing of limits from prior years, is below. Disclaimer/IRS Circular 230 Notice
Qualified Plans at Risk When Jumbled with True Tax Expenditures
This is the first post in a three part series where we’ll focus on the impact that upcoming “tax reform” and the “second fiscal cliff” negotiations might have on qualified retirement plans, particularly on 401(k) plans. The impetus for writing [...]