On July 16, 2021, the IRS issued Revenue Procedure 2021-30, an updated version of the Employee Plans Compliance Resolution System (“EPCRS”). Pension plan sponsors can use the EPCRS to correct certain compliance errors and avoid the adverse tax consequences associated with plan exclusion. We have provided a summary of theRead More →
The Internal Revenue Service has updated and expanded the ability to correct operational and plan documentation flaws with the new and improved Employee Plan Compliance Resolution System (Rev. Proc. 2021-30) (EPCRS). Issued and generally effective July 16, 2021, the EPCRS revises and expands the previous version of the same programRead More →
Vermont Pension Plan members are upset, and rightly so! The unfunded liability of the pension plan has been increasing for years and now stands at nearly $ 6 billion and the expected contribution determined by the actuarial profession, or CEDA, is out of control. This is the amount that theRead More →
In the wake of the Setting Every Community Up for Retirement Enhancement Act (SECURE) of 2019, there is currently broad bipartisan support in Congress for additional pension legislation providing incentives to increase employee retirement savings. . The House and Senate have drafted essentially similar bills that are being drafted inRead More →
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Photo of a couple filling out papers together at home getty Are you maximizing your employer’s contributions to the pension plan? Did you know that you may be able to put extra money into your after-tax plan? (The IRS 2021 annual limit for the total of all annual contributions isRead More →
The Supreme Court recently granted the writ of certiorari requested by Northwestern University pension plan members, following the solicitor general’s plea for the court to hear the case. Hughes v. Northwestern Univ., n ° 19-1401, 2021 US LEXIS 3583 (July 2, 2021). The certiorari motion states the question presented asRead More →
Defined contribution plans are employer-sponsored retirement plans where employees, and sometimes employers, make regular contributions to the plan, but the payout at retirement depends on how the employee invests the pension. ‘silver. The government places restrictions on how much you can contribute to a defined contribution plan and when youRead More →
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An Exxon Mobil Corp logo is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil, September 24, 2018. REUTERS / Sergio Moraes / File Photo Register now for FREE and unlimited access to Reuters.com Register HOUSTON, July 2 (Reuters) – Exxon Mobil Corp (XOM.N)Read More →
The IRS has extended until June 30, 2022, the remote notarization relief that gives pension plans more flexibility for member choices that require a witness, such as 401 (k) and loan applications. spousal consent to changes in the distribution of survivor pension benefits. IRS Notice 2021-40, released June 24, waivesRead More →