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Employee Plans News

Issue No. 2015-7, June 23, 2015

Worksheets and explanations for the second Cycle E plan language

New VCP Submission Kit for correcting contribution failures for money purchase pension and target benefit plans

Determination letter review process for the second Cycle E and beyond

Penalty relief program for Form 5500-EZ late filers

Fix-It Guides updated

Suspension of benefits under the Multiemployer Pension Reform Act of 2014


Issue No. 2015-6, June 10, 2015


Issue No. 2015-5, May 6, 2015

Print version of newsletter (.pdf)

Changes to EP determination letter application processing – effective date depends on whether you file Form 5300, 5307 or 5310

New revenue procedures update the Correction Program

Form 5500-EZ late filer penalty relief – remember to file by June 2

Sponsoring a 403(b) plan – make sure you have your 501(c)(3) status or meet another eligibility requirement

Updated FAQs: multiple employer plans

Notice 2015-7 – the IRS and Treasury Department anticipate issuing proposed regulations under Internal Revenue Code Section 414(d) to define the term “governmental plan.” This notice describes the guidance under consideration, which would provide that employees of a public charter school may participate in a State or local retirement system if certain conditions are satisfied, and requests comments by May 11, 2015.


Issue No. 2015-4, April 1, 2015

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Plan sponsors
Keep documentation for hardship distributions and plan loans
Retirement plan distributions to foreign persons require withholding
Follow up on the plan corrections you agreed to in your VCP compliance statements  
DOL Corner – news from Department of Labor

Plan document help
Apply for a determination letter for your individually designed plan
Tips to expedite the determination letter process
FAQs on reference lists of changes in qualification requirements (new)
Updated 403(b) Listing of Required Modifications sample plan provisions help plan sponsors draft their plans

IRAs
Tax Time Guide: still time to contribute to an IRA for 2014
IRA limits for contributions and deductions
April 1 deadline to take required retirement plan distributions for many retirees who turned 70 ½ in 2014

Updated
SEP Plan Fix-It Guide
Publication 3998, Choosing a Retirement Solution for Your Small Business
Publication 4284, SIMPLE IRA Plan Checksheet
Publication 4285, SEP Plan Checksheet
Publication 4286, SARSEP Checklist
Publication 4334, SIMPLE IRA Plans for Small Businesses
Publication 4484, Choose a Retirement Plan for Employees of Tax Exempt and Government Entities
Publication 4587, Payroll Deduction IRAs   
Publication 4806, Profit Sharing Plans for Small Business


Issue 2015-3, March 25, 2015

Print version of newsletter (.pdf)

Defined benefit plans

Expanded annual actuarial certifications for multiemployer plans due March 31 for calendar year plans

Automatic approval for change in method due to takeovers of single-employer defined benefit plans


Issue 2015-2, February 27, 2015

Print version of newsletter (.pdf)

Correction options for 457(b) plans – EP Voluntary Compliance is not available for form errors

March webinars:

  • Highlights of the Second Cycle E Determination Letter Application Process – March 5, 2015, at 2 p.m. Eastern
  • Retirement Plan Loans to Participants – March 26, 2015, at 2 p.m. Eastern

my Social Security account – with it, your clients can get a replacement SSA-1099 or SSA-1042S online

Updated:

PBGC Insights

Publication 4484, Choose a Retirement Plan for Employees of Tax Exempt and Government Entities

Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefit (Instructions)


Issue 2015-1, February 2, 2015

Print version of newsletter (.pdf)

Reference lists of changes in plan qualification requirements - tools to help you keep your plan document up-to-date

Send your applications for 403(b) pre-approved plans to Cincinnati

Penalties may be waived for delinquent Forms 5500EZ and some Form 5500-series

EPCU projects

Forms and Pubs

Form 8606 - use to report: nondeductible contributions you made to traditional IRAs; nondeductible contributions to traditional IRAs; IRA distributions; and IRA conversions

New:

Updated:

  • Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc. (Instructions)

Recent internal directives

Limit your search results on IRS.gov to the Retirement Plans Web pages: click on Advanced, enter your search terms in the “Find results” fields, and type “http://www.irs.gov/Retirement-Plans” in the “Domain” field


The Employee Plans News is a periodic IRS newsletter with retirement plan information for retirement plan practitioners.

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Page Last Reviewed or Updated: 23-Jun-2015