Pre-Approved Plans: Now Everyone Wants One
|
|
- Leslie McKenzie
- 5 years ago
- Views:
Transcription
1 Pre-Approved Plans: Now Everyone Wants One Don Kieffer, Jr., Tax Law Specialist, Internal Revenue Service, TE/GE Robert M. Richter, J.D., LL.M., APM, Vice President, FIS (Relius)
2 Why Have Pre-Approved Plans Become More Popular?
3 Pre-Approved Plans Can be very flexible - but not as flexible as individually designed plan (IPD) Less expensive to maintain IRS is encouraging use of pre-approved plans Documents have become a commodity? Perhaps the question should be: Why use an IDP? In some cases it may be your only option No more restatements every 5 or 6 years
4 PRE-APPROVED PLANS: IMPERMISSIBLE PROVISIONS
5 Impact of Impermissible Provision An Impermissible Provision is a provision that is prohibited in any pre-approved plan Plans with these provisions MUST use an IDP
6 Impermissible Provisions Collectively Bargained plans (single-employer or multiemployer) Union employees of single-employer can be covered under preapproved plan Stock bonus plans other than ESOPs ESOPs with MP provisions or that hold preferred stock Non-electing church plans Failsafe provisions for IRC 401(a)(4) or average benefits test of IRC 410(b)
7 Impermissible Provisions Cannot incorporate by reference the 415 limits and the ADP/ACP tests Cannot include blanks or fill-in provisions unless the provisions have parameters precluding their completion in a manner that could violate the qualification requirements
8 Impermissible Provisions Plans with 401(h) accounts (post-retirement medical) DB/K plans (414(x)) DB plans with 414(k) accounts (pre-egtrra provisions are grandfathered) Rollover accounts are permitted Governmental DB plans with DROP features
9 Impermissible Hybrid Provisions Hybrid plans with any of the following features are NOT permitted in a pre-approved plan: A statutory hybrid plan that is not a cash balance formula (e.g., a pension equity plan) An interest crediting rate based on a participant s choice or a rate that doesn t satisfy the regulations (1.411(b)(5)-1(d)) An interest crediting rate that is based on actual return of assets or a subset of assets or rate of return on certain RICs
10 Impermissible Hybrid Provisions Hybrid plans Conversion from a traditional DB formula unless it s an A + B conversion No wear-away approach That use 3% or fractional accrual method Must use 133 1/3% method That are fully insured (IRC 412(e)(3))
11 Impermissible Hybrid Provisions Offset provisions unless: Offset is applied on accumulate basis at annuity starting date Offset meets the safe-harbor requirements of 1.401(a)(4)-8 Minimum accrued benefit of 0.5% of comp for each year of credited service
12 Other Prohibitions De-risking provisions (Notice ) Non-safe harbor target benefit plans No NRA less than 55 Other items the IRS deems inappropriate in a pre-approved plan
13 If It s Not Impermissible Then Technically it s allowed in a pre-approved plan The adoption agreement could this large: Or it could be this small: The terms of the plan are: (with a very long parameter on what can be filled in)
14
15 Reliance What Does it Mean? Reliance (having IRS approval on a plan document) means you can rely on the terms of the plan as approved IRC 7805(b) relief Bankruptcy protection? Having a current determination letter avoids need to produce old documents
16 QAB Quality Assurance Bulletin Generally, a specialist is only responsible for verifying one cycle prior to the plan s current remedial amendment cycle. If a specialist determines additional verification of prior law is required, the specialist must receive managerial approval to expand the scope of the determination.
17 EPCRS: Rev. Proc A plan must have a favorable letter to be able to use SCP to correct significant failures Favorable Letter means: For IDPs, a letter (does not need to be current) For pre-approved plans, a current letter For 403(b) plans, plan that was timely adopted and conforms, in good-faith, to final 403(b) regulations
18 Scope of Reliance No reliance on IRC 415 or 416 if maintain another plan covering some of the same participants No reliance on trust provisions (new) No reliance on ERISA Title I provisions
19 The New Determination Letter (DL) Program For IDPs Rev. Proc
20 One and Done Employers can only request a determination letter on an IDP designed plan If they have never received a determination letter on the plan On plan termination (Form 5310) Other circumstances identified by IRS Don t hold your breath
21 One and Done For purposes of one and done, reliance on preapproved plan is not the same as having received a DL Example: Employer has traditional DB on an M&P plan and has reliance Employer adds cash balance provisions Employer could submit for a DL as an initial plan qualification In many cases this won t be necessary as most cash balance provisions will be permitted in pre-approved plans
22 Amendments No ability to obtain approval of interim or discretionary amendments to IDPs Good-faith no longer the standard
23 Required Amendments List IRS will annually issue a Required Amendments List for IDPs only An item will be put on the RA list when: The law changes and the IRS determines no guidance is needed The law changes and the IRS has issued guidance on the subject The IRS issues changed guidance (e.g., regulations on forfeitures reducing SH and QNECs)
24 Required Amendments List Generally have 2 years to adopt an amendment once it is on the list No exception for IRC 411(d)(6) IRS has not changed the interim amendment rules for pre-approved plans Used in issuing determination letters to IDP Use list issued two years earlier So 2016 list applies to determination letter requests made in 2018
25 First RA List (2016) IRS Notice Part A: Changes in qualification requirements that generally would require an amendment to most plans None Part B: Other changes in qualification requirements that may require an amendment: Collectively-bargained defined benefit plans: Restrictions on accelerated distributions from underfunded single-employer plans in employer bankruptcy under 436. (Highway and Transportation Funding Act of 2014, P.L , 2003)
26 Operational Compliance List New rules could result in extend delays between effective date of change in the law and the adoption of a conforming amendment IRS will issue an annual operational checklist to help employers know what changes are effective each year Good for all plans 2017 list:
27 Retroactive Corrections & Reliance
28 The RAP The Remedial Amendment Period (RAP) is a period during which a disqualifying plan provision can be retroactively corrected Think of it as the ability to self-correct a plan document failure Without the RAP, disqualifying plan provisions can generally only be corrected using VCP
29 The Regulatory RAP The regulatory RAP generally Starts as of effective date of plan or amendment Ends on the due date of the sponsor s tax return, including any extensions, for the year in which the disqualifying provision is effective For multiple employer plans it is the 10th month after the end of the applicable PY For governmental plans it is tied to legislative sessions
30 Procedural Extension The IRS has provided procedural extensions to the end of the Remedial Amendment Period: (5-year and) 6-year restatement cycles Permits plan sponsors to retroactively correct plan document defects that have occurred during the applicable cycle
31 The RAP for IDPs Rev. Proc eliminated the 5-year cycle for individually designed plans (IDPs) after 2016 In place of the 5-year cycles, IDPs have 2 new procedural RAPs
32 Later of RAP for New IDP 15th day of 10th month after end of first plan year (Oct 15 for calendar year) Due date of employer s return as if employer requested extension Special rules for tax-exempt and governmental employers
