Headlines about "SIMPLE 401(k), SIMPLE IRA plans"

Gathered from the web by the editors at BenefitsLink.com.
Small Businesses Face Deadlines for SEPs, SIMPLEs
Excerpt: "Small business owners who are thinking about setting up retirement plans for their employees should be aware that there are two important deadlines coming up in October that affect the plans known as SIMPLEs and SEPs." (USA TODAY)

[Official Guidance] Aug. 14 Special Edition of IRS Employee Plans News: Announcing Rev. Proc. 2008-50, Including Survey to Practitioners (PDF)
2 pages. Excerpt: "[The] Self-Correction Program . . . has been expanded with respect to employers who discover failures in their plans and have begun the correction process. The time by which a plan sponsor substantially corrects a significant operational failure, and is thereby entitled to use SCP, has been liberalized . . . . [Excess annual additions in DC plans under section 415] will be corrected in accordance with the provisions of this revenue procedure . . . . Streamlined Voluntary Correction Program Application Procedures . . . have been significantly expanded to include the following failures: . . . " (Internal Revenue Service)

[Official Guidance] Text of Rev. Proc. 2008-50: Employee Plans Compliance Resolution System, Updating and Expanding Rev. Proc. 2006-27 (PDF)
179 pages; the document's table of contents does not include page numbers, but it is the version released to the public today. See pages 8 through 10 for a summary of the modifications being made to the previous version of EPCRS (Rev. Proc. 2006-27). Excerpt: "This revenue procedure updates the comprehensive system of correction programs for sponsors of retirement plans that are intended to satisfy the requirements of § 401(a), 403(a), 403(b), 408(k), or 408(p) . . . but that have not met these requirements for a period of time. . . . This revenue procedure modifies and supersedes Rev. Proc. 2006-27." (Internal Revenue Service)

[Guidance Overview] Employer Contributions to IRAs
Excerpt: "My company has been contributing 3% annually toward our employees' SIMPLE IRA retirement accounts. For the 2007 tax year, we filed for an extension on our income tax and my accountant said we did not have to make the IRA contributions, as they are not 'due' until we file our company return. My employees are now complaining that I should have made the usual employee contributions in February instead of delaying until filing the company taxes. Am I in the wrong?" (BusinessWeek)

[Opinion] The Payroll IRA Plan of S. 1141 and H.R. 2167: It's PIP – Or Is It?
Excerpt: "An idea that has been wafting about in legislative halls and hearing rooms, in print and electronic media, and in assorted other venues for several years is to make employers in small businesses set up a payroll deduction facility for their employees not covered by employer-sponsored retirement plans, for the purpose of easing the making of contributions to an IRA established by or on behalf of the employee. . . . The PIP is more than just an idea. It has been embodied in several federal legislative proposals . . . . H.R. 2167 was one of the main topics discussed at a recent hearing on IRAs by the Ways & Means Committee's subcommittee on Select Revenue Measures, which has moved the legislation into the spotlight." (Alvin D. Lurie, Esq.)

[Guidance Overview] Winter 2008 Edition of IRS 'Retirement News for Employers' (PDF)
10 pages. Articles include 'Keeping Your Plan in Compliance' and 'Using a Plan Amendment for Correction in the Self-Correction Program." (Internal Revenue Service)

A S.I.M.P.L.E. Retirement Plan
Excerpt: "The SIMPLE IRA is not expensive, it has no government testing, and can be easy to install. The SIMPLE IRA has to set up before October 1 of the current plan year. It has two basic setup options: Matching or Non-elective. These two options let each participant contribute up to $10,500 per year." (Zanesville Times Recorder)

[Guidance Overview] What Are Employer's Matching Contribution Requirements Under Savings Incentive Match Plan for Employees of Small Employers IRA Plan?
Excerpt: "IRC Section 408(p)(2)(A)(iii) requires an employer to match eligible employees' salary deferral contributions. This contribution is a dollar of matching contribution for each dollar of an employee's salary deferral, with no matching contribution for salary deferrals that exceed 3 percent of an eligible employee's compensation." (Wolters Kluwer)

Customer Has SEP IRA & SIMPLE IRA -- Can He Transfer Them into His Existing Traditional IRA?
Excerpt: "An individual may transfer his/her Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) IRA to a traditional IRA after two years from the initial contribution date." (Wolters Kluwer Financial Services)

Chart: Cost-of-Living Adjustments for IRAs, SEPs, Saver's Tax Credit, SARSEP, and SIMPLE Plans (PDF)
3 pages. (Wolters Kluwer Financial Services)

November 1 Deadline for SIMPLE Notice Fast Approaching
Excerpt: "There's an important deadline on the horizon if an employer has a SIMPLE in 2007 but would like a 401(k) in 2008. It's November 1. The employer must provide notice to employees at least 60 days prior to the start of the next calendar year or no later than November 1, 2007 that the SIMPLE will not be maintained in 2008." (Retirement Plan Blog)

IRS Announces Pension Plan Limitations for 2008; 402(g) Elective Deferral Limit Still $15,500
Excerpt: "The annual compensation limit under Sections 401(a)(17), 404(l), 408(k)(3)(C), and 408(k)(6)(D)(ii) is increased from $225,000 to $230,000. The dollar limitation under Section 416(i)(1)(A)(i) concerning the definition of key employee in a top-heavy plan is increased from $145,000 to $150,000. . . . The limitation used in the definition of highly compensated employee under Section 414(q)(1)(B) is increased from $100,000 to $105,000. . . . Administrators of defined benefit or defined contribution plans that have received favorable determination letters should not request new determination letters solely because of yearly amendments to adjust maximum limitations in the plans." (Internal Revenue Service)

