More retirement-related regulatory news for plan sponsors, including links to detailed information.
IRS posts retirement plans FAQs about required minimum distributions
The Internal Revenue Service (IRS) has posted on its website frequently asked questions and answers regarding required minimum distributions.
The questions cover the types of plans that require minimum distributions and how calculations are made, as well as different rules that may apply to 403(b) plans.
To read the entire FAQ, click here.
IRS expands voluntary worker classification settlement program (IR-2013-23)
The IRS has expanded its Voluntary Classification Settlement Program (VCSP) by modifying several eligibility requirements thus making it possible for many more interested employers, especially larger ones, to apply for this program. The program allows taxpayers to voluntarily reclassify their workers as employees for future tax periods for employment tax purposes.
For a copy of IR-2013-23, click here.
Target date retirement funds: Tips for ERISA plan fiduciaries
The U.S. Department of Labor has posted on its website “Target Date Retirement Funds – Tips for ERISA Plan Fiduciaries,” which assists plan fiduciaries in selecting and monitoring target date funds (TDFs) and other investment options in 401(k) and similar participant-directed individual account plans.
Read the entire article here.
JCT publishes general explanation of tax legislation enacted in the 112th Congress
The Joint Committee on Taxation has published “General Explanation of Tax Legislation Enacted in the 112th Congress,” which as the title indicates provides an explanation of tax legislation enacted in the 112th Congress. The explanation follows the chronological order of the tax legislation as signed into law. For each provision, the document includes a description of present law, an explanation of the provision, and the effective date.
The 261-page report ranges from an explanation of the provisions relating to the extension of the Highway Trust Fund to revenue provisions of the American Taxpayer Relief Act of 2012 (Pub. L. No. 112-240).
To access the entire general explanation, click here.
PBGC creates link to alert when regulations are under OMB review
The Pension Benefit Guaranty Corporation (PBGC) has added a feature to its laws and regulations that make it easier for practitioners to see which PBGC information collection requests are under Office of Management and Budget (OMB) review.
The site announces that proposed nonmaterial changes to the 4010 filing requirements, primarily to reflect the Moving Ahead for Progress in the 21st Century Act (MAP-21), are currently undergoing review. The site will be updated whenever OMB receives a PBGC information collection request for review.
IRS posts 403(b) fix-it guide
The IRS has posted on its website a 403(b) Fix-it Guide. To access the guide, click here.