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23Apr

FLASHPOINT: CORRECTIONS MADE EASIER: THE IRS EXPANDS THE SELF-CORRECTION PROGRAM

Last year, the IRS modified its correction programs for qualification failures (the “Employee Plans Compliance Resolution System” or “EPCRS”) to significantly increase the fees for taking part in the Voluntary Compliance Program (“VCP”). (See our previous FlashPoint on this subject.) Since that occurred, the retirement plan community has responded with demands that the IRS expand its […]
04Apr

FLASHPOINT: THINGS ARE HAPPENING … FINALLY!

After a period of national quiet in relation to retirement plans, several things have occurred recently that are worth discussing. Sorry that this is a longer newsletter than we like, but we wanted to give you quick feedback on what’s finally going on. California’s State-Mandated Retirement Program Survives Preemption Challenge One of the interesting trends […]
25Oct

FLASHPOINT: THE NEW MEP (MEH!) PROPOSED REGULATIONS

The Department of Labor (“DOL”) issued proposed regulations (the “Proposal”) on October 22, 2018, that represent the first major step in changing its restrictions on multiple employer plans (“MEPs”). However, it is just the first step, and does not change the landscape for Open MEPs. The Proposal was issued in response to the President’s August […]
03Oct

FlashPoint: New EPCRS Procedure: Electronic Submission of VCP and Not A Whole Lot More

On September 28, 2018, the IRS issued Revenue Procedure 2018-52, the latest version of the Employee Plans Compliance Resolution System (“EPCRS”), the IRS’s comprehensive procedures for correcting retirement plan errors. Using this procedure, retirement plan sponsors may fix mistakes in their qualified plans, 403(b) plans, 403(a) retirement annuities, SEPs, and SIMPLEs. Although they are not […]
19Oct

FLASHPOINT – IRS ANNOUNCES 2018 COST OF LIVING ADJUSTMENTS

The IRS just released the cost of living adjustments for various retirement plan limitations that will take effect on January 1, 2018.  Many of the limits will be increasing for 2018. The Consumer Price Index, on which these limits are based, went up 2.2% during the prior twelve months.  The key limits that increased (shown […]
13Oct

FlashPoint – Sign Up for DC-1 Prep Class

Studying For ASPPA’s DC-1 Exam? Want To Kick Off Your Studies for DC-1? Need A Good Survey Course About DC Plans? Need A Good Refresher On DC Plans? NEED CEs?   IT DOESN’T GET ANY BETTER THAN THIS!!! Attend in Person in Atlanta OR Live Stream (Not just a webcast, but a broadcast of speakers […]
26May

FLASHPOINT – JUNE 9TH IS THE DATE FOR FIDUCIARY RULE APPLICABILITY …. FOR NOW

As you may remember from a prior FlashPoint (see “DOL Delays Fiduciary Rules,” Flashpoint 4/5/17), the Department of Labor (DOL) delayed the applicability date of the new Fiduciary Rule (“Rule”) from April 10, 2017, to June 9, 2017. This delay was in response to a memorandum issued by President Trump, directing the DOL to do […]
05Apr

FlashPoint – DOL Delays Fiduciary Rule Changes

As expected, the Department of Labor (DOL) has extended the applicability date of the new fiduciary/conflict of interest regulation from April 10 to June 9.  The new rule also extends the applicability of the Best Interest Contract Exemption (BICE) interim applicability. What does this mean?  First of all, for those of you who were struggling […]