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IRS Updates Procedures of Issuing Opinions on Pre-Approved Plans – Master & Prototype and Volume Submitter Programs Combined into One Program

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...

Proposed Statement on Auditing Standards, Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA

On April 20, 2017, the AICPA Auditing Standards Board issued an exposure draft, Proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. This proposed SAS is specific to audits...

DOL Releases Consumer Protections for Retirement Investors – FAQS on Your Rights and Financial Advisers

In January 2017, the U.S. Department of Labor, Employee Benefits Security Administration released it  CONSUMER PROTECTIONS FOR RETIREMENT INVESTORS – FAQS ON YOUR RIGHTS AND FINANCIAL ADVISERS. Per the Department of Labor, beginning on April 10, 2017, retirement...

IRS Announces 2017 Pension Plan Limitations; 401(k) Contribution Limit Remains Unchanged at $18,000 for 2017

The Internal Revenue Service announced on October 27, 2016 cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. The IRS issued technical guidance detailing these items in Notice 2016-62....

Retirement Plans Can Make Loans, Hardship Distributions to Victims of Hurricane Matthew

The Internal Revenue Service announced October 21, 2016 that 401(k)s and similar employer-sponsored retirement plans can make loans and hardship distributions to victims of Hurricane Matthew and members of their families. This is similar to relief provided this summer...
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