33 RAP for IDP Amendments Discretionary amendments: Last day of plan year put into effect Amendment to deal with law change (interim amendment) Last day of second calendar year beginning after Required Amendments List published which describes the required amendment So if item on 2022 RA list, RAP ends 12/31/2024 Other amendments (e.g., to fix errors) End of second calendar year beginning after later of year amendment adopted or effective No requirement to restate IDPs Probably unwise to restate because you lose all reliance on determination letter
34 Transition Rule IRS has extended the RAP for certain IDPs to 12/31/2017 Example: Employer on Cycle C had conventional IDP defined benefit plan Timely filed for determination letter in 2013 Letter would have expired 1/31/2019 Expiration date removed; employer can rely unless employer amends Employer amended to add cash balance provisions on 8/1/2014 (design won t work on preapproved document) RAP extended to 12/31/2017 But employer cannot file for a DL
35 RAP for Pre-Approved Plans Adopters of pre-approved plans have a 6-year remedial amendment period Must timely adopt interim amendments Must restate plan every six years to retain reliance Otherwise it is a document failure
36 Eligibility for 6-Year Cycle Plan is eligible for 6-year cycle if: Employer is a prior adopter Employer adopted preapproved plan for prior cycle Employer is new adopter: Not a prior adopter
37 Goodbye 8905 Rev. Proc had a category for intended adopter: Employer has individually designed plan Employer completes Form 8905 prior to end of its 5-year cycle Employer fall under the 6-year cycle The intended adopter category is gone (presumably because there are no longer 5 year cycles) Just adopt newly approved plan in 2-year window as a new adopter
38 What is the RAP? Employer established a cash balance plan (IDP) in 2016 General RAP ended in 2017 If employer adopts a pre-approved DB plan (expecting a RAP of ) does employer now have a RAP going back to 2016?
39 Modifications to an Approved Plan
40 Modification of IDP New (?) rule for IDPs: If a plan is amended, reliance is only lost on provisions affected by that modification Some law firms are now offering a private determination letter Risky to restate an IDP once it has received a DL
41 Modifications to Pre-Approved Plans Impact on 6-year cycle Impact on Reliance Different rules for each
42 Impact of Modifications 6-year Cycle General rule still entitled to the 6-year RAP Anti-abuse provision IRS has discretion to determine that 6-year RAP does not apply If modification is to add impermissible provision (e.g., interest credit based on subset of assets), then lose ability to use 6-year RAP in following cycle if amend after 1 year If amend within 1 year of adopting pre-approved plan, then not entitled to use 6-year RAP at all
43 Impact of Modifications - Reliance Loss of Reliance (subject to exceptions) Still able to adopt amendments on behalf of adopting employers (unless impermissible or abusive modifications) Prototype (standardized under new rules) becomes individually designed unless modification is for 415/416 coordination Volume submitter (nonstandardized plan under new rules) still considered pre-approved if changes are not extensive In most cases, if DL desired, submit Form 5307
44 Identical Adopter An Adopting Employer may rely on an Opinion Letter only if.the employer s plan is identical to a pre-approved plan with a currently valid Opinion Letter
45 Permissible Amendments Reliance not lost if modification is for: Trust or custodial provisions Special effective dates if restatement could accomplish same result Adoption of interim amendments Amendments to the administrative provisions of the plan (such as provisions relating to investments, claims procedures and employer contact information)
46 Permissible Amendments Reliance not lost if modification is for: COLA adjustments Changes to a provider s name
47 Describe or Other Lines Completion of describe or other line is NOT a modification as long as parameter is followed OK to be creative Can the blank refer to outside documents that contain differing provisions (such as legacy provisions or union contracts)? How do you ensure you haven t crossed the line? Submit a 5307 which means you are considering it to be a modification These options do not always work well with automated systems for generation of SPDs or other forms
48 Issues on Modifications Can modifications be made to ERISA Title I provisions since there was no reliance? If a modification is made, does it destroy ALL reliance? For individually designed plans reliance is only lost with respect to the modification Modifications to a pre-approved MEP still requires Form 5300 submission This technically means one and done
49 Interim Amendments If a modification causes a pre-approved plan to be treated as an IDP, then for purposes of reliance the provider no longer has the authority to adopt interim amendments on behalf of the employer Impermissible amendments, abusive amendments, or amendment to standardized plan Plans could still include a general delegation of amendment authority outside
50 Scope of Review Submission of pre-approved plans for a DL Can only submit a pre-approved plan (volume submitter or nonstandardized) for a DL if a modification was made to the pre-approved plan Only permitted during the 2-year restatement period (i.e., no off-cycle submissions) Review is based on Cumulative List that was used for the pre-approved plan
51 QAB Quality Assurance Bulletin If an IRS specialist or agent believes there is an error in a pre-approved plan, it should be referred to the pre-approved plans coordinator
52 Change of Providers Employer is using Sponsor A s Prototype Employer switches to your firm for future services Is reliance lost (i.e., is a restatement of the plan onto another pre-approved plan required)? Technically no Interim amendments must be adopted at employer level
53 Sponsor Changes Your firm sponsors a pre-approved plan Your firm is acquired or merged with another firm resulting in new EIN Opinion/advisory letters are not transferable to another entity Entity is based on EIN, not name change Can obtain letters for name change Obtain new approval letters to step into the shoes of old sponsor
54 403(b) Plans Rev. Proc
55 General Overview Rev. Proc sets forth the pre-approved plan program The IRS will not issue determination letters on 403(b) plans An employer has reliance if a modification is substantially similar to a pre-approved plan We do not have any rules regarding the timing of discretionary or interim amendments
56 Timeframes Deadline to restate (if using a pre-approved plan) is March 30, 2020 We do not know what the RAP is for individually designed 403(b) plans
57 Impermissible Pre-Approved 403(b) Provisions Governmental and non-electing churches can only use 15-year cliff vesting or 5-20 year graded vesting (some refer to as pre-erisa vesting) QCCOs cannot adopt a pre-approved 403(b)(9) (retirement income account) plan IRS interpretation of law is that non-qccos cannot adopt a 403(b)(9) plan (pre-approved or individually designed)
58 Multiple Employer Plans (MEPs) Law is not clear if a 403(b) MEP is permitted under the law IRS permitted MEP language to be in plan but there is no reliance on the language
59 Sponsoring Organization Requirements
60 Sponsor Duties Must amend their pre-approved plans to comply with the law Must make reasonable and diligent efforts to ensure adopting employers have actually received and are aware of all plan amendments and that new documents are adopted when necessary If a provider reasonably concludes the employer has a qualification problem, then it is incumbent on the provider to either correct under EPCRS or notify employer of availability of EPCRS
61 Sponsor Duties Maintain record of the names, addresses, and taxpayer identification numbers of adopting employers Must include employers who have ceased to maintain the plan within the previous three years IRS may request these records at any time Notify IRS and employers if plan will not be maintained
62 What If Sponsor Does Not Comply? IRS can revoke opinion/advisory letters Is there liability to the employer (e.g., if an interim amendment is not provided)?
