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IRS Issues

This station houses posts and commentary on regulatory requirements and developments at the IRS affecting NTSA members, including the regulatory development process, changes in existing requirements, best practices in ensuring that clients remain in compliance with the tax code and IRS rules, and inside-the-IRS news.


 

 

 

IRS Issues

IRS Issues

By John Iekel12/10/2014 • 0 Comments

New Year’s Eve is the deadline for most 2014 required minimum distributions to be made. The IRS issued that reminder in information release IR-2014-112. Generally, RMDs from 401(k), 403(b) and 457 plans as well as IRAs must be made by Dec. 31.

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By NTSA Net Staff12/10/2014 • 0 Comments

Rollovers can be an important way to preserve retirement savings, and postpone paying taxes on distributions. The IRS has an updated rollover chart that can help in determining which kinds of rollovers can be made to which accounts.

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By John Iekel12/5/2014 • 0 Comments

On Jan. 2, 2015, the IRS Tax Exempt and Government Entities (TE/GE) Division will transfer those duties to the IRS Office of Associate Chief Counsel (TE/GE), which then will take on technical responsibilities concerning qualified retirement plans and IRAs. READ MORE

By NTSA Net Staff12/4/2014 • 0 Comments

How are 403b loan defaults processed? In this week’s Tech Talk, Ellie Lowder tells us what happens after a participant defaults on a loan regarding the participant’s account, the outstanding loan, interest, reporting and more. READ MORE

By NTSA Net Staff12/2/2014 • 0 Comments

There are critical deadlines 403(b) plans must meet in order to stay in compliance with the federal Internal Revenue Code. In this week’s MarketBeat, Mike Webb provides a 403(b) Plan Compliance Calendar for 2015. READ MORE

By NTSA Net Staff12/2/2014 • 0 Comments

The consultant for a 501(c)(3) that sponsors a 403(b) plan and a 401(a) plan has told the employer that both plans share the Code Section 415(c) limit. In this week’s Tech Talk, Ellie Lowder tells us whether the consultant is correct. READ MORE

By NTSA Net Staff11/18/2014 • 0 Comments

In this week’s Tech Talk, Ellie Lowder identifies three steps an employer can take to establish a top hat plan for its directors. READ MORE

By NTSA Net Staff11/14/2014 • 0 Comments

The Internal Revenue Service is reminding low- and moderate-income workers about an opportunity to earn a special tax credit while they save for retirement. READ MORE

By NTSA Net Staff11/14/2014 • 0 Comments

Two new efforts have been launched to increase the availability to retirement planning services to public-sector and non-profit employees. ABMM Financial has been launched, and the Legend Group has announced a partnership with the Association of Christian Schools International. READ MORE

By Nevin Adams11/11/2014 • 0 Comments

The IRS issued a clarification Nov. 10 on the application of the one-per-year limit on IRA rollovers. In Announcement 2014-32, the IRS said it had received comments about the “administrative challenges presented by the Bobrow interpretation of §408(d)(3)(B).”  READ MORE

By Nevin Adams10/24/2014 • 0 Comments

Plans interested in providing lifetime income alternatives via target-date funds that include deferred annuities got some much-needed clarity from the IRS on Oct. 24.

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By John Iekel10/23/2014 • 0 Comments

The IRS and Social Security Administration have issued their cost-of-living adjustments relevant to retirement benefits for 2015. READ MORE

By John Iekel9/2/2014 • 0 Comments

Prospects for state and local employees’ financial security in retirement are better than that of their private-sector counterparts, according to a new paper from the National Association of Government Defined Contribution Administrators (NAGDCA). Nonetheless, the paper argues, steps still should be taken to improve their readiness.

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By John Iekel7/14/2014 • 0 Comments

The IRS on July 11 announced that it is withdrawing a proposal it made in 1981 for an amendment to regulations governing IRA rollovers. The proposed amendment to Treas. Reg. § 1.408-4(b)(4)(ii) would have applied the rollover limitation on an IRA-by-IRA basis. This withdrawal affects individuals who maintain IRAs and financial institutions that are trustees, custodians, or issuers of IRAs. READ MORE

By John Iekel7/2/2014 • 0 Comments

The Treasury Department issued a rule July 1 that essentially allows employees to convert part of their IRA or 401(k) balances into a longevity annuity. Under the rule, an IRA or 401(k) can allow participants to use $125,000 or up to 25 percent of their IRA or 401(k) — whichever is less — to buy a longevity annuity. The dollar limit will be adjusted for inflation in $10,000 increments.  READ MORE

By John Iekel6/25/2014 • 0 Comments

The federal government, a purveyor of regulations and legislation, has set before the 403(b) community a veritable blue plate special — and one with a long shelf life to boot. NTSA President Susan Diehl of PenServ Services, Inc., outlined what’s on that plate at NTSA’s 403(b) Summit in Washington, D.C., on June 24.

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By John Iekel6/24/2014 • 0 Comments

The watchword of the day is patience. And detailed preparation. Speaking to a packed room at a June 23 general session of the NTSA 403(b) Summit in Washington, D.C., Kristi Cook, head of an eponymous law firm, and Ellie Lowder, of TSA Consulting, outlined the challenges facing the 403(b) industry.  READ MORE

By John Iekel6/10/2014 • 0 Comments

The U.S. Supreme Court issued its decision in U.S. v. Windsor — in which it said that retirement plans must treat a same-sex spouse just they would any other spouse for purposes of benefits under the retirement plan — one year ago, on June 26, 2013. That makes this an opportune time for Ellie Lowder in MarketBeat to review some of the latest guidance that implements the Court’s ruling and with which you must comply. 

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By John Iekel5/22/2014 • 0 Comments

Have you made a mistake in administering your 403(b) plan? Does this mistake put you at risk of IRS action? If so, you are not alone — not only in the sense that others have made mistakes, but also because the IRS has updated its 403(b) Plan Fix-It Guide, a resource that tells plan sponsors how to identify errors in 403(b) administration and correct them. Equally important: the IRS also says how to avoid the mistake in the first place.  READ MORE

By John Iekel5/10/2014 • 0 Comments

The IRS is auditing 403(b) plans — especially in light of the changes made to the 403(b) regulations in the last few years. In the latest Market Beat, Kimberly A. Flett points out that with the right amount of planning and proper administration, plan sponsors can avoid audit pitfalls and provide for an employer-sponsored plan that effectively meets IRS guidance and regulations. READ MORE

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