On November 2, 2023, the IRS announced cost of living adjustments affecting qualified retirement plans for 2024.
Dec 21, 2023 2:19:01 PM
On November 2, 2023, the IRS announced cost of living adjustments affecting qualified retirement plans for 2024.
Topics: ESOP & 401(k) Plans, IRS, DOL
Aug 25, 2023 8:52:05 AM
The fair market value of employer stock is determined by an independent valuation firm; however, the fiduciary is ultimately responsible for making sure the stock has been properly valued. Over or under valued stock can lead to deduction issues, a prohibited transaction, or other violations. Fiduciaries must act prudently and in good faith with the fair market value calculated with adequate consideration to prevent such issues.
Topics: IRS, Year-End Valuation
Jul 20, 2022 9:30:00 AM
REMINDER - SECURE/CARES Act Amendments
Topics: IRS, DOL, Plan Document, CARES Act
Nov 24, 2020 2:14:00 PM
New Plan Limits for 2020
Topics: IRS, Plan Limits
Jul 30, 2020 8:31:07 AM
Over the past three months there have been a number of updates provided to the retirement community by both the Department of Labor and the Internal Revenue Service.
Dec 16, 2019 10:32:18 AM
New Plan Limits for 2020
Topics: IRS, Plan Limits
Dec 16, 2019 10:24:15 AM
Final Hardship Regulations
Topics: ESOP & 401(k) Plans, IRS, DOL, Distributions
Feb 10, 2017 3:21:38 PM
For ESOPs whose stock isn’t publicly traded, the timing rules for diversification have historically been difficult to meet. The law says the plan has to issue notices to participants who are eligible for a diversification within 90 days after the close of the plan year. For those electing a diversification, the plan has until 180 days from the close of the prior plan year to make the payment. Many ESOPs are not able to get the stock appraisal and annual work done in the 90 or 180 days to comply with the law. The industry best practice has always been to issue a preliminary notice within the 90 day window informing a diversification eligible participant of their right to diversify. After the annual work was done, plans would then issue the actual diversification notice and make the payments as soon as feasible thereafter.
Topics: IRS, Diversification
Nov 15, 2016 1:07:28 PM
IRS Provides Help with Rollovers
If you receive a distribution check and fail to roll over the payment to an IRA or other plan within 60 days, you may be in luck. The IRS has provided a self-certification procedure for those who inadvertently fail to complete a rollover within 60 days. Revenue Procedure 2016-47 provides a sample self-certification letter that a taxpayer can use to notify an IRA or other institution that he qualifies for a waiver of the 60-day rollover requirement. The waiver applies if one or more of 11 circumstances apply, including:
Form 5500
Jul 20, 2016 11:23:38 AM
The IRS, Department of Labor (DOL) and Pension Benefit Guaranty Corporation (PBGC) have decided that Form 5500 requires a major update. The proposed revisions will be published July 21, followed by a 75-day comment period. The revised Form 5500 is targeted for rollout with the 2019 filing year. According to a DOL press release, proposed revisions are intended to:
