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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...
IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018
The Internal Revenue Service recently announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018, including that the...
Mortality Tables for Pension Plans Updated for 2018
Pension plans for funding purposes are required to use prescribed mortality tables by the IRS. As expected, these were recently updated by the IRS and will be in effect for 2018. Plan sponsors...
Disaster Tax Relief for Retirement Plans
President Trump signed into law H.R. 3823, the "Disaster Tax Relief and Airport and Airway Extension Act of 2017", which delivers temporary tax relief for retirement plans as well as other tax...
Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Irma & Harvey
The Internal Revenue Service announced that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Irma and Harvey and members of...
Model Amendments to Add Bifurcated Distribution Options to Defined Benefit Plans
The Internal Revenue Service recently issued Notice 2017-44. This notice provides model amendments that a sponsor of a qualified defined benefit plan may use to amend its plan document to offer...
IRS Updates Procedures of Issuing Opinions on Pre-Approved Plans – Master & Prototype and Volume Submitter Programs Combined into One Program
The IRS in Revenue Procedure 2017-41 updated the procedures for the issuance of opinion and advisory letters by the IRS regarding the qualification in form of Pre-approved Plans. This revenue...
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