63 Kicking an Employer Off Your Plan No IRS guidance Notify (certified mail) employer that plan will be treated as an IDP and you no longer provide interim amendments Employer has reliance until next required update to pre-approved plan
64 Rev. Proc
65 Effective Date of New Rules The new rules apply with the next 6-year cycle DC plan submission period begins 10/2/17 and ends 10/1/18 IRS approval expected in 2020 Restatement period around Does not change the 403(b) rules
66 New Terminology New consolidated program is referred to as Opinion Letter Program No distinction between M&Ps and Volume Submitter plans Sponsor of pre-approved plan is the Provider
67 Pre-Approved Plan Formats Adoption Agreement Plan AA and Basic Plan Document Single Plan Document Contract style
68 Standardized Plans Two Types of Plans Same as existing rules Must satisfy coverage and nondiscrimination Employer modifications destroy reliance Nonstandardized plans (next slide)
69 Two Types of Plans Nonstandardized plans Same as rules that currently apply to volume submitter plans If employer makes modifications then Form 5307 may be used (unless modifications are major) Not required to use safe harbor hardship standards Permitted to have irrevocable elections not to participate
70 Expansion of Permissible Provisions Nonstandardized ESOP may include a 401(k) feature Nonstandardized cash balance plan may have interest credit based on the actual return of plan assets Cannot be based on participant elected rate, subset of assets, or RIC A money purchase plan may be combined with a 401(k) or profit sharing plan Employer maintaining both would still need to adopt 2 plans Non-electing church plans are permitted
71 No Reliance IRS will not rule on trust provisions Must be a separate document No reliance on Title I ERISA provisions (clarification technically not a change in reliance rules)
72 IRS User Fees Adoption Agreement Plan - $16,000 Each additional AA - $11,000 Single Plan Document - $28,000 Providers pay lower user fees if using mass submitter documents ($300 per plan as wordfor-word adopter)
73 Impact of User Fees Consolidation of plans (MP, PS, 401(k))? Standardized plans Target benefit plans
74
75 Future of the DL Program Form 5307 submissions are still available There will likely be some limited exceptions for IDP submissions What about rulings? Draft Form 5300 does not have option to request a ruling on ASG or leased employee status or partial termination
76 Future Enhancements? IRS wants comments on ways to improve the pre-approved plan program One specific area the IRS is interested in are ways to preserve legacy benefit formulas Legacy benefit formulas often arise in the context of mergers and acquisitions
77 Pre-Approved Plans: Now Everyone Wants One Don Kieffer, Jr., Tax Law Specialist, Internal Revenue Service, TE/GE Robert M. Richter, J.D., LL.M., APM, Vice President, FIS (Relius)
Thank You to Our Sponsors!
