Headlines about "Ret plans - amendments required, incl. EGTRRA"

Gathered from the web by the editors at BenefitsLink.com.
IRS Newsletter Discusses Plan Loan Interest Rates, Form 5558 Errors, and RMD Calculations
"The newsletter also includes a calendar of retirement plan events for March and April, a summary of the DOL's final regulations on fiduciary-level service provider disclosures ..., an explanation of the DOL's revised interim policy on electronic disclosure for participant-level fee disclosures ..., and a notation that the IRS's 401(k) Fix-It Guide (a useful checklist of potential plan mistakes and permissible corrections) has been updated." (Thomson Reuters/EBIA)

Using the IRS Interim 403(b) Document Audit Relief
"If an employer is found not to have adopted formal 403(b) plan document in a timely manner, the IRS may choose (presumably under non-abusive circumstances) to enter into a type of agreement where sanctions more resembling those available under the 'Voluntary Corrections Program' (VCP) will apply, rather than those under the more expensive 'Closing Agreement Program' (CAP). This should help encourage employers who still not have adopted a formal program to act as quickly as possible to adopt a formal written plan document, albiet late." (Business of Benefits)

Failure to Amend Among the Top Compliance Problems for 401(k) Plans, IRS Reports
"[An IRS] questionnaire showed that many sponsors were unable to locate the necessary documentation that would show the plan had been timely amended." (Wolters Kluwer Law & Business / CCH)

[Official Guidance] IRS Employee Plans News, March 20, 2012 (PDF)
The newsletter includes material on the following: New guidance to encourage retirement plans to offer participants lifetime income options; Submission of recommendations for next year's guidance plan; EP Published Guidance; Adoption of pre-approved defined benefit plans and filing determination letter applications; Checking the status of your determination letter application on IRS Web page, by phone or fax; New (Cycle A) Alert Guidelines to help review plans; EP Determination Letter Program Update phone forum scheduled for March 30. (Internal Revenue Service)

Ensure your Plan Participants are Prepared for a Secure Retirement
Defined Contribution Conference, March 11-13, in Miami. Learn from your peers through presentations and discussions on plan design, communications, investment options and more. FREE registration for qualified plan sponsors. (Pensions & Investments)

Avoid the Common Mistakes Affecting Plan Loans Webcast
Earn CE credit while ERISA expert, Charles Lockwood, JD, LLM, explains the administrative issues that affect plan loans. Have questions? Charles will address them either during or after the webcast. March 22nd at 2pm EST. (ASC)

Ineligible Employee Correction
"If an ineligible employee(s) has been allowed into a plan, an available correction procedure is to amend the plan retroactively under the EPCRS self-correction program, ... and to submit the plan to the IRS for a determination letter.... How is this correction to be handled after May 1, 2012 for preapproved plans?" (McKay Hochman)

[Guidance Overview] The Determination Letter Application Process (PDF)
"The importance of submitting a clean, vetted plan and properly completed application to the IRS cannot be overstated. Otherwise, the process that is intended to secure approval of the plan to obtain the plan's unparalleled tax benefits can backfire and threaten plan qualification. This in turn can cloud a bright and sunny day into a long protracted Wisconsin winter." (ERISA Newsletter)

[Guidance Overview] IRS Reissues Notice, Enhances Transition Relief for Plans Qualified in Puerto Rico
"The reissuance of Notice 2012-6 underscores just how complex and difficult it is to deal with the differences between Puerto Rico's qualification requirements for retirement plans and the requirements of the U.S. tax code. While employers continue to work through the difficulties in the context of recent changes to the Puerto Rico tax code, some will at least temporarily not have to cope with a potential testing problem (the inclusion of Puerto Rico employees in nondiscrimination testing for coverage) and a potential tax problem for individual participants (recognition of certain distributions as U.S. income)." (Thomson Reuters/EBIA)

[Official Guidance] Transcript of Phone Forum On Self Correction Program and Closing Agreement Program, November 30, 2011 (PDF)
The phone forum covered current EPCRS issues, procedures and CAP sanctions. (U.S. Internal Revenue Service)

[Guidance Overview] Puerto Rico Treasury Dept. Guidance for Qualification of Retirement Plans under 2011 PR Code and Relief for Retroactive Qualification under 1994 PR Code (PDF)
"[The guidance] includes a list of the 2011 PR Code qualification provisions that must be included in the plan document (or appendix/supplement to the plan) in order to obtain a qualification letter under the 2011 PR Code. However, note that a plan must have been operated in compliance with all applicable 2011 PR Code provisions since January 1, 2011, even though the plan is not amended untilsometime in 2012." (Groom Law Group)

