August 12, 2019

IRS Updates VCP Electronic Submission Procedures, Revises Form

On June 28, 2019, the IRS issued its June Employee Plans News, in which the agency announced comparatively minor changes to the submission procedures applicable to the IRS Employee Plans Compliance Resolution System (“EPCRS“). The changes include revisions to required Forms 8950 and 8951, along with technical changes to the electronic submission process itself. The… Continue Reading

August 8, 2019

DOL Finalizes Regulations Expanding Access to MEPS By Small Employer Groups

On July 29, 2019, the U.S. Department of Labor (“DOL”) issued final regulations intended to expand access to retirement savings plans (including 401(k) plans) for employees of small businesses, by allowing them to group together for purposes of establishing “multiple-employer defined contribution retirement plans,” a type of “multiple employer plan” (“MEP”). The final regulations seek to… Continue Reading

June 5, 2019

House Passes the SECURE Act Which Moves to Senate, Would Affect 401(k) Plans in Big Ways

On Thursday, May 23, 2019, the U.S. House of Representatives passed, by a huge 417 to 3 margin, the Setting Every Community Up for Retirement Enhancement Act (the “SECURE Act”). Although the current climate in Washington is unpredictable at best and because the SECURE Act enjoys wide bipartisan support, pundits forecast that the proposal stands… Continue Reading

May 3, 2019

IRS Revises EPCRS Guidance, Expands Corrections Available Under Self-Correction Program

On April 19, 2019, the Internal Revenue Service (“IRS”) issued Revenue Procedure (“Rev. Proc.”) 2019-19 –the most recent comprehensive official guidance to the IRS’s Employee Plans Compliance Resolution System (“EPCRS”). EPCRS generally permits 401(k) plan sponsors to correct certain operational and other plan mistakes or failures, thereby continuing to provide employees with retirement benefits on… Continue Reading

April 1, 2019

DOL Proposed Regulations on Overtime Exemption Could Increase 401(k) Plan Contributions

On March 22, 2019, the U.S. Department of Labor (“DOL”) issued proposed regulations that, if adopted in proposed form, would substantially increase compensation thresholds used to determine whether executive, administrative, and professional employees must be paid overtime.  The DOL has provided an explanatory fact sheet, available here. Specifically, the proposed regulations would: Increase the standard salary… Continue Reading

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