2021 IRS Compliance Program and Priorities for Employee Plans
Tuesday, April, 06, 2021
The Tax Exempt and Government Entities (TE/GE) Fiscal Year 2021 Program Letter PDF lists IRS priorities and how those align with the IRS Strategic Goals. In fiscal year 2021, the IRS will continue to pursue its compliance program described in its FY 2020 Program Letter PDF, and use its webpage to share information about other compliance program initiatives at the end
- Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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American Rescue Plan Act of 2021 – Key Benefit Plan Funding Provisions
Wednesday, March, 10, 2021
The American Rescue Plan Act of 2021 (ARPA, HR 1319) is expected to become law. Key benefit plan provisions[i] are highlighted below. Many of these affect funding provisions for defined benefit plans. Read More
- Published in Employee Benefit Plans, Forms and Procedures, Policy Updates
IRS States No Action Needed by Plan Sponsors: Delayed Mailing of Notice CP 216F
Wednesday, February, 17, 2021
The IRS has stated that Plan sponsors do not need to take further action if they are currently receiving Notice CP 216F, Approval of Extension to file Form 5500 Series Return, for calendar year 2019 Forms 5500 series returns, after the final return for 2019 has been submitted. Read More
- Published in Employee Benefit Plans, Forms and Procedures
EBSA Restores Over $3.1 Billion to Employee Benefit Plans, Participants and Beneficiaries
Thursday, February, 04, 2021
The DOL has issued its fiscal year (FY) 2020 enforcement fact sheet, highlighting the recovery of over $3.1 billion in direct payments to plans, participants, and beneficiaries. The DOL’s Employee Benefits Security Administration (EBSA) has oversight responsibility over nearly 722,000 retirement plans, 2.5 million health plans, and a similar number of other welfare benefit plans.