Retirement Plans Newsletter

September 2, 2020 logo logo
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[Official Guidance]

Text of IRS Rev. Proc. 2020-40: Extension of Deadline for Discretionary Amendments to Qualified Pre-Approved Plans (PDF)

"This revenue procedure modifies section 15.05 of Rev. Proc. 2016-37 ... and section 12.02 of Rev. Proc. 2019-39 ... to expand the situations in which the plan amendment deadline for discretionary amendments made to qualified pre-approved plans and Section 403(b) pre-approved plans may be extended. These modifications are consistent with the extensions of the plan amendment deadlines for discretionary amendments set forth in section 8.02 of Rev. Proc. 2016-37 with respect to qualified individually designed plans and section 6.02 of Rev. Proc. 2019-39 with respect to Section 403(b) individually designed plans." Icon to read more

Internal Revenue Service [IRS]

[Official Guidance]

Text of IRS Notice 2020-68: Miscellaneous Changes Under the SECURE Act and the Bipartisan American Miners Act of 2019 (PDF)

31 pages. "[T]his notice addresses issues under the following sections of the SECURE Act: Section 105 (small employer automatic enrollment credit), Section 107 (repeal of maximum age for traditional IRA contributions), Section 112 (participation of long-term, part-time employees in Section 401(k) plans), Section 113 (qualified birth or adoption distributions), and Section 116 (permitting excluded difficulty of care payments to be taken into account as compensation for purposes of determining certain retirement contribution limitations). This notice also addresses issues under Section 104 of the Miners Act (reduction in minimum age for in-service distributions) and provides guidance on deadlines for plan amendments." Icon to read more

Internal Revenue Service [IRS], Inc.
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Lois Baker, J.D., President
David Rhett Baker, J.D., Editor and Publisher
Holly Horton, Business Manager

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