Thank You to Our Sponsors! Session 2 Plan Document Update: What You Need to Know in 2018 Kelsey N. H. Mayo, Esq. Partner Poyner Spruill LLP Robert M. Richter, Esq., APM Vice President FIS Wealth and Management
More informationIRS restructures pre-approved qualified plan program
Important information Plan administration and operation IRS restructures pre-approved qualified plan program Who s affected These changes affect qualified defined benefit and defined contribution plans
More informationThe In s and Out s of Plan Amendments and Current Document Issues
The In s and Out s of Plan Amendments and Current Document Issues Robert M. Richter, J.D., LL.M., APM, Vice President, SunGard Relius Donald Kieffer, Esq., Tax Law Specialist, IRS Robert Richter, JD, LLM,
More informationEmployee Plans Compliance Resolution System: Revenue Procedure
Employee Plans Compliance Resolution System: Revenue Procedure 2013-12 Thelma Diaz IRS Employee Plans Voluntary Compliance Thelma.C.Diaz@irs.gov EPCRS Employee Plans Compliance Resolution System (EPCRS)
More informationSECTION 1. PURPOSE SECTION 2. BACKGROUND SECTION 3. CHANGES TO REVENUE PROCEDURE
1 Part III Administrative, Procedural, and Miscellaneous 26 CFR 601.201: Rulings and determination letters (Also, Part I, 401; 1.401(b)-1.) Rev. Proc. 2007-44 Table of Contents PART I OVERVIEW SECTION
More informationChanges to the Employee Plans Compliance Resolution System (Revenue Procedure ) February 21, IRS Phone Forum-Retirement Plans
Changes to the Employee Plans Compliance Resolution System (Revenue Procedure 2013-12) February 21, 2013- IRS Phone Forum-Retirement Plans Revenue Procedure 2013-12 PRESENTED BY: Yan Mak Rev. Proc. 2013-12
More informationIRS. 401(k) Plan Checklist. If you answered No to any of the above questions, you may have made a mistake in the
401(k) Plan Checklist This checklist is not a complete description of all For Business Owner s Use plan requirements, and should not be used as a (do not send this worksheet to the IRS) substitute for
More informationCompliance Issues for Pension Plans after the Change to the Determination Letter Program
Compliance Issues for Pension Plans after the Change to the Determination Letter Program T. Katuri Kaye, Trucker Huss, San Francisco, CA Sharon Goodman, Slevin & Hart, Washington, DC On June 29, 2016,
More informationEPCRS Part I - Directly Resolving Plan Problems. Avannesh K. Bhagat, IRS Robert M. Richter, J.D., LL.M., VP, FIS Relius
EPCRS Part I - Directly Resolving Plan Problems Avannesh K. Bhagat, IRS Robert M. Richter, J.D., LL.M., VP, FIS Relius Robert Richter, J.D., LL.M., Vice President, FIS Robert M. Richter, J.D., LL.M. is
More informationEPCRS Part I - Directly Resolving Plan Problems
EPCRS Part I - Directly Resolving Plan Problems Avannesh K. Bhagat, IRS Robert M. Richter, J.D., LL.M., VP, FIS Relius Robert Richter, J.D., LL.M., Vice President, FIS Robert M. Richter, J.D., LL.M. is
More informationCorrecting Qualified Plan Errors under EPCRS
Correcting Qualified Plan Errors under EPCRS This is just one example of the many online resources Practical Law Company offers. Andy Wang and Jennifer Kobayashi, Wang Kobayashi Austin, LLC with PLC Employee
More informationPART I. INTRODUCTION TO EMPLOYEE PLANS COMPLIANCE RESOLUTION SYSTEM SECTION 2. EFFECT OF THIS REVENUE PROCEDURE ON PROGRAMS
Rev. Proc. 2016-51 TABLE OF CONTENTS PART I. INTRODUCTION TO EMPLOYEE PLANS COMPLIANCE RESOLUTION SYSTEM SECTION 1. PURPOSE AND OVERVIEW.01 Purpose.02 General principles underlying EPCRS.03 Overview SECTION
More informationERISA Pre-Approved and Customized Benefit Plans: Overhauled IRS Procedures and Determination Letter Process
Presenting a live 90-minute webinar with interactive Q&A ERISA Pre-Approved and Customized Benefit Plans: Overhauled IRS Procedures and Determination Letter Process TUESDAY, NOVEMBER 14, 2017 1pm Eastern
More informationUpdates on the Determination Letter Program and the Pre- Approved Plans Program
Updates on the Determination Letter Program and the Pre- Approved Plans Program Presented by Milo Atlas Special Assistant Pre-Approved Plans Program November 16, 2006 Indiana Benefits Conference Published
More informationDefined Contribution Plan Document Update
Defined Contribution Plan Document Update John P. Griffin, J.D., LL.M. ASC institute DC Plan Document Update Introduction to Revenue Procedure 2017-41 and Impact on Defined Contribution Plans How Did We
More informationDefined Contribution Plan Document Update
Defined Contribution Plan Document Update John P. Griffin, J.D., LL.M. ASC institute 1 DC Plan Document Update Introduction to Revenue Procedure 2017-41 and Impact on Defined Contribution Plans How Did
More informationRE: Comments on IRS Announcement
October 1, 2015 Internal Revenue Service Attn: CC:PA:LPD:PR (Announcement 2015-19) Room 5203 P.O. Box 7604 Ben Franklin Station Washington, D.C. 20044 RE: Comments on IRS Announcement 2015-19 The American
More informationCHECKLIST OF REQUIRED AND OPTIONAL EGTRRA AMENDMENTS AND OTHER RECENT GUIDANCE FOR QUALIFIED DEFINED CONTRIBUTION PLANS. Nondiscrimination Testing
October 16, 2003 CHECKLIST OF REQUIRED AND OPTIONAL EGTRRA AMENDMENTS AND OTHER RECENT GUIDANCE FOR QUALIFIED DEFINED CONTRIBUTION PLANS Nondiscrimination Testing Required or Repeal of multiple-use test
More informationCorbel Prototype/Volume Submitter Supporting Forms 01/12/2017 Checklist
PARTICIPATION AGREEMENT 75. Do you want to enter information for the Employers who are adopting the Plan as Participating Employers? (skip to 104 if 3b3 or 3d have not been selected) No b. Yes, enter the
More informationEmployee Plans Compliance Resolution System: Revenue Procedure
What Can Go Wrong, but More Importantly, How to Correct It! Monday, April 29, 2013 Barbara M. Clough, QPA, QKA, Director of Plan Administration, Blue Ridge ESOP Associates Avaneesh Bhagat, IRS Employee
More informationNew Determination Letter Program for 403(b) Plans
New Determination Letter Program for 403(b) Plans Aimee Nash, JD, APM, Senior Write/Analyst, ftwilliam.com, Wolters Kluwer Law & Business Aimee Nash, JD, APM Senior Writer/Analyst, Wolters Kluwer - ftwilliam.com
More informationCorrecting 401(k) Testing and Errors The New EPCRS. Charles D. Lockwood, J.D., L.LM ASC Avaneesh Bhaget, Group Manager, IRS
Correcting 401(k) Testing and Errors The New EPCRS Charles D. Lockwood, J.D., L.LM ASC Avaneesh Bhaget, Group Manager, IRS 1 Charles D. Lockwood, J.D., L.LM ASC Charles D. Lockwood, J.D., and LL.M. (Taxation),
More informationCHECKLIST OF REQUIRED AND OPTIONAL EGTRRA AMENDMENTS AND OTHER 2002 GUIDANCE FOR QUALIFIED DEFINED CONTRIBUTION PLANS. Nondiscrimination Testing
CHECKLIST OF REQUIRED AND OPTIONAL EGTRRA AMENDMENTS AND OTHER 2002 GUIDANCE FOR QUALIFIED DEFINED CONTRIBUTION PLANS Nondiscrimination Testing or Repeal of multiple-use test under Treas. Reg. 1.401(m)-2.
