Reporting developments affecting employee benefits and executive compensation
The Internal Revenue Service recently published final regulations modifying the rules relating to hardship distributions from Sections 401(k) and 403(b) plans. The final regulations reflect statutory changes affecting Section 401(k) and 403(b) plans, including changes made by the Bipartisan Budget Act of 2018.
The final regulations are substantially similar to…
The IRS has been issuing the 2017 Employer Shared Responsibility Penalty (ESRP) assessments (Letter 226-J). The Letter 226-J provides the IRS’ determination of whether an “applicable large employer” may be liable for an ESRP for a particular calendar year and shows the proposed assessment of the penalties based on the…
The Internal Revenue Service set March 31, 2020 as the last date of the remedial amendment period for tax-exempt organizations and public school systems to self-correct plan document defects in their Section 403(b) plans. The “remedial amendment period”, or “RAP” is a period during which a 403(b) plan can be…
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