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

IRS Issues 8 Benefit Plan Snapshots

Tuesday, June, 05, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
The Internal Revenue Service periodically issues Snapshots. Snapshots are employee job aids that provide analysis and resources for a given technical tax issue. Snapshots are developed through internal collaboration at the IRS and may evolve as the compliance environment changes and new insights and experiences are contributed. Read More

IRS Issuing Opinion and Advisory Letters for Pre-Approved Defined Benefit Plans and Opening Determination Letter Program for Pre-approved Plan Adopters

Monday, March, 12, 2018 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
IRS Issuing Opinion and Advisory Letters for Pre-approved Defined Benefit Plans and Opening Determination Letter Program for  Pre-approved Plan Adopters In IRS Announcement 2018-05 , the Internal Revenue Service (IRS) indicated that it intends to issue opinion and advisory letters for pre-approved master and prototype (M&P) and volume submitter (VS) defined benefit plans that were

IRS Updates Mortality Improvement Rates & Static Mortality Tables for DB Plans

Friday, December, 15, 2017 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases
In Notice 2018-2, IRS has provided updated mortality improvement rates and static mortality tables to be used for defined benefit (DB) pension plans under Code Sec. 430(h)(3)(A) and §303(h)(3)(A) of the Employee Retirement Income Security Act of 1974 (ERISA), which apply for purposes of calculating the funding target and other items for valuation dates occurring

New 2017 Mortality Improvement Scales

Thursday, October, 26, 2017 / Published in Employee Benefit Plans, News and Press Releases
In October 2017, the Society of Actuaries (SOA) released new 2017 mortality improvement scales. This is one of those good news/bad news situations. The good news is that for entities which must record pension obligations, these obligations are expected to be lower utilizing the new scales. Read More