More informationPre-Approved 403(b) Plan Documents
Pre-Approved 403(b) Plan Documents 4-2013 PenServ Plan Services, 2013 1 IRS Circular 230 Disclosure This information is provided for educational and informational purposes and is not intended to be used
More informationTopics to be Covered
in Prototype and Volume Submitter Documents: March 17, 2015 Richard A. Hochman, APM, GFS Managing Director, McKay Hochman Consulting 1 Topics to be Covered New Design Issues for Pre-Approved Plans with
More informationTitle Goes Here. More Powerful Medicine For Your Retirement Plans The New and Improved EPCRS (Revenue Procedure )
Title Goes Here More Powerful Medicine For Your Retirement Plans The New and Improved EPCRS (Revenue Procedure 2013-12) April 15, 2013 Indiana Benefits Conference Presented by: David Rosner david.rosner@ogletreedeakins.com
More informationMEPs: Managing the Complexity to Maintain their Benefit. Robert M. Richter, VP, FIS Relius
MEPs: Managing the Complexity to Maintain their Benefit Robert M. Richter, VP, FIS Relius 1 Robert M. Richter, VP, FIS Relius Robert M. Richter, JD, LL.M. is a Vice President with FIS (formerly SunGard)
More informationThe Secure Annuities for Employee (SAFE) Retirement Act of 2013
The Secure Annuities for Employee (SAFE) Retirement Act of 2013 TITLE I - PUBLIC PENSION REFORM A SAFE Retirement Plan for State and Local Governments. State and local governments may adopt a SAFE Retirement
More informationOverview of Tax Qualified Retirement Plans
chapter 1 Overview of Tax Qualified Retirement Plans 2014 by Richard A. Naegele (Updated: 11/5/2014) chapter 1 Overview of Tax Qualified Retirement Plans Table of Contents I. TAX QUALIFIED RETIREMENT PLANS....
More informationEPCRS: REV. PROC
The Pension Library ERISA Newsletter Number 2013-1 EPCRS: REV. PROC. 2013-12 Table of Contents 1 Introduction... 2 2 Overview... 2 2.1 SCP.... 2 2.2 VCP.... 4 2.3 Audit CAP.... 5 2.4 Complete and appropriate
More informationIDP Profit Sharing 05/15/2017 Checklist
DOCUMENT PACKAGE a. Volume Submitter Plan and Trust as one document b. Volume Submitter Plan and Trust as separate documents c. Volume Submitter Plan Only-No Trust: (select one) Separate trust specifically
More informationSample Plan Amendments for the Economic Growth and Tax Relief Reconciliation Act of 2001
Part III Sample Plan Amendments for the Economic Growth and Tax Relief Reconciliation Act of 2001 Notice 2001-57 I. Purpose This notice provides sample plan amendments for the changes to the plan qualification
More informationADOPTION AGREEMENT FOR SUNGARD CORBEL LLC FUNDAMENTAL NON-STANDARDIZED PROFIT SHARING PLAN
ADOPTION AGREEMENT FOR SUNGARD CORBEL LLC FUNDAMENTAL NON-STANDARDIZED PROFIT SHARING PLAN CAUTION: Failure to properly fill out this Adoption Agreement may result in disqualification of the Plan. EMPLOYER
More informationSummary. February 23, Mr. Rob Choi Director, Employee Plans Internal Revenue Service 999 North Capitol Street, NE Washington, DC 20002
February 23, 2016 Mr. Rob Choi Director, Employee Plans 999 North Capitol Street, NE Washington, DC 20002 RE: Suggested Enhancements to Pre-Approved Plan Programs Dear Mr. Choi: The American Retirement
More information2017 Required Amendments List for Qualified Retirement Plans
2017 Required Amendments List for Qualified Retirement Plans Notice 2017-72 I. PURPOSE This notice contains the Required Amendments List for 2017 (2017 RA List). Section 5 of Rev. Proc. 2016-37, 2016-29
More informationFederal Regulatory Update
Federal Regulatory Update Robert L. Gauss, Partner Ice Miller LLP One American Square, Suite 2900 Indianapolis, IN 46282-0200 (317) 236-2133 gauss@ Current Topics Status of IRS Determination Letter program.
