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
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
Effective April 19, 2019, the IRS modified the IRS Employee Plans Compliance Resolution System (“EPCRS”). EPCRS permits any size business or organization that sponsors a retirement plan (including SEP and SIMPLE IRA plans) to identify and correct many failures they find. Effect on Progams Revenue Procedure 2019-19 modifies and supersedes Rev. Proc. 2018-52, 2018-42 I.R.B. 611,
There have been several recent legal developments which plan sponsors should be aware. Putnam investments has asked the Supreme Court to weigh in on who is responsible for bearing the burden of proof whether investment losses resulted in losses to 401(k) plan participants. Certain circuit courts have ruled that it is the legal responsibility of
As directed by the Bipartisan Budget Act of 2018, the Internal Revenue Service has issued a notice of proposed rulemaking relating to hardship distributions from section 401(k) plans. The amendments reflect statutory changes affecting section 401(k) plans, including recent changes made by the Bipartisan Budget Act of 2018. These regulations would affect participants in, beneficiaries
The Internal Revenue Service on November 1, 2018 announced cost of living adjustments affecting the dollar limit for pension plans and other retirement-related items for tax year 2019. The IRS today issued technical guidance detailing these items in Notice 2018-83. Highlights of Changes for 2019 The contribution limit for employees who participate in 401(k), 403(b), most