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Updated Missing Participants Guidance

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David Torrillo
Friday, January, 15, 2021 / 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’s Employee Benefits Security Administration recently posted new guidance on Missing Participants including: Missing Participants – Best Practices for Pension Plans; Field Assistance Bulletin No. 2021-01, Temporary Enforcement Policy Regarding the Participation of Terminating Defined Contribution Plans in the PBGC Missing Participants Program; and Compliance Assistance Release No. Read More
401(k)403(b)Defined Benefit PlansDOLEBSAEnforcement prioritiesMissing ParticipantsPension Plans

Benefit Plan Provisions of the Consolidated Appropriations Act – 2021

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David Torrillo
Wednesday, December, 23, 2020 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Consolidated Appropriations Act – 2021, was approved by the House and Senate late Dec. 21 but still must be signed by the President to become law. The legislation includes an extension of retirement-based disaster relief, CARES Act clarifications for money purchase pension plans, another round of Paycheck Protection Program (PPP) loans, and provisions which
401(k)403(b)Defined Benefit PlansPension Plans

IRS Issues Final Regulations on Extended Rollover Period For Qualified Plan Loan Offset

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David Torrillo
Tuesday, December, 08, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The IRS has released final regulations on the rollover period for a qualified plan loan offset amount. Previously, the IRS had issued proposed regulations related to the extended rollover period for a qualified plan loan offset amount. Read More
401(k)403(b)IRSPlan Loan Offset

IRS Provides Guidance on Distributions from Terminating 403(b) Plans

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David Torrillo
Friday, November, 06, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The Department of the Treasury and the Internal Revenue Service issued guidance for employers and employees with terminating 403(b) plans that fund benefits through 403(b)(7) custodial accounts. The guidance reflects changes provided in the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act). Read More
403(b)IRS

2021 COLA Adjustments: 401(k) Contribution Limit Remains $19,500 for 2021

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David Torrillo
Tuesday, October, 27, 2020 / Published in Employee Benefit Plans, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79. Key employee contribution limits remain unchanged The limit on contributions by employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan remains unchanged at $19,500. Read
401(k)403(b)Defined Benefit PlansIRSPension Plans

Plan Withholding Requirement For State Unclaimed Funds

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David Torrillo
Monday, October, 19, 2020 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
Under Revenue Ruling 2020-24, the Internal Revenue Service has ruled that a qualified retirement plan must withhold federal income tax from retirement payments it makes to a state unclaimed property fund and that it must report the payments on Form 1099-R (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.). Read More
401(k)403(b)Defined Benefit PlansIRSrevenue proceduresUnclaimed Funds

IRS Updates Operational Compliance List for 2020

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David Torrillo
Tuesday, September, 15, 2020 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
The IRS recently updated its Operational Compliance List to include 2020 legislation and guidance to help plan sponsors identify changes that may affect their plan’s compliance. The Operational Compliance List (“OC” List) is provided per Rev. Read More
401(k)403(b)Defined Benefit PlansHardship DistributionsIRSOperational Compliance ListPension Plansrevenue procedures
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Recent Posts

  • SECURE 2.0 Act of 2022

    SECURE 2.0 Act of 2022 was passed by Congress a...
  • DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions

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  • No Entries Listing Changes in Qualification Requirements on the 2022 IRS Required Amendments List

    Notice 2022-62 contains the 2022 Required Amend...

Categories

  • 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.

36 Regency Plaza
Glen Mills, PA 19342

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Phone: 484-574-8782
Fax: 484-574-8785

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