More informationQUESTIONS AND ANSWERS FROM THE 2007 REQUIRED AMENDMENTS WEBINAR
QUESTIONS AND ANSWERS FROM THE 2007 REQUIRED AMENDMENTS WEBINAR Q-1. Is the required amendment the same for defined benefit plans, and also required at this time? A: The 2007 required amendment for defined
More informationMaintaining your 403(b) plan s tax-favored status under EPCRS
Maintaining your 403(b) plan s tax-favored status under EPCRS Managing a retirement plan involves navigating the often complex legal requirements associated with 403(b) plans. Even the most diligent plan
More information1b Address of plan sponsor (if a P.O. box, see instructions) 1c City or town 1d State 1e ZIP code
Form 8950 (January 2013) Department of the Treasury Internal Revenue Service Application for Voluntary Correction Program (VCP) Under the Employee Plans Compliance Resolution System (EPCRS) Information
More informationBackground on Hybrid Plans
Pension Update: The Hybrid Plan Regulations ABA Tax Section 2011 Midyear Meeting January 22, 2011 Boca Raton, Florida Background on Hybrid Plans Hybrid plans represented more than 40% of defined benefit
More informationSummary of Amendments and Due Dates for Defined Contribution Plans (including 457(b) and 403(b) plans)
Summary of Amendments and Due Dates for Defined Contribution Plans (including and 403(b) plans) NOTE: Terminating plans are required to be up to date for all plan amendments before terminating. This means
More informationThe Alert Guidelines are tools used by Employee Plans Specialists during their review of retirement plans and are available to plan sponsors to use
The Alert Guidelines are tools used by Employee Plans Specialists during their review of retirement plans and are available to plan sponsors to use before submitting determination letter applications to
More informationEGTRRA VS. PPA CHECKLIST. Numbering is for PPA 401(k) volume submitter (prototype format or IDP format)
EGTRRA VS. PPA CHECKLIST Numbering is for PPA 401(k) volume submitter (prototype format or IDP format) A. General Information a. Limitation Year (A5.a) added Other b. Simple 401(k) (A.11a) [moved from
More informationCorrecting Plan Errors Using IRS Voluntary Correction Programs
Presents Correcting Plan Errors Using IRS Voluntary Correction Programs February 26, 2015 Misty A. Leon mleon@wifilawgroup.com Today s Agenda IRS Compliance Initiatives Qualified Plan Failure Categories
More informationCorrecting Administrative Errors in DC Plans. Jane Armstrong, Esq., Phelps Dunbar LLP
Correcting Administrative Errors in DC Plans Jane Armstrong, Esq., Phelps Dunbar LLP Jane Armstrong, Esq., Partner, Phelps Dunbar, LLP Jane Armstrong is a partner at Phelps Dunbar LLP, a regional law firm
More informationEGTRRA Determination Letter Process
EGTRRA Determination Letter Process Ethel Myles-Henderson, Esq. Gretchen Osborne AGENDA Remedial Amendment Period Determination Letter Application & Process Required Forms Questions (c) 2009 DATAIR 1 Remedial
More informationIDP Defined Benefit 05/15/2017 Checklist
IDP Defined Benefit 05/15/2017 DOCUMENT REQUIRED a. Plan and Trust as one document b. Plan and Trust as separate documents c. Plan Only-No Trust Non-Trusteed (e.g. 412(i) fully insured) Plan (must select
More informationWS 1 - Regulatory Update August 7, 2015
ACOPA Actuarial Symposium WS 1 - Regulatory Update August 7, 2015 Kyle Brown, IRS Counsel Jim Holland, Cheiron, Inc. Judy Miller, ACOPA Executive Director 1 Agenda IRS Mortality table update Notice 2015-49
More informationNotice Request for Comments on Scope of Determination Letter Program for Individually Designed Plans During Calendar Year 2019
Internal Revenue Service CC:PA:LPD:PR (Notice 2018-24) Room 5203 P.O. Box 7604 Ben Franklin Station Washington, DC 20044 Re: Notice 2018-24 Request for Comments on Scope of Determination Letter Program
More informationIDP Money Purchase/Target 05/15/2017 Checklist
DOCUMENT TYPE f. Money Purchase g. Target (complete Target questions: 120 134) DOCUMENT PACKAGE a. Volume Submitter Plan and Trust as one document b. Volume Submitter Plan and Trust as separate documents
More informationSession 5 Cash Balance Plans in 2014
Session 5 Cash Balance Plans in 2014 Kevin J. Donovan, CPA, MSPA Sara K. DeFilippo, EA, MSPA Actuarial Symposium, 8/15-8/16/2014 Cash Balance Plans in 2014 This session assumes a basic understanding of
More informationAmending Qualified Plans for GUST by Lanning R. Hochhauser, APM Senior Attorney, DATAIR Employee Benefit Systems, Inc.
Amending Qualified Plans for GUST by Lanning R. Hochhauser, APM Senior Attorney, DATAIR Employee Benefit Systems, Inc. As we approach mid-year 2001 clients are asking us when they must amend their qualified
More informationAMENDMENT FOR THE FINAL 415 REGULATIONS (Defined Contribution Plan)
AMENDMENT FOR THE FINAL 415 REGULATIONS (Defined Contribution Plan) We are providing you with an amendment to conform the ING Life Insurance and Annuity Company Defined Contribution Prototype plans to
More informationCompliance Issues for Pension Plans after the Change to the Determination Letter Program
Compliance Issues for Pension Plans after the Change to the Determination Letter Program American Bar Association Section of Labor and Employment Law Employee Benefits Committee 2017 Midwinter Meeting
More informationStephanie Alden Smithey
Amending Your Qualified Plans for the Pension Protection Act and the Worker, Retiree, and Employer Recovery Act (and Other Pension Laws) September 24, 2009 Presented By: Stephanie Alden Smithey You may
More informationThe ABCs for a Defined Contribution Plan Termination. William C. Grossman, ERPA,QPA, APA, MBA
The ABCs for a Defined Contribution Plan Termination William C. Grossman, ERPA,QPA, APA, MBA Agenda Termination Date and Valid Business Reason for Termination Participant Notification Requirements Plan
More information[ DRAFT 04/09/2009 ] MEMORANDUM TO REVIEWERS:
MEMORANDUM TO REVIEWERS: Comments are requested on the attached DRAFT Section 403(b) Prototype Plan sample language for use in a new Employee Plans Section 403(b) Prototype Plan Program. The Section 403(b)
More informationPLAN SPONSOR NEWSLETTER
Benefits in Focus January 2018 PLAN SPONSOR NEWSLETTER Retirement Compliance Calendar Retirement plan sponsors are responsible for compliance with many ongoing reporting, disclosure and notice requirements.
More informationYear End Recent Developments and Other Statutory and Regulatory Guidance Potentially Impacting Qualified Plans for 2015
Year End Recent Developments and Other Statutory and Regulatory Guidance Potentially Impacting Qualified Plans for 2015 Background This document summarizes certain recent developments that may require
More informationfor public school employers retirement plan solutions 403(b) plan compliance guide
for public school employers retirement plan solutions 403(b) plan compliance guide AXA Equitable Life Insurance Company (NY, NY) Table of Contents About This Guide 1 AXA Equitable Experience, Knowledge,
More information403(b) IDP Employer Contributions & Elective Deferrals Plan 05/15/2017 Checklist
403(b) IDP Employer Contributions & Elective Deferrals Plan 05/15/2017 1. EMPLOYER; PLAN (1.27; 1.50). Name: Employer's Address: (Street - Physical not P.O. Box) 5. EFFECTIVE DATE (1.21). The Employer
More informationRegulatory Potpourri
Regulatory Potpourri Nancy G. Hilu, Senior Counsel Liz Masson, Senior Counsel Hanson Bridgett LLP Hanson Bridgett LLP Email: nhilu@hansonbridgett.com Email: lmasson@hansonbridgett.com Phone: 415 995 5067
More informationDATAIR MASS-SUBMITTER PROTOTYPE SUMMARY OF CHANGES FOR EGTRRA RESTATEMENT 401(k) Non-Standardized
DATAIR MASS-SUBMITTER PROTOTYPE SUMMARY OF CHANGES FOR EGTRRA RESTATEMENT 401(k) Non-Standardized (Location: Base Plan Provision or Adoption Agreement) Required Minimum Distribution Final Reg.: Adopts
More informationFederal Regulatory Update
Federal Regulatory Update Robert L. Gauss, Partner Ice Miller LLP One American Square, Suite 2900 Indianapolis, IN 46282-0200 (317) 236-2133 gauss@ Current Topics Status of IRS Determination Letter program.
