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IRS Issuing Opinion and Advisory Letters for Pre-Approved Defined Benefit Plans and Opening Determination Letter Program for Pre-approved Plan Adopters
IRS Issuing Opinion and Advisory Letters for Pre-approved Defined Benefit Plans and Opening Determination Letter Program for Pre-approved Plan Adopters In IRS Announcement 2018-05 , the Internal...
Bipartisan Budget Act of 2018 Impact on Benefit Plans
The "Bipartisan Budget Act of 2018"—P.L. 115-123 (the “Budget Act”) was passed by Congress and signed into law by the President on February 9, 2018. The two year budget provides for a continuing...
Voluntary Correction Program Changes User Fees
Voluntary Correction Program Changes Effective January 2, 2018, the IRS simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP). The total amount of...
PBGC Expands Missing Participants Program to Terminated 401(k) and Other Plans
The Pension Benefit Guaranty Corporation (“PBGC”) is expanding its Missing Participants Program to terminated 401(k) and other plans in an effort to connect more people to their retirement savings....
Tax Cuts & Jobs Act – Impact on Retirement Plans
Below are the key retirement plan provisions under the Tax Cuts & Jobs Act, per Thomson Reuters Tax & Accounting, Checkpoint Special Study on Pension and Benefit Changes in the “Tax Cuts and...
IRS Updates Mortality Improvement Rates & Static Mortality Tables for DB Plans
In Notice 2018-2, IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit (DB) pension plans under Code Sec. 430(h)(3)(A) and §303(h)(3)(A) of...
DOL EXTENDS TRANSITION PERIOD FOR FIDUCIARY RULE EXEMPTIONS
The U.S. Department of Labor has announced an 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and...
Steps Plans Must Take When They Cannot Locate Participants
The IRS’s Tax Exempt and Government Entities Division has issued a memo in which it instructs its examiners not to challenge a qualified plan that can't locate a retired participant, for failing to...
New 2017 Mortality Improvement Scales
In October 2017, the Society of Actuaries (SOA) released new 2017 mortality improvement scales. This is one of those good news/bad news situations. The good news is that for entities which must...
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