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2021 IRS Compliance Program and Priorities for Employee Plans
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...
American Rescue Plan Act of 2021 – Key Benefit Plan Funding Provisions
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...
IRS States No Action Needed by Plan Sponsors: Delayed Mailing of Notice CP 216F
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...
EBSA Restores Over $3.1 Billion to Employee Benefit Plans, Participants and Beneficiaries
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...
Updated Missing Participants Guidance
The U.S. Department of Labor’s Employee Benefits Security Administration recently posted new guidance on Missing Participants including: Missing Participants – Best Practices for Pension Plans;...
Benefit Plan Provisions of the Consolidated Appropriations Act – 2021
The Consolidated Appropriations Act - 2021, was approved by the House and Senate late Dec. 21 but still must be signed by the President to become law. The legislation includes an extension of...
IRS Updates Mortality Improvement Rates and Static Mortality Tables for 2022
In Notice 2020-85, the IRS specifies updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans. These updated mortality improvement rates and...
IRS provides Guidance on SECURE Act that Increases Automatic Enrollment Cap Percentage and Eases Burdens for Certain Safe Harbor Plans
The Internal Revenue Service recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor...
IRS Issues Final Regulations on Extended Rollover Period For Qualified Plan Loan Offset
The IRS has released final regulations on the rollover period for a qualified plan loan offset amount. Previously, the IRS had issued proposed regulations related to the extended rollover period for...
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