On February 3, 2017, President Trump issued an executive order which directs the Department of Labor (“DOL”) to review the Fiduciary Duty Rule, specifically, Term “Fiduciary”; Conflict of Interest Rule Retirement Investment Advice, 81 Fed. Reg. 20946 (April 8, 2016) (Fiduciary Duty Rule or Rule). The President’s order states that the Fiduciary Duty Rule may
The Internal Revenue Service announced on October 27, 2016 cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS issued technical guidance detailing these items in Notice 2016-62. Highlights of limitations that remain unchanged from 2016 The contribution limit for employees who participate in 401(k), 403(b), most 457
The Internal Revenue Service announced October 21, 2016 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. This is similar to relief provided this summer to Louisiana flood victims. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered
IRS Updates the Employee Plans Compliance Resolution System (“EPCRS”) Revenue Procedure 2016-51 modifies and superseded Rev. Proc. 2013-12, 2013-4 I.R.B. 313, which sets forth the Employee Plans Compliance Resolution System (“EPCRS”), a comprehensive system of correction programs for sponsors of retirement plans that have failed to satisfy certain requirements under section 401(a), 403(a), 403(b), 408(k), or
The U.S. Department of Labor has announced a two-month extension of the comment period on the Form 5500 Modernization Proposals. The department, the Internal Revenue Service and the Pension Benefit Guaranty Corporation published a Notice of Proposed Revision of Annual Information Return/Reports in the Federal Register on July 21, 2016. The department also published a separate, but related
The Internal Revenue Service announced on August 30, 2016 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to Louisiana flood victims and members of their families. Participants in 401(k) plans, employees of public schools and tax-exempt organizations with 403(b) tax-sheltered annuities, as well as state and local government employees
On August 24, 2016, the Internal Revenue Service provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). In Revenue Procedure 2016-47, posted on IRS.gov, the IRS explained how eligible taxpayers, encountering a