More retirement-related regulatory news for plan sponsors, including links to detailed information.
IRS releases Revenue Procedure concerning preapproved plans
The Internal Revenue Service (IRS) published Revenue Procedure 2015-36, providing IRS procedures for issuing opinion and advisory letters regarding the acceptability under §§ 401, 403(a), and 4975(e)(7) of the Internal Revenue Code (Code) of the form of preapproved plans, i.e., master and prototype (M&P) and volume submitter (VS) plans.
To read the IRS’s official statement, click here.
DOL releases Field Assistance Bulletin related to defined contribution plans
The U.S. Department of Labor (DOL) has issued Field Assistance Bulletin (FAB) 2015-02, “Selection and Monitoring under the Annuity Selection Safe Harbor Regulation for Defined Contribution Plans.” The FAB provides clarification of plan sponsors’ fiduciary obligations concerning annuity product selections for defined contribution (DC) plans.
The purpose of the FAB is to provide guidance regarding these issues, including the application of ERISA’s statute of limitations to claims relating to annuity selection, and to assist the Employee Benefits Security Administration’s national and regional offices in responding to questions from employers and other interested parties.
To read the entire FAB, click here.
JCT issues present law and background information on federal excise taxes
The U.S. Joint Committee on Taxation (JCT) released the report “Present law and background information on federal excise taxes” (JCT Report JCX-99-15). The document provides a description of present-law federal excise taxes and, when applicable, background information on trust funds financed with excise tax revenues.
The document contains information on excise taxes relating to employee pension and benefit plans and excise taxes related to healthcare.
To entire report can be downloaded here.