IRS Revenue Procedure 2016-51 modifies the procedures for correcting retirement plan errors under the Employee Plans Compliance Resolution System (EPCRS).
Updated IRS Procedures for Correcting Retirement Plan Errors
read more
/ Tag:
IRS
Have Your Clients Missed The PPA Restatement Deadline?
IF YES: WR CAN ASSIST YOUR CLIENTS IN CORRECTING THIS FAILURE! The deadline for your clients to restate their 401(k), profit sharing and money purchase plans onto a pre-approved PPA document was April 30, 2016. To ensure these plans stay qualified, WR can assist your...
Safe Harbor Plans: is it Safe to Amend?
If you have a safe harbor plan and wanted to make a change during the year, the IRS restricted what you could and could not amend, even if the change didn’t affect the safe harbor provisions. Recently, the IRS issued additional guidance for both traditional and...
Price Slashing at the IRS!
If you have identified an operational error with your qualified retirement plan (401(k) plan, profit sharing plan, defined benefit plan) and are considering correcting it through the IRS Voluntary Correction Program (VCP), you’ll be glad to know that the IRS has just...
Old Mortality Rates Survive Another Year
The IRS published the 2016 required mortality rates for purposes of minimum funding in defined benefit plans via Notice 2015-53. The 2016 rates will NOT be based on the newly published Society of Actuaries (SOA) RP2014 rates along with the improvement scale...
A Prying TPA Keeps the IRS Away
January 1st brings anticipation for the future, a fresh start, and a chance to follow through on those New Year’s resolutions. But it also means that it’s retirement-plan reporting season as well. It’s time again to notify your TPA of any business changes that may...
Mortality Improvements
Defined Benefit plan actuaries use various assumptions to calculate a plan’s benefit liabilities for various purposes. One of the main assumptions employed is the rate of mortality for the plan’s population. The IRS requires specific mortality tables for some...