401(k) Contribution Limit Increases to $19,500 for 2020; Catch-Up Limit Rises to $6,500

Wednesday, November, 06, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
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. Read More

IRS Extends Relief for Closed Defined Benefit Plans through 2020

Monday, August, 26, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates
In IRS Notice 2019-49, the Internal Revenue Service extends the temporary nondiscrimination relief for closed defined benefit plans that is provided in Notice 2014-5, 2014-2 I.R.B. 276, by making that relief available for plan years beginning before 2021 if the conditions of Notice 2014-5 are satisfied. Read More

IRS UPDATES MORTALITY IMPROVEMENT RATES & STATIC MORTALITY TABLES FOR 2020

Tuesday, March, 26, 2019 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
In Notice 2019-26, the IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit pension plans under § 430(h)(3)(A) of the Internal Revenue Code (Code) and section 303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA). Read More

Recent Legal Cases of Interest to Plan Sponsors

Friday, February, 22, 2019 / Published in Employee Benefit Plans, News and Press Releases, Retirement - 401(k), 403(b)
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. Read More

Actuarial Mortality Improvement Scale MP-2018 Released

Thursday, November, 15, 2018 / Published in Employee Benefit Plans, News and Press Releases
In October 2018, the Society of Actuaries (SOA) updated the Mortality Improvement Scale (Scale MP-2018) that accompanies its most recent Mortality Table (RP-2014). The updated mortality improvement scale incorporates Social Security Administration (SSA) mortality data from 2012 to 2016. Read More

401(k) Contribution Limit Increases to $19,000 for 2019; IRA limit increases to $6,000

Thursday, November, 01, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
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. Read More

IRS Updates the Employee Plans Compliance Resolution System ( EPCRS )

Tuesday, October, 02, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
In Revenue Procedure 2018-52, the Internal Revenue Service (IRS) details new procedures under EPCRS that will require Plan sponsors to utilize www.pay.gov website to file Voluntary Correction Program (VCP) submissions and pay user fees. Read More