Retirement News for Employers
Fall 2012 Edition - December 13, 2012
Print Version of Newsletter (.pdf) (Coming soon)
Hurricane Sandy relief
- Phone forum on plan loans and hardship distributions to Sandy victims (December 11, 2012)
- Chart – summarizes how retirement plans can give loans and hardship distributions to victims
- FAQs – answer who is eligible for the relief, tax on hardship distributions from plans and IRA withdrawals
- Help for victims of Hurricane Sandy– YouTube videos, podcasts, news releases and guidance
Plan operations
- Plan loans – calculate the maximum amount a participant can borrow if you have more than one plan that permits loans
- Internal controls are essential – review your plan annually to avoid mistakes
- Fixing plan mistakes – what to do if you deposit salary deferrals late
- Mark Your Calendar – important dates in the upcoming months for your retirement plan
IRAs and IRA plans
- SIMPLE IRA plans – you can’t make both matching and nonelective contributions
- IRA year-end reminders – review your IRAs and contribution limits, excess contributions and required minimum distributions
- Required minimum distribution comparison chart – highlights some of the RMD rules for IRAs, and IRA-based and defined contribution plans
Forms and publications
- Forms W-2 and W-3 – make sure the retirement plan information is correct
- Due date chart – lists due dates for Forms 5500, 945, 5329, 1099-R and others
- 2012 Forms 5500 and 5500-SF (information only) and their instructions
- Lots of Benefits when you set up or participate in an employee retirement plan, Publication 4118 (Rev. 7-2012)
- Choose a Retirement Plan – Publication 4484 (Rev. 11-2012)
- Retirement Plan Distributions: Exceptions to 10% Additional Tax – Publication 5036
(Rev. 10-2012)
New on the Web
- IRS.gov redesigned – find us by clicking on the “Information For…” drop-down (upper right) and selecting “Retirement Plans”
- 2013 COLA 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
- Watch “A Taxing Matter - Retirement” – select presentation on left pane, scroll to the bottom of the page and select “Audit”
- DOL Corner – updated information for retirement plans
The Retirement News for Employers is a periodic newsletter with retirement plan information for employers and business owners – and their tax advisors from Employee Plans (Tax Exempt and Government Entities (TE/GE) at the IRS).
If you have any comments or suggestions on our newsletter or Web pages, please send them to RetirementPlanComments@irs.gov.
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