[Guidance Overview] Common Questions About the Next Restatement Cycle for Defined Contribution Plans
"Pre-approved defined contribution plans will need to be restated in a two year window. This window will likely open in early 2014 and close in early 2016. If a plan is currently on an EGTRRA pre-approved document, there is generally no need to restate the plan until this two year window opens. Q: So I don't need to do anything with my plans until 2014? A: That's probably not correct. . . . (Wolters Kluwer Law & Business / ftwilliam.com)

[Official Guidance] Second Quarter Update to the 2011? 2012 IRS Priority Guidance Plan (PDF)
"The second quarter update to the 2011-2012 plan reflects 14 additional projects that have become priorities and/or guidance we have published during the period from October 1, 2011 through December 31, 2011 of the plan year. In addition, the update reflects one project we have closed without publication because the statute was subsequently repealed." (U.S. Internal Revenue Service)

[Guidance Overview] The IRS Updated Filing Process for Qualified Plans (PDF)
"The new year begins with a new round of IRS filing deadlines along with new procedures and guidance that must be followed in order for the IRS to make a determination that qualified plan documents comply, as to form, with the requirements of the Code. This article reviews a number of pieces of recent IRS guidance affecting the filing process for qualified plans." (Groom Law Group)

[Guidance Overview] Deadline for Pre-Approved Defined Contribution Plan Submissions Extended to April 2, 2012
"This extension appears intended to provide sponsors of certain pre-approved plans additional time to take into account the revised defined contribution and 401(k) Listings of Required Modifications (LRMs) that were released in October 2011 . . . ." (Thomson Reuters/EBIA)

[Guidance Overview] Three Tips for Cycle A Determination Letter Filers
"Use the old Form 5300. . . . Make sure plan amendments are signed and dated. . . . If you detect a serious document problem, commence correction before you file." (Verrill Dana, LLP)

[Official Guidance] IRS Internal Revenue Bulletin, January 3, 2012 (PDF)
"The Internal Revenue Service has issued a number of Revenue Procedures revising procedures for furnishing advice to employee plans." (U.S. Internal Revenue Service)

[Guidance Overview] Certain Governmental Plans Have Longer to Amend for Group Trust Participation
"Section 401(a)(24) governmental plans may participate in an 81-100 group trust even though the plan document has not yet been amended to satisfy the requirements of Rev. Rul. 2011-1, if the authority to amend the plan is held by a legislative body." (Mercer LLC)

[Guidance Overview] IRS Announcements Provide Desired Extension and Significant Changes to Determination Letter Program
"Many practitioners have recommended to their clients that they always obtain a determination letter. That will no longer be possible for prototypes. Does this mean that employers will be switched to volume submitter plans and minor language changes made for the sole purpose of getting a letter? What impact will this have on examinations?" (McKay Hochman Co., Inc.)

[Guidance Overview] IRS 2011 Cumulative List Contains Requirements for Cycle B Individually Designed Defined Contribution and Defined Benefit Plans
"The Cycle B plans are to be submitted to the IRS for determination letter approval between February 1, 2012 and January 31, 2013." (McKay Hochman Co., Inc.)

[Opinion] Those 403(b) RMD Amendments and Corporate Resolutions
"Some vendors are presenting [RMD amendments for 403(b) plans] to plan sponsors for their signature by year end, as the vendor may have taken it upon itself to generally waive these requirements for those 403(b) customers with individual contracts." (Robert J. Toth, Jr., Business of Benefits)

[Guidance Overview] IRS Extends Transition Relief for Plans Qualified in Puerto Rico
"This relief gives employers more time to figure out how best to handle retirement benefits for their Puerto Rico employees in light of extensive amendments to the Puerto Rico tax code that generally took effect on January 31, 2011." (Thomson Reuters/EBIA)

[Official Guidance] IRS Announcement 2012-3: Deadline to Submit Opinion and Advisory Letter Applications for Pre-approved DC Plans Extended to April 2, 2012 (PDF)
"This announcement extends to April 2, 2012, the deadline to submit on-cycle applications for opinion and advisory letters for pre-approved defined contribution plans for the plans' second six-year remedial amendment cycle. Under Rev. Proc. 2007-44 . . . and Rev. Proc. 2011-49 . . . the submission period for these applications was scheduled to expire on January 31, 2012." (U.S. Internal Revenue Service)

[Guidance Overview] IRS Issues 2011 Cumulative List of Changes for Cycle B Plans
"Due to the small number of new items that could affect 401(k) plans, and the specialized nature of those items, many 401(k) plans that were already up-to-date with items on the 2010 list may discover that they do not have to make any documentation changes in response to the 2011 list." (Thomson Reuters/EBIA)

[Guidance Overview] IRS Extends Deadline for Code Section 436 Amendments and Provides Sample Amendment (PDF)
"In Notice 2011-96, the IRS provides a sample Code Section 436 amendment. The IRS states that because the sample amendment complies with the requirements of Code Section 436, if a plan is amended by adoption of the sample amendment, the plan will satisfy Code Section 436." (Buck Consultants, LLC)

