Tag Archives: retirement plans

ESOP regulatory update regarding potential plan amendments

By Greg Daugherty and Victoria Hanohano-Hong on April 1, 2024

It has been a busy end of 2023 and first quarter of 2024 for the Internal Revenue Service and Department of Labor when it comes to implementing qualified plan regulatory guidance. You may have heard of some or more of these changes, many of which come from the SECURE Act and more recent SECURE 2.0. … Continue Reading

IRS previews qualified plan determination letter changes in new guidance

By Greg Daugherty on January 14, 2016

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

By Greg Daugherty on February 19, 2013

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

Slight Simplification to Extension Process for Form 8955-SSA (the Deferred Vested Benefit Disclosure for Form 5500)

By Deb Boiarsky on June 21, 2012

The IRS has issued proposed regulations relating to the submission of Form 8955-SSA and automatic extensions of the time to file this Form. Effective for any automatic extension filed on Form 5558 on or after June 21, 2012, any application for extension for the Form 8955-SSA will not require a signature. … Continue Reading

Washington Rides The Budget Carousel Once Again

By Porter Wright on February 15, 2012

Consideration of our country's annual budget has begun. On Monday, February 13, 2012, President Barack Obama released his proposed budget for fiscal year 2013 (which starts on October 1, 2012). … Continue Reading

Estoppel in ERISA: Simple Mistakes Can Lead to Costly Litigation

By Porter Wright on February 2, 2012

Plan administrators need to take steps to ensure that the information they provide to plan participants is accurate. Otherwise, plan participants may use this misinformation to bring an estoppel claim.… Continue Reading

Definition of Fiduciary—Relief Or More of the Same?

By Porter Wright on September 29, 2011

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

Tapping Your Retirement Funds Early? Uncle Sam Gets a Piece of the Pie

By Porter Wright on September 2, 2011

Are you considering taking an early distribution from your retirement plan? If so, now is a good time to brush up on the early distribution rules. In Tax Tip 2011-42 (available here), the IRS reminds you of the tax impact of taking a withdrawal from your retirement plan before you reach age 59 ½. Early … Continue Reading

Retirement Benefits for Residents of Puerto Rico

By Porter Wright on August 23, 2011

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