At long last, the IRS has released their much-anticipated updated Employee Plans Compliance Resolution System (“EPCRS”) guidance, that allows, among other things, 403(b) plans to fully participate in the correction opportunities that program provides. Revenue Procedure 2013-12 was released late in the afternoon on New Year’s Eve. The 148-page document provides welcome guidance to 403(b) […]
The Internal Revenue Service (“IRS”) has recently relaxed 401(k) rules in order to provide relief to those adversely affected by Hurricane Sandy. Participants in 401(k) and 403(b) plans, regardless of where of where they are live or work, may take a hardship distribution and use it to assist themselves, dependents, parents or grandparents who lived […]
On October 18, 2012, the IRS announced the new limits for 2013 and for a second year in a row some of the limits are increasing. The elective deferral (employee contribution) limit increases from $17,000 to $17,500 for 401(k), 403(b) and most 457 plans, however the “catch-up” contribution limit for participants over age 50 in […]
The Department of Labor has finally released the final 408(b)(2) fee disclosure regulations. As had been hoped for, the fee disclosure reporting deadline for vendors to plan sponsors, discussed previously in our blog, has been extended from April 12, 2012 to July 1, 2012. The final regulation can be viewed here: http://www.dol.gov/ebsa/pdf/2012-02262-PI1.pdf
There are two sets of fee disclosure regulations that were issued by the U.S. Department of Labor Employee Benefits Security Administration (EBSA) in 2010. This fact, and the movement of compliance deadlines for both sets, has contributed mightily to confusion amongst plan sponsors. There are new requirements for disclosures to plan sponsors from covered service […]
For the third year in a row, retirement plan contribution limits tied to cost of living adjustment (COLA) figures remain unchanged, the IRS has announced. This means the maximum employee deferral contribution limit for 401(k) and 403(b) plans stays at $16,500 for 2011, with “catch-up” contributions for employees over age 50 remaining at $5,500. Other […]
