Employee Benefits Law Report

Tag Archives: retirement plans

IRS previews qualified plan determination letter changes in new guidance

The Internal Revenue Service (IRS) issued guidance on Jan. 4, 2016, that clarifies certain implications of its previously announced changes to the employee plans determination letter program. These clarifications, announced in Notice 2016-03 (Notice) are necessary to cover open issues raised from prior guidance that in effect shuts down the determination letter program for most … Continue Reading

Plan Sponsors Have Greater Opportunities to Correct Errors Under New EPCRS

Do you sponsor a qualified retirement plan? If you're a tax-exempt or governmental employer, do you sponsor a 403(b) plan? If you answered yes to either of these questions, you know that despite having the best administrative procedures in place, it is easy to make mistakes with respect to the plan. If the IRS were to catch these mistakes on audit, it has the potential to disqualify the plan. … Continue Reading

Definition of Fiduciary—Relief Or More of the Same?

The United States Department of Labor (the "DOL") last week withdrew a proposed regulation that would have expanded the definition of "fiduciary" under ERISA in the context of retirement plans. (See our recent post that announced that withdrawal.) The regulation project was based on a belief that the old regulations defining the term, which originally were issued in 1975, were inadequate in today's marketplace (a contention that seemingly drew little opposition in the abstract). … Continue Reading

Retirement Benefits for Residents of Puerto Rico

Are any of your employees residents of Puerto Rico? If yes, you may need to consider whether your retirement benefits are complying with recent developments regarding both the Puerto Rican Internal Revenue Code (“PR Code”) and the United States Internal Revenue Code (“US Code”). If you are maintaining any Puerto Rican retirement plans, you will … Continue Reading