2019 has brought a number of changes to retirement plan rules. From legislative changes made to financial hardships, to an increase in annual contribution limits, there have been changes to retirement plans impacting both Plan Sponsors and Plan Participants. Along with these changes comes a new IRS guidance regarding the eligibility provisions for 403(b) Plans. The new guidance is specific to Plans that include an elective deferral ...
IRS
2019 HARDSHIP REGULATION UPDATES
Effective January this year (2019) the regulations surrounding hardship withdrawals from retirement plans changed. These updates impact the participants of the Plans allowing the withdrawal option, as well as the Plan Sponsors maintaining contributions for their Plans. While these updates were widely published by the IRS, we wanted to breakdown the information for our clients to ensure they are up to speed. The causality loss provision (a ...
IRS UPDATES: 2019 CONTRIBUTION LIMITS
The IRS has released an adjusted cost of living amount that impacts the dollar limitations for both pension plans and other retirement items for the 2019 tax year. These changes, published in Notice 2018-83, have increased contribution limits to various retirement planning options which allows participants to save more going forward. Here is a quick rundown of the updated limits as it applies to 401(k), 403(b), 457, and IRA Plans. Be sure to ...
5500 DEADLINE APPROACHES
The 5500-filing deadline date is fast approaching for our ERISA Plans with a 12/31 plan year-end and those with a 6/30 plan year-end are just beginning their process. With this in mind, ADMIN wants to be sure all of our Plans are ready to tackle their year-end process. To aid in the filings, our Plan Administration team is encouraging our Plans to utilize a feature that was recently added to our website: The Plan Year-End Calendar. By selecting ...
IRS AUDIT HOT BUTTONS: PART TWO
The threat of an IRS audit can often send a Plan Sponsor into panic mode. This is especially the case for plans in the tax-exempt and government markets. For years these types of retirement plans went without many guidelines and were able to stay ‘under the radar.’ However, in the past 10 years a lot has changed for these retirement plans. New regulations from the IRS (including the upcoming 2020 deadline for the pre-approved prototype document) ...
IRS AUDIT HOT BUTTONS: PART ONE
The threat of an IRS audit can often send a Plan Sponsor into panic mode. This is especially the case for plans in the tax-exempt and government markets. For years these types of retirement plans went without many guidelines and were able to stay ‘under the radar.’ However, in the past 10 years a lot has changed for these retirement plans. New regulations from the IRS (including the upcoming 2020 deadline for the pre-approved prototype document) ...
WHY YOU SHOULDN’T SELF-ADMINISTER YOUR 403(b) PLAN
Earlier this week, ADMIN shared a brief discussion on the new 403(b) Prototype Document. The conversation brought up the hot topic of whether the new regulations by the IRS make it harder for Plan Sponsors to self-administer their 403(b) Plans. If you ask us, the answer is yes. Here is why self-administration may not be the right option for you. Since 2008, the IRS has been putting rules and regulations in place that have made it harder ...
