by David Torrillo | Oct 26, 2017 | Employee Benefit Plans, News and Press Releases
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 record pension obligations, these obligations are expected to be lower...
by David Torrillo | Oct 19, 2017 | Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 401(k) contribution limit increases to $18,500 for 2018. The IRS issued...
by David Torrillo | Oct 5, 2017 | Employee Benefit Plans, News and Press Releases, Policy Updates
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 should work with their actuaries to determine the impact to future funding...
by David Torrillo | Oct 3, 2017 | Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 relief to the victims of Hurricanes Harvey, Irma, and Maria...
by David Torrillo | Aug 30, 2017 | Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 their families. This is similar to relief provided last year...
by David Torrillo | Aug 22, 2017 | Employee Benefit Plans, Forms and Procedures, News and Press Releases
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 bifurcated distribution options to participants in accordance with final...
