by David Torrillo | Feb 17, 2021 | Employee Benefit Plans, Forms and Procedures
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...
by David Torrillo | Jan 15, 2021 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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; Field Assistance Bulletin No. 2021-01, Temporary Enforcement Policy...
by David Torrillo | Dec 10, 2020 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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 plans, including safe harbor 401(k) plans and certain 403(b) plans. A...
by David Torrillo | Dec 8, 2020 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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 a qualified plan loan offset amount. Plan sponsors and administrators...
by David Torrillo | Nov 6, 2020 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The Department of the Treasury and the Internal Revenue Service issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. The guidance reflects changes provided in the Setting Every Community Up...
by David Torrillo | Oct 19, 2020 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
Under Revenue Ruling 2020-24, the Internal Revenue Service has ruled that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property fund and that it must report the payments on Form 1099-R...
