Insights on benefits counseling and litigation issues impacting employers nationwide
The Internal Revenue Service recently announced its cost-of-living adjustments applicable to dollar limitations for retirement plans and Social Security generally effective for Tax Year 2018 (see IRS Notice 2017-64). Most notably, the limitation on annual salary deferrals into a 401(k) plan will increase from $18,000 to $18,500. The dollar limits are as follows:
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The IRS, on December 17, 2010, issued Revenue Ruling 2010-17, which sets forth examples of certain expenses that may be eligible for an unforeseeable emergency distribution from an IRC Section 457(b) deferred compensation plan. Section 457(b) plans generally may permit hardship distributions for unforeseeable emergencies if certain requirements are met. The ruling concludes that residential …
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 …
The Financial Accounting Standards Board (“FASB”) issued an Exposure Draft (the “Draft”) September 1, 2010, proposing changes to U.S. Generally Accepted Accounting Principles (“GAAP”), which, if adopted, would require participating employers in multiemployer pension plans to disclose in their financial statements additional information concerning their obligations to such plans. The Draft would apply to public companies for fiscal years ending after December 15, 2010 and to non-public companies exactly one year later.
Continue Reading FASB Draft Would Require Additional Financial Statement Disclosure of Liabilities of Multiemployer Plans
