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 | Jul 3, 2017 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The IRS in Revenue Procedure 2017-41 updated the procedures for the issuance of opinion and advisory letters by the IRS regarding the qualification in form of Pre-approved Plans. This revenue procedure modifies the IRS’s historic approach to Pre-approved Plans in...
by David Torrillo | May 23, 2017 | Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
On May 22, 2017 Alexander Acosta, the Secretary of the Department of Labor (“DOL”) wrote an opinion piece in the Wall Street Journal on the Fiduciary Rule. In it he states: “The Labor Department has concluded that it is necessary to seek additional public input...
