The IRS has recently warned employers of another scam targeting employee information. The IRS has learned that scammers are posing as internal executives and are requesting Forms W-2 and Social Security Numbers from payroll or human resources departments. The scammers may even initiate contact with a “Hi, are you in today” message before requesting the […]
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As we previously reported in our February 16, 2017 blog post, “A Rule Deferred: Department of Labor Delays Implementation of Fiduciary Rule,” the DOL anticipated delaying the effective date of the fiduciary rule by 180 days. However, on March 1, 2017, the DOL proposed to delay the fiduciary rule by 60 days, citing the potentially […]
KP
In a previous blog, we addressed an issue of Employee Plans News in which the IRS took the position that 401(k) plan administrators must maintain hardship distribution records and should not rely on electronic participant self-certification for hardship distributions. On February 23, 2017, the IRS issued a memorandum to its Employee Plans Examiners that sets […]
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In a previous blog, we discussed the IRS’ elimination of its five year staggered determination letter cycle for individually designed plans. The IRS recently provided guidance to help sponsors of individually designed plans keep their plans in compliance with applicable law. Notice 2016-80 contains the first Required Amendments List (the “RA List”) for individually designed […]
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It’s that time of year when boys and girls start making their lists for the holidays, but we in the employee benefits world make a very different kind of list. In the rapidly changing world of employee benefits and executive compensation law, a checklist can be particularly helpful to make sure important issues do not […]
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The IRS recently announced cost-of-living adjustments for 2017 in Notice 2016-62. The key dollar limits, along with last year’s limits, are noted below. Maximum Qualified Retirement Plan Dollar Limits 2016 2017 Limit on Section 401(k) deferrals (Section 402(g)) $18,000 $18,000 Dollar limitation for catch-up contributions (Section 414(v)(2)(B)(i)) $6,000 $6,000 Limit on deferrals for government […]
MC
If you are one of the lucky few employees who participate in an employer’s defined benefit retirement plan, you previously had to choose between receiving your benefits in a lump sum or in annuity payments. However, in the final rule adopted by the Treasury Department, defined benefit plans are allowed to offer participants the choice […]
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Generally, distributions from a qualified retirement plan that are eligible for rollover must be rolled over within 60 days of the date on which the distribution occurs. If a taxpayer did not complete the rollover within 60 days, the taxpayer previously had to request a private letter ruling from the IRS to receive additional time […]
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On July 23rd of last year, I blogged on a set of proposed regulations eliminating the requirement that a taxpayer attach a copy of his or her Section 83(b) election to their individual tax return. This July, the IRS made the proposed rule final and the final regulations eliminate the requirement that a taxpayer attach […]
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As was previously announced in 2015, effective as of January 1, 2017, the Internal Revenue Service (“IRS”) is eliminating its five year staggered determination letter cycle for individually designed retirement plans. Plans in the current cycle (Cycle A) still may submit their plans for determination letters on or before January 31, 2017. Pursuant to Revenue […]
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