Employee Plans News
Issue 2012-4, November 29, 2012
Print Version of Newsletter (.pdf)
- Section 436 amendment deadline extended for defined benefit plans
Certain defined benefit plans have until the last day of the 2013 plan year to adopt a section 436 interim amendment - Governmental plans can elect second Cycle E (instead of second Cycle C)
Sponsors of individually designed governmental plans may submit determination letter applications during the second Cycle E (February 1, 2015 - January 31, 2016) - Amending governmental plans participating in group trusts
Explains which plans must amend to add the exclusive benefit requirements and the amendment deadline - Phone forum on plan loans and hardship distributions to Sandy victims (December 11, 2012)
Discussion of the available options for employees, their families and plan sponsors under Announcement 2012-44
Issue 2012-3, November 14, 2012
Print version of newsletter (.pdf)
Determinations
- Application Identification Sheet – attach this bar-coded document when responding to a determination letter application information request
- Volunteers needed – help test Pay.gov by paying determination letter application user fees online
- Determination letter applications – provide your correct address to avoid processing delays
- Applying for a determination, opinion or advisory letter? – review filing tips, FAQs, information to update a plan, and check on the status of your letter
Plan operations and compliance
- Internal controls are essential – encourage sponsors to review their plan annually to avoid mistakes
- Employer matching contributions – meet your plan’s match formula even if a participant stops making salary deferrals
- Businesses under common control – eligible employees of commonly controlled trades or businesses must be included in your retirement plan
Defined benefit plans
- Benefit restriction notices – requirements and sample notices for single-employer defined benefit plans
- Funding relief – new MAP-21 rules for single-employer defined benefit plans
- Multiemployer actuarial certifications project – summary of certifications, updates and future projects
- Single-employer defined benefit plans in bankruptcy – final regulations
New on the web
- IRS.gov redesigned – find us by clicking on the “Information For…” drop-down (upper right) and selecting “Retirement Plans”
- Help for victims of Hurricane Sandy – YouTube videos, podcasts, news releases and guidance to help disaster victims.
- 2013 COLA limits – dollar limits for retirement plans and IRAs
- Lifetime annuity guidance – highlights of recent phone forum on how plans can offer annuity options for retirees
- Missing participants or beneficiaries – recent changes to the letter forwarding program
- Due date chart – lists due dates for Forms 5500, 945, 5329, 1099-R and others
- Lots of Benefits when you set up or participate in an employee retirement plan, Publication 4118 (Rev. 7-2012)
- Watch Nationwide Tax Forum presentation, “A Taxing Matter - Retirement” – select presentation on left pane, scroll to the bottom of the page and select “Audit”
Recurring columns
The Employee Plans News is a periodic IRS newsletter with retirement plan information for retirement plan practitioners.
If you have any comments or suggestions on our newsletter or Web pages, please send them to RetirementPlanComments@irs.gov.
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