401(k) News

  • IRS updates procedures for letter rulings, determination letters, and other guidance

    The IRS has updated and restated its revenue procedures governing letter rulings, determination letters, and other guidance, including guidance about employee benefit plans. Rev. Proc. 2019-1 explains the forms of advice that the various IRS counsel offices provide and how taxpayers can request that advice. Relatively few changes have been made for 2019. The procedure can no longer be used to request waivers of the excise tax for failure to give timely notice of a significant reduction in the ra Read More…

  • IRS proposes amendments to hardship distribution rules

    IRS proposes amendments to 401(k) regulations that would affect the funds available for hardship distributions, the events that constitute qualifying hardships, and the standards used to determine whether a participant’s need could be relieved using other reasonably available resources. Read More…

  • IRS announces 2019 dollar limits and thresholds for retirement plans

    As outlined in IR 2018-211, (11/1/2018), IRS announced cost of living adjustments that apply to benefit plans for 2019. Elective deferral limit under Code Sec. 402(g); and Code Sec. 457(e); increased to $19,000. Code Sec. 415(b)(1)(A); defined benefit plan limitation increased to $225,000 and Code Sec. 415(c)(1)(A); defined contribution plan limitation increased to $56,000. Read More…

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