Tax Reform Impact on Qualified Retirement Plans
The H.R. 1 tax act impacts the rules governing qualified retirement plans and fringe benefit plans. The new loan offset rules and the income inclusion and deduction rules for certain fringe benefits were both impacted.
DrinkerBiddle’s recent Plan Sponsor Update (The Impact of Tax Reform on Qualified Plans and Fringe Benefits) provides an overview of the tax act including what sections were enacted and the impact on qualified plans and fringe benefit plans.
If you are unsure if/how the changes affect your retirement plan, please contact Watkins Ross.
Related Articles You Might Like
What Is a Top-Heavy Retirement Plan?
The IRS requires several annual nondiscrimination tests for defined contribution retirement plans, and the top-heavy test is one of those. A retirement plan is top-heavy when, as of the last day of the preceding plan year (the determination date), the total value of...
The New IRS Pre-Examination Retirement Plan Compliance Program
On June 3, 2022, the IRS announced a pilot pre-examination retirement plan compliance program beginning in June 2022. Under the pilot program, the IRS will notify a qualified retirement plan sponsor by letter that their retirement plan has been selected for an...
Maintaining Retirement Plan and Participant Records: Who’s Responsible and for How Long?
Retirement plan record retention rules are found in both the Department of Labor (“DOL”) Regulations and the Employee Retirement Income Security Act of 1974 (ERISA), plus there are statutes of limitation concerns in relation to retirement plan sponsor liability for...