The IRS Employee Plans Compliance Unit (ECPU) is conducting a compliance review of nonqualified deferred compensation plans commonly known as “top hat” plans established under Internal Revenue Code Section 457(b). The ECPU is looking for possible compliance irregularities related to funding, loans, catch-up contributions and plan sponsor eligibility. If you receive an ECPU compliance letter […]
On February 8, 2012, the DOL, IRS, and HHS issued a final rule with respect to Summary of Benefits of Coverage and Uniform Glossary. In general, the rule is effective for the first plan year or open enrollment period beginning on or after September 23, 2012. In short, compliance with the final rule will require health plans to distribute a Summary of Benefits and Coverage (in the form provided by the Departments)
IRS Announces 2012 Cost of Living Adjustments for Dollar Limitations on Benefits and Contributions | Employment Law
On October 20, 2011, the Internal Revenue Service announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for Tax Year 2012. In general, many of the pension plan limitations will change for 2012 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. However, other limitations will remain unchanged. Of note:
Inside this issue are updates regarding Medicare Part D Creditable Coverage Notices, Constitutional Challenges to Health Care Reform, the Impact of New York State’s Same-Sex Marriage Law on ERISA Covered Health Plans, FASB and more.
Executives of Tax-Exempt Entities Need to Value Fringes as Part of their Compensation Package | New York Law
The IRS is conducting a National Research Program focusing on uncollected employment taxes for both for-profit and not-for-profit organizations. As part of this nationwide review, the IRS recently indicated that the most common reason it imposes sanctions on tax-exempt organizations is the improper reporting of fringe benefits.
Blitman & King Successfully Guides Plan Through IRS Voluntary Correction Program To Address In-Service Distributions
On behalf of a multiemployer defined benefit pension plan, Blitman & King, LLP submitted an application to the Internal Revenue Service (IRS) for participation in its Voluntary Compliance Program. The matter involved qualification errors related to in-service distributions and recalculation of benefits.
On October 28, 2010, the I.R.S. announced cost of living adjustments affecting dollar limitations for pension and retirement plans for 2011. In general, these limits either remain unchanged or will result in small inflation adjustments. Of note: