On March 29, 2021, the IRS published Notice 2021-21 (the “Notice”) as a result of the COVID-19 pandemic. The Notice extends certain deadlines for “Affected Taxpayers.” That term is mainly defined as someone in either of the following categories: (1) any person with a federal income tax return filed via the Form 1040 series that, […]

Given the continuing wave of ERISA litigation, this article has become a mainstay of The Speed Reader. A sample of cases that were recently decided or filed is provided below. Bergamatto v. Board of Trustees of the NYSA- ILA Pension Fund (decided on August 6, 2019 by the U.S. Court of Appeals for the Third […]

On July 3, 2019, the IRS published proposed regulations affecting one specific rule governing multiple employer plans (“MEPs”). A MEP is a retirement plan that is maintained by more than one employer, which means that not all of the plan’s participating employers are part of the same controlled group or the same affiliated service group. […]

IAnyone who is remotely familiar with employee benefits is aware of the fact that changes frequently occur to governing laws, regulations, and other guidance. One challenge for employers in this area is keeping their plan documents current, so they include all applicable changes’ provisions. Thus, retirement plan sponsors must carefully monitor changes that necessitate plan […]

As noted in the June 2018 edition of The Speed Reader, as of that date the IRS’s safe harbor explanations for eligible rollover distributions did not include recent rules regarding qualified retirement plan participants who have an outstanding plan loan when their employment with the plan sponsor terminates or when their plan terminates. Lo and […]

The IRS published Notice 2017-37 (the “Notice”) on June 30, 2017, which provides the “Cumulative List of Changes in Plan Qualification Requirements for Pre-Approved Defined Contribution Plans for 2017” (the “2017 Cumulative List”). As with the IRS’s previous annual cumulative lists, the 2017 Cumulative List identifies changes in the Internal Revenue Code’s retirement plan qualification […]

  In an internal memorandum dated November 21, 2016, the IRS set forth new procedures that its examiners must follow when conducting audits of, among other entities, employee benefit plans. Specifically, the new procedures apply to IRS Information Document Requests (“IDRs”). IDRs are used to notify taxpayers about items (e.g., plan documents and payroll records) […]

  Fortunately, the IRS realizes that it is almost impossible to have a retirement plan with no plan document issues or operational issues. Thus, for many years the IRS has maintained its Employee Plans Compliance Resolution System (“EPCRS”). The EPCRS provides three formal programs for correcting retirement plan compliance issues, as well as guidance on […]