Insights

Are you ready to catch up on some of the recently issued guidance and initiatives provided by the Internal Revenue Service (IRS) and Department of Labor (DOL) regarding employee benefit plan matters?

An annual event for employee benefit plan administrators is the reporting of information to the government of the employee benefit plans sponsored by an employer.

In Revenue Procedure 2019-19, the Internal Revenue Service (IRS) issued guidance that increases the availability of retirement plan sponsors to correct certain plan documents and plan loan failures through the IRS Self-Correction Program (SCP).

The Internal Revenue Service (IRS) recently issued its Operational Compliance List (OCL) to help plan sponsors and practitioners achieve operational and “form” (i.e., plan documentation) compliance by identifying changes in qualification requirements effective during a calendar year.

Our Employee Benefits Services Group (EBSG) has expended a lot of time reviewing restated 403(b) plan documents that record keepers, third party administrators, or other plan document preparers have provided to plan sponsors to review.

Many of you are now gathering the necessary information to prepare your organization’s employee benefit plan(s) IRS Form 550, Annual Return/Report for 2018.

Sponsors of certain defined contribution plans, namely 401(k) and 403(b) plans, need to be aware that these plans are subject to nondiscrimination tests known as the Actual Deferral Percentage (ADP) test and the Actual Contribution Percentage (ACP) test.

Plan sponsors should review the cost of living adjustments (COLAs) to determine what, if any, changes need to be communicated to employees via orientation meetings and enrollment forms.

Many ESOP corporations are presented with the challenge of maintaining an ESOP over the long-term.

Are you ready to catch up on some of the recently issued guidance and other information provided by the Internal Revenue Service (IRS), Department of Labor (DOL) and Social Security Administration (SSA) regarding employee benefit plan matters? The government regulators have been busy and we have been as well.

Calendar year employee benefit plans are generally required to file the 2017 Form 5500 and Form 8955-SSA by July 31, 2018 unless an extension Form 5558 is timely filed with the Internal Revenue Service Center in Ogden, Utah.