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Retirement News for Employers

June 13, 2014 Edition

Print version of newsletter (.pdf)

Penalty relief

  • Form 5500-EZ – new pilot program offers no late filing penalties if you file before June 2, 2015, and meet other requirements
  • Forms 5500 and 5500-SF – to get IRS penalty relief, you must file Form 8955-SSA

Safe harbor 401(k) and 401(m) plans - you may amend during the plan year to comply with new same-sex marriage rules


Copies of plan documents – how to request a copy of a determination letter application file

Avoiding mistakes

  • Internal controls – what internal controls are and how they help protect your plan
  • Policies, procedures and internal controls self-audit questions to help you evaluate your internal controls
  • Monitoring plan service provider reportsreview reports and provide updated plan information to prevent mistakes

Correcting mistakes

  • Voluntary Correction Program –use new forms for your VCP submission
  • How to correct if you used the wrong definition of compensation to make:
  • Updated Fix-It Guides for SEP, SARSEP and 403(b) plans

Mark your calendar – retirement plan deadlines

DOL Newsupdates from Department of Labor

For employees

  • SIMPLE IRA plans – you may owe additional taxes on withdrawals unless an exception applies
  • Mid-year retirement savings checkupreview your retirement contributions


February 24, 2014 Edition

Print version of newsletter (.pdf)

Retirement plans for your small business – Links to types of plans, a publication with a comparison chart, a webcast and an interactive website to help you choose

SEP Plans

  • You can still set up a SEP by the due date (including extensions) of your 2013 business income tax return
  • Employees for SEP plans includes those of all related employers – SEP Fix-It Guide


  • Tips for the sole proprietor – where to deduct, when to contribute and how to calculate the owner's contributions
  • 3% matching contribution is based on unlimited compensation but 2% nonelective is limited to annual amount

Saver’s Credit – You may qualify for the Saver’s Credit of up to $2,000 for contributing to an IRA or company retirement plan, and you have until April 15, 2014, to make 2013 IRA contributions

Safe-harbor 401(k) notice – How to correct if you've either failed to give participants the annual notice or didn’t give it to them on time

Mark your calendar – retirement plan deadlines

Roth account in your retirement plan – if you participate in a 401(k), 403(b) or governmental 457(b) plan, consider your Roth options

Four Ways to Get IRS Forms and Publications

MyRA program information Fact Sheet, FAQs and video in English and Spanish

The Retirement News for Employers is a periodic newsletter with retirement plan information for employers and business owners – and their tax advisors from Employee Plans (Tax Exempt and Government Entities (TE/GE) at the IRS).

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It is permissible to reproduce our newsletter. We ask that you place a note stating that (1) It is a publication of the IRS Employee Plans, and (2) The presence of IRS material does not constitute or imply the endorsement, recommendation, or favoring by the IRS of any opinions, products, or services offered by the sponsor of this web page or document.

Page Last Reviewed or Updated: 21-Jul-2014