[Guidance Overview] IRS Extension of Year-End Deadline for Pension Plan Amendments under Code Section 436
"Code Section 436 was added by the Pension Protection Act of 2006 (PPA) and contains limitations on benefit payments and accruals for defined benefit plans that do not meet the funding targets required by the PPA." (McDermott Will & Emery)

[Guidance Overview] Year-End Employee Benefit Plan Reminders
"As year-end approaches, employers should review their employee benefits plans to make sure they have been updated for any changes in the law or for any changes that have been implemented this year. In addition, you may need to send out participant notices, or to restate your plan by January 31, 2012." (Polsinelli Shughart PC)

[Guidance Overview] IRS Extends Deadline, Provides Sample Amendment for Pension Plans to Comply with Section 436
"The Pension Protection Act of 2006 added Section 436 to the Internal Revenue Code . . . to limit benefit accruals and benefits payable under a single-employer defined benefit plan if the funded percentage of the plan falls below certain levels." (McGuireWoods LLP)

[Official Guidance] IRS Employee Plans News, December 16, 2011 (PDF)
Articles include: Significant changes to the Employee Plans Determination Letter Program - Announcement 2011-82; Relief for IRA owners who have certain agreements with their brokers or financial institutions - Announcement 2011-81; 2011 Cumulative List of Changes in Plan Qualification Requirements - Notice 2011-97. (U.S. Internal Revenue Service)

[Official Guidance] IRS Announcement 2011-82: Notice of Upcoming Changes in Retirement Plan Determination Letter Procedures (PDF)
"This announcement describes several important changes to the Employee Plans determination letter program that will take effect in 2012 [and will be described in Rev. Proc. 2012-6, which will be published in IRB 2012-1 on January 3, 2012]. . . .'Under these modified procedures, many employers will no longer apply fordetermination letters. . . .'The changes to the determination letter filing procedures eliminateelective demonstrations regarding coverage and nondiscriminationrequirements and provide that only employers that have made limitedmodifications to a pre-approved volume submitter (VS) plan may file Form5307, Application for Determination for Adopters of Master or Prototypeor Volume Submitter Plans. In conjunction with the latter change, theService expects to revise the language of opinion and advisory lettersto clarify the circumstances in which these letters are equivalent to adetermination letter. . . .'[Further, as before, in] certain circumstances, an application for adetermination letter for an M&P or VS plan must be filed on Form 5300.Under Rev. Proc. 2012-6, the circumstances in which an application for apre-approved plan must be filed on Form 5300 will remain the same asunder prior procedures, with two additions.'First, effective May 1, 2012, an application for a determination letterfor an M&P plan must be filed on Form 5300 if the employer has addedlanguage to the pre- approved M&P plan to satisfy the requirements ofsections 415 and 416 because of the required aggregation of plans.'Second, effective May 1, 2012, an application for a determination letterfor a pre-approved pension plan with a normal retirement age earlierthan age 62 must be filed on Form 5300." (U.S. Internal Revenue Service)

[Guidance Overview] IRS Issues Sample Amendment for Section 436 and Postpones Date for Amending Single-Employer Pension Plans
"Administrators and consultants should review the IRS sample amendment with Counsel and adopt it or another amendment by the last day of the plan year beginning in 2012 unless a later date applies. A decision will need to be made on which, if any, of the optional provisions in part 3 of the amendment they wish to adopt, and whether the provisions conflict with existing provisions of the plan. They also need to make sure the effective date they use is appropriate for the plan." (Cheiron, Inc.)

[Official Guidance] From IRS: 2011 Cumulative List of Changes in Plan Qualification Requirements (PDF)
"The 2011 Cumulative List is to be used by plan sponsors and practitioners submitting determination letter applications for plans during the period beginning February 1, 2012 and ending January 31, 2013. These plans will primarily be single employer individually designed defined contribution plans, including employee stock ownership plans (ESOPs), single employer individually designed defined benefit plans, and multiple employer individually designed plans that are in Cycle B. Generally, an individually designed plan is in Cycle B if the last digit of the employer identification number of the plan sponsor is 2 or 7." (U.S. Internal Revenue Service)

2011 Puerto Rico Code Qualified Retirement Plan Provisions Are Finally Amended (PDF)
"On December 10, 2011, Governor Luis Fortu?o signed into law Act No. 232-2011 . . ., a technical amendments bill to the Internal Revenue Code for a New Puerto Rico . . . . The Act introduces, among many other changes to the 2011 PR Code, several amendments related with Puerto Rico tax qualified retirement plans." (McConnell Valdes LLC)

