June 22, 2022

CAA #17: IDR Checklist Issued by Departments for Plan Compliance with No Surprises Act

More? It just keeps coming…clarification of the IDR Process, that is. If you’ve read any of our (no less than!) six previous blogposts about the IDR Process, you’d have sympathy for why additional clarification is warranted. What’s the IDR Process? It stands for the Independent Dispute Resolution Process, and it’s the means by which Plans… Continue Reading

401(K) CURRENT EVENTS:  IRS ANNOUNCES PRE-EXAMINATION COMPLIANCE PROGRAM

On June 3, 2022, the IRS announced on its “Employee Plans News” website a “pilot” pre-examination compliance program for retirement plans, including 401(k) plans. Beginning this month, the IRS will send a letter to sponsors whose plans have been selected for examination, giving them 90 days in which to review plan documents and operations and… Continue Reading

June 21, 2022

Reminder: Transparency Rule for Welfare Plans Takes Effect July 1, 2022

This blog is a reminder that on July 1, 2022, the federal government will begin enforcement of the Transparency in Coverage (TIC) Rules.  The Rules themselves were effective for plan years beginning on or after January 1, 2022, but enforcement was delayed to allow additional time for compliance. The TIC Rules require non-grandfathered health plans… Continue Reading

June 17, 2022

401(K) CURRENT EVENTS: AGENCIES RELEASE FINAL FORM 5500 REVISIONS FOR MEP REPORTING

On May 23, 2022, the IRS, DOL and the PBGC released final regulations that make revisions to Forms 5500 and 5500-SF applicable to annual reports for retirement plans (including 401(k) plans) filed for plan years beginning on or after January 1, 2022. The final regulations include many of the changes proposed by the agencies in… Continue Reading

May 26, 2022

401(K) CURRENT EVENT: IRS EXTENDS RELIEF FROM “PHYSICAL PRESENCE REQUIREMENT”

On May 13, 2022, the IRS released Notice 2022-27, granting a six-month extension to the temporary relief from the “physical presence requirement” for tax-qualified retirement plans, including 401(k) plans, that was previously announced in June 2021 (see our blog post. The Notice extends the relief – originally scheduled to expire on June 30, 2022 –… Continue Reading

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