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Executive Order to Expand Access to Workplace Retirement Savings Plans and to Review Rules on Required Minimum Distributions

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David Torrillo
Friday, August, 31, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Uncategorized
On August 31, 2018, the President signed an executive order to expand access to workplace retirement savings plans for American workers and to review rules on required minimum distributions. The President’s order directs the Departments of Labor and the Treasury to consider issuing regulations and guidance that would make it easier for businesses to offer
401(k)DOLRegulatory Priorities

401(k) Student Loan Benefits? – IRS Private Letter Ruling May Clear the Way

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David Torrillo
Tuesday, August, 28, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
On August 17, 2018 the IRS issued a private letter ruling, which permitted an employer to provide a student loan repayment benefit offered through a 401(k) Plan. The student loan benefit program under the plan provided the employer to make a nonelective contribution to an employee based on the amount of student loan repayments made
401(k)IRS

IRS Issues 8 Benefit Plan Snapshots

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David Torrillo
Tuesday, June, 05, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service periodically issues Snapshots. Snapshots are employee job aids that provide analysis and resources for a given technical tax issue. Snapshots are developed through internal collaboration at the IRS and may evolve as the compliance environment changes and new insights and experiences are contributed. Listed below are Snapshots recently issued in May 2018.
401(k)Defined Benefit PlansIRSPension PlansSnapshots

Voluntary Correction Program Changes User Fees

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David Torrillo
Tuesday, January, 09, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Voluntary Correction Program Changes Effective January 2, 2018, the IRS simplified the user fees charged for most submissions made under the Voluntary Correction Program (VCP). The total amount of net plan assets determines the applicable user fee. Most alternative or reduced fees that were part of previous revenue procedures no longer apply. Refer to Revenue Procedure
401(k)403(b)compliance resolution systemDefined Benefit PlansEPCRSIRS

Tax Cuts & Jobs Act – Impact on Retirement Plans

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David Torrillo
Thursday, December, 21, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b), Uncategorized
Below are the key retirement plan provisions under the Tax Cuts & Jobs Act, per Thomson Reuters Tax & Accounting, Checkpoint Special Study on Pension and Benefit Changes in the “Tax Cuts and Jobs Act.” These are consistent with previous expectations.  Extended Rollover Period for Rollover of Plan Loan Offset Amounts If an employee stops
401(k)403(b)IRSretirement savings

DOL EXTENDS TRANSITION PERIOD FOR FIDUCIARY RULE EXEMPTIONS

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David Torrillo
Tuesday, November, 28, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The U.S. Department of Labor has announced an 18-month extension from Jan. 1, 2018, to July 1, 2019, of the special Transition Period for the Fiduciary Rule’s Best Interest Contract Exemption and the Principal Transactions Exemption, and of the applicability of certain amendments to Prohibited Transaction Exemption 84-24 (PTEs). This follows public comment on a
401(k)403(b)DOLFiduciary RulePlan Fiduciary UpdateRegulatory Priorities

IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018

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David Torrillo
Thursday, October, 19, 2017 / Published in 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 technical guidance detailing these items in Notice 2017-64.  Highlights of Changes for 2018 The contribution limit for employees
401(k)403(b)Defined Benefit PlansIRSPension Plansretirement savings
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Recent Posts

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  • DOL Updates the Voluntary Fiduciary Correction Program

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  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

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