June 22, 2022

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 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

March 11, 2022

401(K): NEW IRS PROPOSED REGS UPDATE RMD RULES FOR SECURE ACT AND OTHER CHANGES

On February 23, 2022, the IRS released new proposed regulations on required minimum distributions (“RMDs”) under tax-qualified retirement plans, including 401(k) plans. Among other things, the new proposed regulations incorporate changes made by the Setting Every Community Up for Retirement Enhancement (“SECURE”) Act, including changing the age linked to the “required beginning date” from age… Continue Reading

February 11, 2022

401(K): NEW MORTALITY TABLE MAY LEAD TO LOWER RMDS UNDER 401(K) PLANS

Summary: A new IRS mortality table effective on and after January 1, 2022 may lower the amount of required minimum distributions (“RMDs”) under 401(k) retirement plans for many participants required to receive such distributions in 2022 and beyond. This comes about due to a directive from the Trump Administration requiring the IRS to update the… Continue Reading

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