[Guidance Overview] Required 2011 Qualified Retirement Plan Amendments and Cycle A Determination Letter Filing Deadline
"Discussed [in this article] are summaries of the amendments that individually designed plans may be required to adopt in 2011 as well as the plan document considerations for plans that are scheduled to apply for an IRS determination letter under Cycle A." (Practical Law Company)

[Guidance Overview] Code ? 436 Funding-Based Limits: IRS Provides Sample Amendment and Extends Deadline for Amendment
"The Notice includes a sample amendment which, if timely adopted without any prohibited changes, will satisfy the Code ? 436 requirements, and it will not violate the Code ? 411(d)(6) anti-cutback rule as long as the plan is operated in accordance with the amendment from its effective date." (Deloitte via BenefitsLink.com)

[Guidance Overview] IRS Extension of Year-End Deadline for Defined Benefit Plan Amendment
"Last week the IRS issued Notice 2011-96, which extended (to Dec. 31, 2012, or later) the deadline for amending defined benefit pension plans to comply with Code Section 436. The notice also provided sample plan amendment language." (Davis Wright Tremaine LLP)

[Guidance Overview] Form 8955-SSA Reporting and 403(b) Plans
"Commencing with the 2009 plan year, the world turned upside down for 403(b) plans ? a new set of regulations (first set of comprehensive regulations in 44 years), a written plan requirement, and a requirement to include schedules and the audit with the Form 5500 filing (for ERISA 403(b) plans only). As if those requirements were not enough, with the elimination of the limited exemption regarding the Form 5500, an ERISA 403(b) plan must now file a Form 8955-SSA." (SunGard Relius)

[Guidance Overview] IRS Issues Sample IRC Section 436 Plan Amendment and Extends Amendment Deadline
"On November 30, 2011, the IRS issued Notice 2011-96, which provides a sample plan amendment to satisfy IRC Section 436 regarding limitations on the accrual and payments of benefits under certain underfunded single employer defined benefit plans." (Practical Law Company)

[Guidance Overview] IRS Provides Sample Plan Amendment for Underfunded Pension Plan Limitations
"The [IRS] has issued a notice providing a sample plan amendment that plan sponsors may adopt to satisfy ? 436 of the Internal Revenue Code regarding limitations on the accrual and payment of benefits under certain underfunded single employer defined benefit plans." (PLANSPONSOR.COM)

[Official Guidance] Text of IRS Notice 2011-96: Sample Plan Amendment for Section 436 (PDF)
"This notice provides a sample plan amendment that plan sponsors may adopt to satisfy section 436 of the Internal Revenue Code regarding limitations on the accrual and payment of benefits under certain underfunded single employer defined benefit plans. This notice also extends both the deadline to amend a plan to satisfy section 436 and the period during which such an amendment is eligible for relief from the anti-cutback requirements of section 411(d)(6)." (U.S. Internal Revenue Service)

[Guidance Overview] Upcoming Benefit Deadlines
Listed are deadlines from December 1, 2011, to January 31, 2012. (The Law Firm of Baker & Daniels LLP)

[Official Guidance] Text of IRS Updated Listing of Required Modifications for Pre-Approved Section 401(k) Plans (PDF)
"This information package contains samples of plan provisions that satisfy certain specific requirements of the Internal Revenue Code, as amended through the Small Business Jobs Act of 2010 (P.L. 111-240)." (U.S. Internal Revenue Service)

[Guidance Overview] Tax-Qualified Retirement Plans: Amendments and Other Year-End Action Items
"It is important that plan sponsors review whether any qualified plan action items must be addressed prior to year-end. This LawFlash describes potential year-end notices and plan amendments that may be required for tax-qualified retirement and savings plans." (Morgan, Lewis & Bockius LLP)

[Guidance Overview] Plan Year 2011 Retirement Amendments
The item lists the amendments required for defined contribution plans and for defined benefit plans. (McKay Hochman Co., Inc.)

[Guidance Overview] Approaching Deadline for Defined Contribution Plans
"Employers who sponsor 401(k) or other defined contribution qualified retirement plans and who chose to take advantage of the opportunity to suspend required minimum distributions during 2009 must amend their plans to reflect the suspension before the last day of the plan year beginning on or after January 1, 2011. This means that calendar year plans must be amended by December 31, 2011." (McKenna Long & Aldridge LLP)

[Official Guidance] Text of IRS Notice of Meeting of Advisory Group for the Tax Exempt and Government Entities Division (PDF)
The Advisory Committee on Tax Exempt and Government Entities (ACT) will hold a public meeting on Wednesday, June 6, 2012, from 9:30 a.m. to 11:30 a.m. [in Washington]. An ACT subgroup will provide analysis and recommendations regarding the scope of the employee plans examination process. (Internal Revenue Service)

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