Insights on benefits counseling and litigation issues impacting employers nationwide
The Internal Revenue Service issued updated correction procedures for employer-sponsored retirement plans on New Years’ Eve. Revenue Procedure 2013-12 updates the Employee Plans Compliance Resolution System (“EPCRS”) previously set forth in Revenue Procedure 2008-50. Now, nonprofit employers sponsoring 403(b) plans can correct document failures with the IRS’s blessing.
A 403(b) plan document failure can be corrected…
The IRS has extended the deadline for amending many defined benefits pension plans under Internal Revenue Code Section 436. Section 436 was added by the Pension Protection Act of 2006 (“PPA”) and provides a series of limitations on the accrual and payment of benefits under an underfunded plan. (For more information, see Your Defined Benefit …
Events like Hurricane Sandy often leave companies and employers scrambling for ways to assist those affected by the storm, including the company’s employees and their families. Here are some ways employers can help.
Continue Reading Leave Sharing Programs and Other Steps Employers Can Take to Assist Employees Affected by Hurricane Sandy
The Internal Revenue Service has announced its Voluntary Classification Settlement Program (“VCSP”) offering relief to certain employers from unpaid employment taxes, penalties and interest that may result from misclassification of workers. The IRS’s September 21, 2011, Announcement 2011-64 and “Frequently Asked Questions” (published on September 30) explains that the VCSP allows employers to correct misclassification…
Participants in the Professional Benefits Trust (“PBT”) may be in danger of having to pay the United States Treasury 50% of their assets in penalties for each year of participation in PBT. The assets of the purported welfare benefit plan were moved off shore and deposited into the Mavin foreign insurance company and into Acadia…
Reports required under Foreign Bank Account Reporting or “FBAR” laws and regulations must be submitted to the U.S. Department of the Treasury on or before June 30, 2011. Individuals with a financial interest in foreign financial accounts (including foreign bank accounts, securities and certain insurance and annuities) or with signatory or other authority over …
Effective February 1, 2011, IRS Revenue Procedure 2011-8 has changed the IRS’s user fees for filing for determination letters for tax-qualified retirement plans. The fee changes include those for filing Form 5300, Application for Determination for Employee Benefit Plan, and Form 4461, Application for Approval of Master or Prototype or Volume Submitter Defined Contribution …
IRS Notice 2010-6 previously provided guidance concerning how to make payment of nonqualified deferred compensation that is subject to the signing of a release complaint with Section 409A.
Essentially, it provides that a plan may not allow an employee to delay or accelerate the timing of a payment as a result of the employee’s actions …
