November 7, 2019

IRS Releases 2020 Adjusted Dollar Limitations For 401(k) Plans

On November 6, 2019, the IRS released its annual notice setting forth the various dollar limitations for contributions and benefits under qualified retirement plans, including 401(k) plans. The adjusted limits will be in effect as of January 1, 2020. As in prior years, the law requires that some of these limits be adjusted to reflect… Continue Reading

October 24, 2019

DOL Releases Proposed Regulations Authorizing Default Electronic Notices and Disclosures for 401(k) Plans

On October 22, 2019, the U.S. Department of Labor (“DOL”) issued proposed regulations (and accompanying fact sheet) that would authorize the default usage of electronic media for purposes of distributing required disclosures and participant notices under ERISA-covered pension benefit plans, including 401(k) plans. Under the  proposed regs, sponsors of 401(k)s and other retirement plans would… Continue Reading

September 30, 2019

IRS Issues Final Regulations on 401(k) Hardship Distributions

On September 23, 2019, the U.S. Department of Treasury, acting through the IRS, issued final regulations governing hardship distributions (also known as hardship withdrawals) taken from 401(k) retirement plans. Aside from some clarifying details, the final regulations are substantially similar to the proposed regulations that were issued in November 2018. The changes contained in both… Continue Reading

September 20, 2019

IRS Announces New Address For Determination Letter Applications, Letter Ruling Requests, Certain Other Submissions

On September 12, 2019, the IRS announced a new address to be used for the mailing and delivery of certain submissions relating to employee benefit plans. The new address, which must be used on and after September 12, 2019, is as follows: Internal Revenue Service 7940 Kentucky Drive MS 31A Florence, KY 41042 The address… Continue Reading

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

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