Topic: Regulatory Updates

Department of Labor to Review Disability Claims Regulations

The Department of Labor recently delayed the effective date of final disability claims procedures regulations. This is to give the Department additional time to review the regulation under Executive Order 13777, which directs federal agencies to review existing regulations and make recommendations regarding those that can be repealed, replaced, or modified to make them less burdensome.

2018 IRS Pension Plan Limits

Each year, the Internal Revenue Service publishes updated dollar limitations for tax-qualified defined benefit and defined contribution plans. The limits are important for tax-qualified plans, as well as many non-qualified plans.
The IRS announced that there will be cost of living adjustments to certain of the qualified plan limitations for 2018.

Tax Reform Update

An analysis of current tax reform proposals, both from the Administration and Congress, and their potential implications for retirement plans.

Potential Tax Reform Implications for COLI and BOLI

Implications of the 2016 election relative to the taxation of life insurance, particularly the taxation of bank-owned life insurance (BOLI) and corporate owned life insurance (COLI).

2017 IRS Pension Plan Limits

Each year, the Internal Revenue Service publishes updated dollar limitations for tax-qualified defined benefit and defined contribution plans. The IRS announced that there will be cost of living adjustments to certain qualified plan limitations for 2017.

New Proposed Guidance for Deferred Compensation Plans

Along with proposed regulations under Code Section 409A that were issued on June 22, 2016, the Internal Revenue Service simultaneously published proposed regulations providing updated guidance on deferred compensation plans under Internal Revenue Code Section 457. The regulations will generally apply to amounts deferred in calendar years after the date they are finalized, and to amounts deferred prior to that date that were not previously included in income. Until finalized, employers may rely on the proposed regulations.

Department of Labor Publishes Final Fiduciary Regulations

On April 6, 2016, the Department of Labor (“DOL”) published final regulations defining the types of financial communications with plan sponsors and participants that constitute fiduciary advice under ERISA.

IRS Pension Plan Limits Remain Unchanged for 2016

The IRS announced yesterday that there will be no cost of living adjustments to the qualified plan limitations described below for 2016.

IRS Issues Changes to Determination Letter Program

In IRS Announcement 2015-19, the IRS announced it is making changes to its determination letter program.

IRS Reminds Sponsors to Keep Records for Hardship Withdrawals and Plan Loans

The Internal Revenue Service (IRS) recently reminded retirement plan sponsors to keep certain records in regards to hardship withdrawals and plan loans.

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