The Mortality Improvement Scale (Scale MP-2019) that accompanies the Society of Actuaries (SOA) most recent Mortality Table (RP-2014) was updated in October 2019. In addition, the SOA released a new base mortality table, Pri-2012. The Pri-2012 table will generally replace the RP-2006 base mortality rates in use since 2014. Scale MP-2019 reflects historical U.S. population
The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this contribution limit and other changes in Notice 2019-59, posted on IRS.gov. This guidance provides cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year
The Internal Revenue Service (“IRS”) has issued final regulations on hardship distributions from 401(k) plans. The final regulations amend the rules relating to hardship distributions from Code Sec. 401(k) plans and reflect statutory changes affecting Code Sec. 401(k) plans, including changes made by the Bipartisan Budget Act of 2018. The final regulations are substantially similar
In IRS Notice 2019-49, the Internal Revenue Service extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan years beginning before 2021 if the conditions of Notice 2014-5 are satisfied. Background Notice 2014-5 provides temporary nondiscrimination relief for certain
Field Assistance Bulletin 2019-01 provides guidance and temporary penalty relief related to certain Form 5500 Annual Return/Report requirements for multiple employer plans (MEPs) subject to Title I of the Employee Retirement Income Security Act of 1974, as amended (ERISA). In particular, MEPs have a statutory obligation under section 103(g) of ERISA to file complete and
The Department of Labor (DOL) has issued final regulations which make it easier for small businesses to provide retirement savings plans through “association retirement plans” (ARPs), by allowing small businesses to band together to offer 401(k) and other defined contribution plans to their employees. Under the rule, ARPs could be offered by associations of employers
Revenue. Procedure. 2019-20, consistent with the process described in Rev. Proc. 2016-37, 2016-29 I.R.B. 136, provides for a limited expansion of the determination letter program with respect to individually designed plans. Under this limited expansion, the Internal Revenue Service (IRS) will accept determination letter applications for,: individually designed statutory hybrid plans during a 12-month period