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IRS Releases 2014 HSA Contribution Limits The IRS has released the 2014 cost-of-living increases for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs).  The 2014 HSA contribution limits are:  Self-only coverage – $3,300 (up [...]

John Baird Consultant

Internal Controls – A Focus of IRS Plan Audits One of the ways that the IRS tries to ensure that plans are in compliance with the law or are following the terms of their plan is to audit the [...]

Karen Schneider Consultant

Locating Missing Participants and Beneficiaries As a part of a plan sponsor’s or administrator’s fiduciary duties, ERISA requires that a reasonable effort is made to locate any missing participants or beneficiaries in order to pay [...]

Beth Logan Administrator

Can employees contribute to a pension plan? Employee contributions to a defined benefit plan are not common in the private sector, although they are common in plans covering government employees. Employee contributions provide a way for employees [...]

Charles Munsell Actuary and Principal

Why would I want to file my plan with the IRS to request a favorable determination letter? The IRS does not require that a plan file for a favorable determination letter (FDL).  However, there are a couple of reasons that support the decision to file for an [...]

Pat Scahill General Counsel & Principal

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News & Updates

IRS Answers Questions at Recent Benefits Conference

Recently the IRS had a question and answer session at the 2013 Los Angeles Benefits Conference. These were questions that were submitted by attendees and the IRS officials gave their personal opinions on the matters (their responses do not represent an official opinion from the IRS). Some of the topics discussed are as follows:
DOL Updates Delinquent Filer Voluntary Compliance Program

The DOL’s Employee Benefits Security Administration (EBSA) announced significant changes to the Delinquent Filer Voluntary Compliance (DFVC) program. The changes are immediately effective and support the Administration’s move toward a completely electronic system.
Health Plan Business Associate Agreements Need to be Updated for Final HIPAA Rules

In January, the Department of Health and Human Services (HHS) issued final HIPAA rules that made some significant changes. As a result, health plans will need updated agreements with all business associates. The following provisions must be incorporated into the agreement:
IRS Releases Revised Correction Program for Retirement Plans

The IRS has updated its voluntary correction program for retirement plans, Employee Plans Compliance Resolution System (EPCRS), in Revenue Procedure 2013-12. Below are some highlights of the new Program.
IRS Provides Relief to 403(b) Plan Sponsors

One of the changes in the recently updated version of the Employee Plan Compliance Resolution System (“EPCRS”) is the inclusion of a correction method for plan document failures in 403(b) plans.