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
As expected, In July 2019, the AICPA Auditing Standards Board (ASB) issued AICPA Statement on Auditing Standards No. 136, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (“SAS No. 136″ or the “new EBP SAS”). This new standard prescribes certain new performance requirements for ERISA plan financial statement
Social Security numbers. Medical data. Financial information. The volume of personal information kept inside employee benefit plans is huge, and that is why these plans make such ripe targets for cybercriminals. It falls to employee benefit plan sponsors to make sure the bad guys are kept out. In a preview of “Cybersecurity for Benefit Plan
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