More informationEPCRS was the most significant new development this
e RISA UPDATE Issue No. 41 Winter 2013 Published by TRI Pension Services, 1550 Larimer St., #423, Denver, CO 80202, www.cyberisa.com. Publication date: January 10, 2013. Available only in electronic (pdf)
More informationPioneer Investments Retirement Plans
Pioneer Investments Retirement Plans Profit Sharing & Money Purchase Pension Plan Adoption Agreement Booklet l Opinion Letters l Amendment Summary l Instructions for Completing PPA Adoption Agreement l
More informationQ & A from 2009 Interim and Termination Amendments for Defined Benefit and Defined Contribution Webinar Presented Live June 18, 2009
Q & A from 2009 Interim and Termination Amendments for Defined Benefit and Defined Contribution Webinar Presented Live June 18, 2009 Effective Dates Q: What is the 2009 Amendment effective date for section
More informationASPPAJournal. Document Restatement Strategies THE
SPRING 2009 :: VOL 39, NO 2 ASPPAJournal ASPPA s Quarterly Journal for Actuaries, Consultants, Administrators and Other Retirement Plan Professionals Document Restatement Strategies by Amy L. Cavanaugh,
More informationCumulative List of Changes in Plan Qualification Requirements for Pre-Approved Defined Contribution Plans for 2017
Cumulative List of Changes in Plan Qualification Requirements for Pre-Approved Defined Contribution Plans for 2017 Notice 2017-37 I. PURPOSE This notice contains the Cumulative List of Changes in Plan
More informationCutback the Complexity! Making Sense of the Anti-Cutback Rules. Brian Furgala, Esq., CPC, QPA GrayRobinson, P.A.
Cutback the Complexity! Making Sense of the Anti-Cutback Rules Brian Furgala, Esq., CPC, QPA GrayRobinson, P.A. 1 Anti-Cutback Rules Prohibit: 1) Decreasing an accrued benefit; or 2) Eliminating an optional
More informationPENSION PROTECTION ACT OF 2006
AN OVERVIEW OF THE IMPACT OF THE PENSION PROTECTION ACT OF 2006 ON QUALIFIED RETIREMENT PLANS Indiana Benefits Conference January 16, 2007 Indianapolis, Indiana E. Van Olson Introduction The Pension Protection
More informationTaking Over A MEP Workshop #54, October 20, 2015
Taking Over A MEP Workshop #54, October 20, 2015 Presented by: Adam C. Pozek of DWC ERISA Consultants, LLC and Bob Toth of Law Offices of Robert J. Toth, LLC What Is A MEP? A plan that covers employees
More informationDefined Contribution Plans Required and Optional Amendments
Defined Contribution Plans Required and Optional Amendments Following is a list of required or optional amendments for defined contribution plans since the GUST restatement. The amendments and due dates
More informationDefined Contribution Plans Required and Optional Amendments
Defined Contribution Plans Required and Optional Amendments Following is a list of required or optional amendments for defined contribution plans since the GUST restatement. The amendments and due dates
More informationAutomatic Rollovers March 28 th Deadline is Here
Automatic Rollovers March 28 th Deadline is Here The Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) added a new rule section 401(a)(31)(B) of the Internal Revenue Code of 1986, as amended
More informationDefined Benefit Plan Documents Issues
Defined Benefit Plan Documents Issues Michael Bain, MSPA, CMC Meredith J. Sesser, Esq., Brucker & Morra, A PC Plan Amendments DB/ DC Combination Plans Top Heavy What We ll Cover HCE Determination options
More informationtagdata.com EPCRS Case Studies August 3, 2017
tagdata.com EPCRS Case Studies August 3, 2017 Presented by Susan M. Wright, CPA Editor, TAG Correction Programs IRS Rev. Proc. 2016-51 - Employee Plans Compliance Resolution System ( EPCRS ) Rev. Proc.
More informationPENSION EDUCATOR SERIES GLOSSARY
PENSION EDUCATOR SERIES GLOSSARY 2 1% Owner An employee who owns more than 1% of the outstanding stock or more than 1% of the total combined voting power of all stock in a corporation; or more than 1%
More informationThank You to All Our Sponsors!