Please Take Survey by IRS Advisory Group: Improving the Employee Plans Compliance Resolution System (EPCRS)
Excerpt: "Are an attorney, accountant, consultant, third-party administrator or other kind of retirement plan practitioner? Please help an official IRS advisory group supply the IRS with ideas for improving the Employee Plans Compliance Resolution System, by completing this online survey or emailing your response to the group. The deadline is the end of this week (October 19)." (IRS Advisory Committee (ACT) on Tax Exempt and Government Entities)

Please Take Survey by IRS Advisory Group: Improving the Employee Plans Compliance Resolution System
Are an attorney, accountant, actuary, consultant, third-party administrator, financial services provider, or other kind of retirement plan practitioner? Please help an official IRS advisory group supply the IRS with ideas for improving the Employee Plans Compliance Resolution System, by completing this online survey or emailing your response to the group. The deadline is the end of next week (October 19). These recommendations will address, but not be limited to, the directive to the Secretary of the Treasury under the Pension Protection Act of 2006 to continue updating and improving EPCRS. (IRS Advisory Committee (ACT) on Tax Exempt and Government Entities)

Excellent Resource for Breaking Courts of Appeals Cases on ERISA Matters
The link we've provided for you sorts the cases by date; newest cases appear up top. Definitely one to bookmark! (FindLaw.com)

Employers Can Help Workers Set Up Retirement Plan
Excerpt: "A SIMPLE allows you to set up an IRA (a SIMPLE-IRA) for yourself and each of your eligible employees as long as you have less than 100 employees. Employees can elect to make pre-tax contributions of 100 percent of their pay up to $10,500 in 2007 ($13,000 if age 50 or older)." (Dayton Courier)

A Study of the American System of Savings Plans and How Savers Are Using Them
41 pages; from 2006. Excerpt: "The profile of savings plan contributors is remarkably consistent across all plans: most are employed, earning in the top-half of the income distribution, middle-aged, married, and educated. Account sizes vary widely with an average size in a 529 plan of $9,700, about $57,000 in a 401(k) plan, and $45,000 in the Thrift Savings Plan. Median account sizes in 401(k) plans were about $20,000, traditional IRAs held $24,000, and Roth IRAs held less than $9,000." (Pamela J. Perun of the Aspen Institute's Initiative on Financial Security)

BenefitsLink Named 'Best of the Web' by Human Resource Executive Online
We're the only site in the 'Benefits' category! Thanks for letting us share this news with you. Excerpt: "With that in mind, we considered it fitting to present in this anniversary issue 10 of the best HR Web sites and 10 of the best HR blogs for your browser's Favorites/Bookmarks list. . . . [I]f it's about benefits, you'll find something about it on BenefitsLink. Just a cruise down its left side navigation/links bar, and you quickly get the idea how they chose the site's name back in 1995." (Human Resource Executive Online; free registration required)

Full Text: Winter 2007 Edition of 'Employee Plan News' from the Internal Revenue Service (PDF)
21 pages. Excerpt: "This edition contains . . . All I Want for Christmas is Some Pension Protection Act Guidance . . . Critical FewPoints by Director, EP Examinations . . . EGTRRA List of Master and Prototype and Volume Submitter Defined Contribution Plans is Posted!! . . . Interim and Discretionary Amendments for 2006 . . . SIMPLE IRA Relief for EGTRRA Set to End December 31, 2006 . . ." (Internal Revenue Service)

Employee Fired for Plan Inquiry Awarded Damages
Excerpt: "The US District Court for the District of Minnesota has awarded damages and attorney's fees to a former Midwest Telephone Sales & Service, Inc. employee who claimed she was fired for questioning her employer about company match contributions for her SIMPLE IRA plan account." (PLANSPONSOR.com; free registration required)

New Resource: ERISA and Employee Benefits Search of the Web's Best Articles and Sites
The ERISA and Employee Benefits Search of the Web's Best Articles and Sites is our new, customized search engine specifically designed for employee benefits professionals. It's powered by Google.com, and searches only the most important, thorough and timely articles and sites that have been handpicked by the editors at BenefitsLink.com over the past 10 years. If your job involves employee benefit plan compliance, administration, design and policy, the new search engine is for you! (BenefitsLink.com)

Kutak Rock COLA Chart for 2007 Also Shows How 2008, 2009 and 2010 Figures Will Be Calculated
For each of the as-yet undetermined limitation figures, the chart prepared by the Kutak Rock law firm contains a handy brief explanation of how each particular figure will be calculated for 2008 and future years. For example, some figures are indexed in $500 increments; others in increments of $1,000 or $5,000, etc. (Kutak Rock LLP)

From Federal Register: Final Regs on Electronic Media for Benefit Notices, Elections and Consents (PDF)
12 pages. Excerpt: "These regulations generally apply to applicable notices provided, and participant elections made, on or after January 1, 2007. . . . The participant election rules in these regulations extend the use of electronic media to the notice and election rules applicable to plans that are subject to the QJSA requirements of section 417. . . . [T]heseregulations do not adopt the suggestion that spousal PINs be permitted in lieu of the physical presence requirement . . . ." (Internal Revenue Service)

The links shown above have been gathered from the web by the editors at BenefitsLink.com. Each article's publisher is shown above in parentheses. Opinions expressed in each article are those of the article's publisher, not necessarily those of BenefitsLink.com, Inc. or any web site that displays these headlines in a "frame." You should contact the listed publisher for copyright information about any particular article or to inquire into the right to use the article in any manner.