On August 24, 2016, the Internal Revenue Service provided a self-certification procedure designed to help recipients of retirement plan distributions who inadvertently miss the 60-day time limit for properly rolling these amounts into another retirement plan or individual retirement arrangement (IRA). Read More
Determination Program On June 29, 2016, Revenue Procedure 2016-37, generally effective January 1, 2017, was released changing the: Determination Letter Program for tax-qualified individually designed plans (IDPs); and Requirements for when plan amendments must be adopted under IRC Section 401(b) While Revenue Procedure 2016-37 covers many changes and plan sponsors should carefully review the revenue
Correction Program & Retirement Plan Changes During 2015, the IRS began classifying Voluntary Correction Program (VCP) fees as user fees subject to IRC 7528. As a result, in 2016, plan sponsors will refer to a new, annual revenue procedure to determine the appropriate fee when making a VCP submission to the IRS. Read More