Thank You to All Our Sponsors! 1 2 Session 4: Hot Topics in Plan Operation and Administration Ilene Ferenczy Managing Partner Ferenczy Benefits Law Center LLP 3 Agenda 4 You Work for Me??? Or the ERISA
More informationIRS Publishes Final Rules for Providing ERISA Section 204(h) Notices
Important Information Plan Administration and Operation July 2003* IRS Publishes Final Rules for Providing ERISA Section 204(h) Notices WHO'S AFFECTED These notice rules apply to: defined benefit plans
More information403(b) documents on ftwilliam.com. By: Aimee Nash November 25, 2008
403(b) documents on ftwilliam.com By: Aimee Nash November 25, 2008 Agenda 2 Questions Overview of 403(b) frequently asked questions 403(b) unique features Effective date issues ERISA or not ERISA? Types
More information-1- Model Amendments to Add Bifurcated Distribution Options to Defined Benefit Plans
-1- Model Amendments to Add Bifurcated Distribution Options to Defined Benefit Plans Notice 2017-44 I. Purpose This notice provides model amendments that a sponsor of a qualified defined benefit plan may
More informationCOMPENSATION & BENEFITS
COMPENSATION & BENEFITS JUNE 2001 A lert Summary of Retirement-Related Provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 The Economic Growth and Tax Relief Reconciliation Act
More informationBenefits, Rights and Features. Optional Forms of Benefits
Agenda What are benefits, rights and features (BRFs)? Protecting benefits, rights and features Nondiscrimination testing of benefits, rights and features Correcting failed nondiscrimination tests for benefits,
More informationIRS ISSUES PROPOSED REGULATIONS UNDER CODE SECTION 409A COVERING NEW DEFERRED COMPENSATION RULES
IRS ISSUES PROPOSED REGULATIONS UNDER CODE SECTION 409A COVERING NEW DEFERRED COMPENSATION RULES October 17, 2005 TABLE OF CONTENTS A. EFFECTIVE DATE; TRANSITION RULES...1 1. Effective Date of Regulations;
More information403(b) PLAN BASIC PLAN DOCUMENT
403 PLAN BASIC PLAN DOCUMENT TABLE OF CONTENTS SECTION 1 PLAN DEFINITIONS 1.01 Account... 1 1.02 Account Balance... 1 1.03 Accumulated Benefit... 1 1.04 Actual Contribution Percentage Test (ACP Test)...
More informationThe Final 403(b) Regulations: A Changing World and What Employers and Providers Need to Do About It
1 ALI-ABA Course of Study Retirement, Deferred Compensation, and Welfare Plans of Tax-Exempt and Governmental Employers September 4-6, 2008 Washington, D.C. The Final 403(b) Regulations: A Changing World
More informationEMPLOYER. Helping you fulfill your fiduciary duties. MassMutual s Regulatory Advisory Services 2019 Calendar for non-calendar year DC and DB plans
EMPLOYER Helping you fulfill your fiduciary duties MassMutual s Regulatory Advisory Services 2019 Calendar for non-calendar year DC and DB plans TABLE OF CONTENTS Defined Contribution Plans... 2 January
More information7/28/2015. Correction Issues. Kevin Donovan Pinnacle Plan Design, LLC. Mark Dunbar DB&Z, Inc. ACOPA Actuarial Symposium, 8/7 8/8/2015
1 Correction Issues Kevin Donovan Pinnacle Plan Design, LLC Mark Dunbar DB&Z, Inc. ACOPA Actuarial Symposium, 8/7 8/8/2015 2 1 Correction Issues Topics to cover NHCE who actually was an HCE Missing Employees
More informationKEY TO erisa UPDATE INDEX NUMBERS
KEY TO erisa UPDATE INDEX NUMBERS All summaries in erisa Update are identified by an index number. The part of the index number (the prefix ) is a number from 1 through 12, followed by a decimal point
More informationQ & A from DATAIR Documents Interim and Discretionary Amendment Webinar Presented Live November 13, 2007
Q & A from DATAIR Documents Interim and Discretionary Amendment Webinar Presented Live November 13, 2007 Document Sponsor Questions Q: If my Company's name is on the DATAIR Prototypes (ie. my Company is
More informationThank You to Our Sponsors!
Thank You to Our Sponsors! Session 1 Washington Update and Late-Breaking Regulatory Developments Craig P. Hoffman, Esq., APM General Counsel American Retirement Association What We Will Cover EPCRS Fee
More informationDEFINED CONTRIBUTION VOLUME SUBMITTER PLAN AND TRUST BASIC PLAN DOCUMENT [DC-BPD #04]
DEFINED CONTRIBUTION VOLUME SUBMITTER PLAN AND TRUST BASIC PLAN DOCUMENT [DC-BPD #04] TABLE OF CONTENTS SECTION 1 PLAN DEFINITIONS 1.01 Account.... 1 1.02 Account Balance... 1 1.03 ACP Test (Actual Contribution
More informationPension Protection Act of 2006: What to do in 2007
DECEMBER 1, 2006 VOLUME 2, NUMBER 12 Pension Protection Act of 2006: What to do in 2007 This newsletter looks to 2007 and highlights effective by (913) 685-0749 PPA changes some of which are already effective,
More informationALI-ABA Course of Study Pension, Profit-Sharing, Welfare, and Other Compensation Plans March 18-20, 2009 San Francisco, California
441 ALI-ABA Course of Study Pension, Profit-Sharing, Welfare, and Other Compensation Plans March 18-20, 2009 San Francisco, California Employee Plans Compliance Resolution System (EPCRS) By Avaneesh K.
More informationDistributions from a Pension Plan upon Attainment of Normal Retirement Age
[4830-01-p] DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [TD 9325] RIN 1545-BD23 Distributions from a Pension Plan upon Attainment of Normal Retirement Age AGENCY: Internal Revenue
More informationIRS Provides Guidance for Hybrid Plans
Important Information Plan Design February 2007 IRS Provides Guidance for Hybrid Plans WHO'S AFFECTED These developments affect sponsors of and participants in hybrid plans, such as cash balance plans
More informationBEST PRACTICES FOR EMPLOYEE BENEFIT PLAN COMPLIANCE
BEST PRACTICES FOR EMPLOYEE BENEFIT PLAN COMPLIANCE November 20, 2015 Presented by Wallingford Law, PSC J. Whitney Wallingford, Esq. e-mail: whitney@wallingfordlaw.com Brian A. Ritchie, Esq. e-mail: brian@wallingfordlaw.com
More informationQualified Plan Terminations and Partial Plan Terminations
Qualified Plan Terminations and Partial Plan Terminations John P. Griffin, JD, LLM ASC Institute, LLC Introduction Recent IRS Guidance Agenda The Decision to Terminate a Plan Consequences of Plan Termination
More informationFiduciary Rule. Applicable June 9, 2017 Transitional period to 1/01/18 07/01/19 Impartial Conduct Standards
DOL Update Fiduciary Rule Applicable June 9, 2017 Transitional period to 1/01/18 07/01/19 Impartial Conduct Standards Act in investors best interest Charge reasonable compensation Avoid misleading statements
More information